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Debt Transfer Agreement
"I need a Debt Transfer Agreement under Nigerian law for transferring a corporate loan of 50 million Naira from First Bank of Nigeria to Access Bank, with completion scheduled for March 15, 2025, including provisions for existing security interests and guarantees."
1. Parties: Identifies and defines all parties to the agreement: the Original Creditor (Transferor), the New Creditor (Transferee), and the Debtor
2. Background: Recitals explaining the existing debt arrangement and the intention to transfer the debt
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Transfer of Debt: Core provision detailing the transfer of the debt from Original Creditor to New Creditor
5. Consideration: Specifies the amount or consideration being paid for the debt transfer
6. Completion: Details the timing and mechanics of the transfer completion
7. Representations and Warranties: Statements of fact and assurances from the Original Creditor regarding the debt and related rights
8. Debtor's Acknowledgment: Confirmation of the debt transfer by the Debtor and agreement to pay the New Creditor
9. Rights and Obligations: Outlines the rights and obligations of all parties post-transfer
10. Further Assurance: Commitment to execute additional documents or take actions necessary to effect the transfer
11. Notices: Specifies how formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
13. Execution: Signature blocks and execution formalities
1. Security Transfer: Include when any security interests securing the debt are being transferred along with the debt
2. Conditions Precedent: Include when the transfer is subject to certain conditions being met before completion
3. Confidentiality: Include when parties wish to keep the terms of the transfer confidential
4. Tax Provisions: Include when there are specific tax implications that need to be addressed
5. Assignment: Include when parties want to restrict or permit further assignment of rights under the agreement
6. Severability: Include when parties want to ensure partial invalidity doesn't affect entire agreement
7. Force Majeure: Include when parties want to address circumstances beyond their control affecting performance
1. Schedule 1 - Details of the Debt: Detailed description of the debt being transferred, including amount, interest rate, and payment terms
2. Schedule 2 - Original Debt Documentation: List and copies of all relevant original debt documentation
3. Schedule 3 - Security Details: Details of any security interests associated with the debt (if applicable)
4. Schedule 4 - Completion Requirements: List of documents and actions required for completion
5. Schedule 5 - Form of Notice to Debtor: Template notice informing the Debtor of the transfer
6. Schedule 6 - Payment Details: Bank account and payment information for the New Creditor
Authors
Banking & Financial Services
Investment Management
Real Estate
Manufacturing
Construction
Retail
Healthcare
Energy
Telecommunications
Agriculture
Mining
Professional Services
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Affairs
Debt Recovery
Portfolio Management
Investment
Operations
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Debt Recovery Officer
Treasury Manager
Risk Manager
Compliance Officer
Portfolio Manager
Investment Analyst
Business Development Manager
Contract Administrator
Company Secretary
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