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Assignment Of Debt Agreement
"I need an Assignment of Debt Agreement under Nigerian law to transfer a secured corporate loan worth 5 million Naira from our investment company to a debt collection agency, with completion planned for March 15, 2025, including specific provisions for existing collateral transfer."
1. Parties: Identifies and defines the Assignor (current debt holder), Assignee (new debt holder), and Original Debtor
2. Background: Explains the context of the original debt, its current status, and the intention to assign
3. Definitions: Defines key terms used throughout the agreement, including 'Debt', 'Assignment Date', 'Original Agreement', etc.
4. Assignment: Core clause that legally transfers the debt from Assignor to Assignee
5. Consideration: Details the payment or other consideration for the assignment
6. Representations and Warranties: Assignor's warranties about the debt's validity, enforceability, and absence of prior assignments
7. Assignor's Obligations: Duties of the Assignor including document delivery and cooperation requirements
8. Assignee's Obligations: Responsibilities of the Assignee including payment obligations and compliance requirements
9. Notice Requirements: Procedures for notifying the Original Debtor of the assignment
10. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and sets jurisdiction for disputes
11. Execution: Formal signing section with witness requirements as per Nigerian law
1. Security Arrangements: Include when the debt is secured by collateral or guarantees
2. Tax Provisions: Include when there are specific tax implications that need to be addressed
3. Regulatory Compliance: Include when the assignment requires specific regulatory approvals or compliance measures
4. Further Assurance: Include when additional actions may be needed post-assignment
5. Confidentiality: Include when sensitive financial information needs protection
6. Interest and Charges: Include when specific arrangements for ongoing interest calculations need to be detailed
7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods
8. Force Majeure: Include when protection against unforeseen circumstances is required
1. Schedule 1 - Details of the Debt: Complete details of the debt being assigned, including amount, interest rate, and payment history
2. Schedule 2 - Original Debt Agreement: Copy or details of the agreement that created the original debt
3. Schedule 3 - Payment Terms: Details of how and when the assignment consideration will be paid
4. Schedule 4 - Security Details: If applicable, details of any security or collateral associated with the debt
5. Appendix A - Required Notices: Forms of notices to be sent to the Original Debtor and other relevant parties
6. Appendix B - Supporting Documents: List and copies of all relevant supporting documentation
Authors
Banking and Financial Services
Investment Management
Real Estate
Corporate Finance
Debt Collection
Insurance
Asset Management
Commercial Lending
Private Equity
Debt Trading
Financial Technology
Professional Services
Legal
Finance
Treasury
Credit Management
Risk Management
Compliance
Corporate Secretariat
Debt Recovery
Investment
Portfolio Management
Business Development
Operations
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Debt Recovery Manager
Credit Manager
Investment Manager
Portfolio Manager
Risk Manager
Treasury Manager
Financial Controller
Compliance Officer
Business Development Manager
Asset Manager
Debt Collection Specialist
Corporate Secretary
Financial Analyst
Legal Administrator
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