The Debt Purchase Agreement is a critical document used in Canadian financial markets when one party wishes to sell and another party wishes to acquire debt obligations. It is commonly used in scenarios involving portfolio sales, debt restructuring, or strategic debt acquisitions. The agreement must comply with both federal and provincial Canadian legislation, including the Personal Property Security Act, Bank Act, and relevant consumer protection laws. The document typically includes detailed schedules of the debts being purchased, purchase price calculations, representations about the debt quality, and provisions for the transfer of associated security interests and rights. It's particularly important in scenarios involving both commercial and consumer debt transfers, requiring careful consideration of regulatory requirements and compliance obligations.
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1. Parties: Identification of the Seller (current debt holder) and Purchaser of the debt
2. Background: Context of the debt sale, including origin of the debt and current status
3. Definitions: Key terms used throughout the agreement including 'Purchased Debts', 'Cut-off Date', 'Completion Date', etc.
4. Sale and Purchase: Core transaction terms including the agreement to sell and purchase the debt
5. Purchase Price: Details of the purchase price and payment mechanisms
6. Completion: Process and requirements for completing the transfer of the debt
7. Seller's Representations and Warranties: Warranties regarding the debt, authority to sell, and accuracy of information
8. Purchaser's Representations and Warranties: Warranties regarding authority to purchase and regulatory compliance
9. Pre-Completion Obligations: Obligations of both parties before the completion date
10. Post-Completion Obligations: Ongoing obligations after the debt transfer
11. Confidentiality: Provisions regarding confidential information and data protection
12. Notices: Process for formal communications between parties
13. General Provisions: Standard boilerplate clauses including governing law, assignment, and amendments
1. Security Interest Transfer: Required when the debt is secured by collateral or other security interests
2. Regulatory Compliance: Additional section needed when dealing with regulated financial institutions
3. Consumer Protection Provisions: Required when the debt portfolio includes consumer debts
4. Servicing Arrangements: Needed when the purchaser requires the seller to continue servicing the debt
5. True Sale Provisions: Required in cases where bankruptcy remoteness is important
6. Foreign Currency Provisions: Needed when the debt is denominated in multiple currencies
7. Data Protection: Extended provisions required when dealing with significant personal data
8. Interim Servicing: Required when there's a transition period for servicing arrangements
1. Schedule of Purchased Debts: Detailed list of all debts being purchased including relevant details
2. Form of Transfer Notice: Template for notifying debtors of the transfer
3. Excluded Debts: List of specifically excluded debts from the purchase
4. Due Diligence Results: Summary of due diligence findings and any identified issues
5. Required Consents: List of third-party consents required for the transfer
6. Security Interest Details: Details of any security interests associated with the debt
7. Pricing Schedule: Detailed breakdown of the purchase price calculation
8. Form of Assignment: Template documents for formal assignment of the debt
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Debt Collection
Asset Management
Private Equity
Investment Banking
Credit Services
Loan Servicing
Distressed Debt
Commercial Lending
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Operations
Portfolio Management
Due Diligence
Business Development
Investment
Debt Collection
Relevant Roles
Chief Financial Officer
Treasury Manager
Legal Counsel
Compliance Officer
Risk Manager
Portfolio Manager
Debt Collection Manager
Credit Risk Officer
Investment Manager
Transaction Manager
Finance Director
Corporate Lawyer
Business Development Manager
Operations Manager
Due Diligence Officer
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