An Assignment Of Debt Agreement is a crucial legal instrument used when transferring the rights to collect a debt from one party to another in Canada. This document is commonly utilized in debt restructuring, portfolio sales, corporate reorganizations, or when creditors wish to monetize their debt holdings. The agreement must comply with Canadian federal legislation (such as the Interest Act and Bills of Exchange Act) and provincial laws (including the Personal Property Security Act and, in Quebec, the Civil Code). It typically includes detailed information about the debt being assigned, purchase consideration, warranties about the debt's validity, and procedures for notifying the original debtor. The document is particularly important in maintaining clear chains of title for debt obligations and ensuring enforceability of collection rights.
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1. Parties: Identification of the Assignor (current debt holder) and Assignee (party receiving the debt), including full legal names and addresses
2. Background: Context of the debt assignment, including the original debt agreement details and reasons for assignment
3. Definitions: Key terms used throughout the agreement, including 'Debt', 'Original Debtor', 'Assignment Date', etc.
4. Assignment: Core provision transferring all rights, title, and interest in the debt from Assignor to Assignee
5. Purchase Price: Consideration paid for the assignment and payment terms
6. Representations and Warranties: Assignor's declarations regarding ownership, right to assign, validity of debt, absence of prior assignments
7. Covenants: Ongoing obligations of parties, including cooperation in enforcement and document delivery
8. Notice to Debtor: Requirements and process for notifying the original debtor of the assignment
9. Governing Law: Specification of applicable law and jurisdiction
10. General Provisions: Standard boilerplate including amendments, severability, notices, etc.
1. Security Interest: Required if the debt is secured by collateral or other security interests
2. Tax Provisions: Include when there are significant tax implications or requirements for the assignment
3. Regulatory Compliance: Needed when the debt assignment requires specific regulatory approvals or compliance
4. Further Assurance: Additional provisions for complex assignments requiring ongoing cooperation
5. Confidentiality: Include when sensitive financial information is involved
6. Assignment Restrictions: Include when there are limitations on further assignment by the Assignee
1. Schedule A - Debt Details: Detailed description of the debt being assigned, including amount, interest rate, payment terms
2. Schedule B - Original Debt Agreement: Copy of the original agreement creating the debt
3. Schedule C - Payment History: Record of payments made and outstanding balance
4. Schedule D - Security Documents: If applicable, documents relating to any security or collateral
5. Appendix 1 - Form of Notice to Debtor: Template for the notice to be sent to the original debtor
6. Appendix 2 - Assignment Registration Forms: Any required regulatory or registry filing forms
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