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Credit Assignment Agreement
"I need a Credit Assignment Agreement to transfer a portfolio of consumer loans worth $5M from our lending company to a debt collection agency, with specific provisions for gradual transfer of payment rights starting March 2025."
Your data doesn't train Genie's AI
You keep IP ownership of your information
1. Parties: Identification of assignor and assignee with full legal names and addresses
2. Background: Context of the assignment and description of the original credit agreement
3. Definitions: Key terms used throughout the agreement including Credit Agreement, Assigned Rights, Effective Date
4. Assignment: Core terms of the assignment including rights being transferred
5. Consideration: Details of payment or other consideration for the assignment
6. Representations and Warranties: Assignor's statements about the validity and status of the credit being assigned
7. Governing Law: Jurisdiction and applicable law
1. Notice Requirements: Procedures for notifying the debtor of the assignment, required when mandated by state law or original credit agreement
2. Security Interests: Details of any security interests being assigned, included when the original credit agreement includes collateral
3. Indemnification: Terms for compensating parties for losses, included when significant risks exist in the assignment
1. Schedule A - Original Credit Agreement: Copy of the original credit agreement being assigned
2. Schedule B - Outstanding Balance: Current balance and payment history of the credit being assigned
3. Schedule C - Security Details: Details of any security or collateral (if applicable)
4. Schedule D - Notice Form: Template for notifying debtor of the assignment
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