Assumption Agreement

Assumption Agreement Template for Denmark

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Document background

The Assumption Agreement is a crucial legal instrument in Danish commercial practice, commonly used in corporate restructurings, asset transfers, and debt assignments. This document type is specifically designed to facilitate the transfer of contractual rights and obligations from one party to another, ensuring legal certainty and compliance with Danish law requirements. The agreement becomes particularly relevant in scenarios such as corporate acquisitions, group reorganizations, or project finance arrangements where a new entity needs to take over existing contractual positions. An Assumption Agreement typically includes detailed provisions about the scope of assumed obligations, representations and warranties, indemnities, and any continuing obligations of the original party. The document must comply with Danish contract law principles, particularly regarding assignment and assumption of obligations, and often requires careful consideration of regulatory requirements, especially in regulated sectors or when involving financial obligations.

Suggested Sections

1. Parties: Identification of all parties involved: the original obligor (transferor), the assuming party (transferee), and the counterparty (obligee) whose consent is required

2. Background: Context of the original agreement and the reason for the assumption, including reference to the original agreement being assumed

3. Definitions: Key terms used throughout the agreement, including defined terms from the original agreement that remain relevant

4. Assumption of Rights and Obligations: Core provision detailing which rights and obligations are being assumed by the transferee

5. Effective Date: Specification of when the assumption becomes effective and any conditions precedent

6. Representations and Warranties: Standard representations from all parties, particularly regarding authority to enter into the agreement and understanding of assumed obligations

7. Continuing Obligations: Specification of any ongoing responsibilities of the original obligor

8. Indemnification: Provisions for indemnification between parties for pre and post-assumption liabilities

9. Governing Law and Jurisdiction: Specification of Danish law as governing law and jurisdiction for disputes

10. Notices: Contact details and methods for formal communications between parties

11. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Security Arrangements: Include when the assumed obligations are secured by collateral or guarantees that need to be transferred or replaced

2. Consent Requirements: Include when third-party consents beyond the immediate parties are required

3. Transfer of Related Rights: Include when additional rights, permits, or licenses need to be transferred alongside the main obligations

4. Payment Terms: Include when there are specific payment obligations or consideration for the assumption

5. Regulatory Compliance: Include when the assumption involves regulated activities or entities

6. Transition Provisions: Include when there needs to be a transition period or specific handover requirements

7. Parent Company Guarantee: Include when additional security from a parent company is required for the assuming party

Suggested Schedules

1. Original Agreement: Copy of the agreement being assumed

2. Schedule of Assumed Rights and Obligations: Detailed list of specific rights and obligations being transferred

3. Required Consents: List of all required third-party consents and their status

4. Outstanding Obligations: Schedule of any outstanding obligations or payments as of the effective date

5. Transfer Documents: Forms and documents required to effect the transfer of specific rights or registrations

6. Security Documentation: Details of any security arrangements being transferred or created

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