The Debt Assignment Agreement is a crucial document used in Belgian financial and commercial transactions when one party wishes to transfer its rights as a creditor to another party. This document is commonly utilized in debt trading, portfolio sales, corporate restructuring, or as part of broader financial arrangements. The agreement must comply with Belgian law, particularly Articles 1689-1701 of the Belgian Civil Code, which govern the assignment of claims (cession de cr茅ance/overdracht van schuldvordering). It includes essential provisions regarding the transfer of rights, obligations of parties, purchase price, and perfection requirements. The document is particularly important in scenarios involving debt portfolio sales, corporate refinancing, or when companies need to monetize their receivables. Special attention is given to notification requirements and the protection of the debtor's rights under Belgian law.
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1. Parties: Identification of the Assignor, Assignee, and where relevant, the Debtor
2. Background: Context of the debt assignment, including description of the original debt relationship
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment: Core provision detailing the transfer of the debt from Assignor to Assignee
5. Purchase Price: Details of the consideration paid for the assignment
6. Completion: Terms and conditions for the completion of the assignment, including timing and delivery requirements
7. Representations and Warranties: Statements of fact and guarantees by the Assignor regarding the debt and their authority to assign it
8. Notification and Perfection: Requirements for notifying the Debtor and perfecting the assignment under Belgian law
9. Further Assurance: Obligations to take additional steps necessary to effect the assignment
10. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction for disputes
1. Security Arrangements: Required when the assignment is made as security for another obligation
2. Regulatory Compliance: Needed when the assignment involves regulated financial institutions or activities
3. Tax Provisions: Include when specific tax treatments or obligations need to be addressed
4. Data Protection: Required when personal data is involved in the assigned debt
5. Anti-Money Laundering: Include when required by the nature of the parties or transaction
6. Multiple Debts: Required when the assignment covers multiple debt instruments or obligations
7. Partial Assignment: Include when only a portion of a debt is being assigned
1. Schedule 1 - Details of the Assigned Debt: Detailed description of the debt being assigned, including amount, interest, maturity dates
2. Schedule 2 - Original Debt Documentation: List and copies of the original debt agreements and related documents
3. Schedule 3 - Form of Notice to Debtor: Template for the notification to be sent to the Debtor regarding the assignment
4. Schedule 4 - Completion Requirements: Checklist of documents and actions required for completion
5. Schedule 5 - Payment Details: Bank account and payment information for the purchase price
6. Appendix A - Power of Attorney: If required, form of power of attorney for completing registration or notification requirements
7. Appendix B - Security Documentation: If applicable, documentation relating to any security arrangements
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