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Debt Assignment Agreement

Debt Assignment Agreement Template for Canada

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Key Requirements PROMPT example:

Debt Assignment Agreement

"I need a Debt Assignment Agreement to transfer a portfolio of commercial real estate loans valued at $50M from our investment fund to a third-party purchaser, with the assignment to be completed by March 2025 and including provisions for ongoing servicing arrangements under Canadian law."

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Document background
The Debt Assignment Agreement is a crucial document used in Canadian financial transactions when one party wishes to transfer its rights as a creditor to another party. This agreement is commonly used in debt trading, portfolio sales, corporate restructuring, and financial institution transactions. It must comply with both federal Canadian legislation and provincial laws, particularly regarding security interests (PPSA), privacy (PIPEDA), and consumer protection. The document typically includes detailed information about the debt being assigned, consideration for the assignment, representations about the debt's status, and mechanisms for perfecting the assignment. It's essential for maintaining clear chains of title in debt obligations and ensuring enforceability of assigned rights. The agreement becomes particularly important in scenarios involving debt portfolio sales, business acquisitions, or debt restructuring exercises.
Suggested Sections

1. Parties: Identification of the Assignor (current debt holder), Assignee (party acquiring the debt), and any other relevant parties

2. Background: Context of the debt, its origin, and the parties' intention to assign the debt

3. Definitions: Definitions of key terms used throughout the agreement

4. Assignment: Core provision detailing the transfer of the debt and all associated rights from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Representations and Warranties: Assignor's statements regarding ownership, validity, and status of the debt

7. Covenants: Ongoing obligations of the parties, including cooperation in perfecting the assignment

8. Completion: Mechanics and timing of the assignment completion, including delivery of documents

9. Further Assurance: Obligations to execute additional documents or take actions necessary to effect the assignment

10. Notices: Process for giving notices under the agreement

11. Governing Law and Jurisdiction: Specification of Canadian law as governing law and jurisdiction for disputes

12. General Provisions: Standard boilerplate provisions including entire agreement, amendments, and severability

Optional Sections

1. Security Interest: Required when the assigned debt is secured by collateral or other security interests

2. Third Party Consents: Include when assignment requires consent from other parties

3. Tax Provisions: Detailed tax treatment and obligations when tax implications are significant

4. Privacy and Data Protection: Required for consumer debt assignments or when personal information is involved

5. Debt Servicing: Include when arrangements for ongoing debt servicing need to be specified

6. Regulatory Compliance: Required when the debt assignment is subject to specific regulatory requirements

7. Step-in Rights: Include when assignee needs rights to step into existing agreements related to the debt

8. Recourse Provisions: Specify when the assignment is with or without recourse to the assignor

Suggested Schedules

1. Schedule A - Debt Details: Detailed description of the debt being assigned, including principal amount, interest rate, payment terms, and maturity date

2. Schedule B - Original Debt Documentation: Copies or details of the original loan agreement or other debt instruments

3. Schedule C - Security Documentation: Details of any security interests, guarantees, or collateral associated with the debt

4. Schedule D - Payment History: Record of payments made and outstanding amounts

5. Schedule E - Required Consents: List of required third-party consents and their status

6. Schedule F - Transfer Documents: Forms and notices required to perfect the assignment

7. Appendix 1 - Notice to Debtor: Form of notice to be sent to the debtor regarding the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































Clauses
































Relevant Industries

Financial Services

Banking

Investment Management

Private Equity

Asset Management

Debt Collection

Real Estate

Commercial Lending

Consumer Finance

Healthcare Finance

Construction Finance

Manufacturing

Professional Services

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Operations

Portfolio Management

Debt Collection

Investment

Corporate Development

Business Development

Risk Management

Account Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Finance Manager

Credit Manager

Portfolio Manager

Debt Collection Manager

Treasury Manager

Risk Manager

Compliance Officer

Investment Manager

Asset Manager

Account Manager

Business Development Manager

Financial Controller

Operations Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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