ContractsCounsel Logo

Assignment Of Debt

Clients Rate Lawyers on our Platform 4.9/5 Stars
based on 10,695 reviews
No Upfront Payment Required, Pay Only If You Hire.
Home Contract Samples A Assignment Of Debt

Jump to Section

What is an Assignment Of Debt?

Assignment of debt is an agreement that transfer debt, rights, and obligations from a creditor to a third party. Assignment of debt agreements are commonly found when a creditor issues past due debt to a debt collection agency. The original lender will be relieved of all obligations and the agency will become the new owner of the debt. Debt assignment allows creditors to improve liquidity by reducing their financial risk. If a creditor has taken on a large amount of unsecured debt, an assignment of debt agreement is a quick way to transfer some of the unsecured loans to another party.

Common Sections in Assignments Of Debt

Below is a list of common sections included in Assignments Of Debt. These sections are linked to the below sample agreement for you to explore.

Assignment Of Debt Sample

ASSIGNMENT OF DEBT AND SECURITY

 

THIS ASSIGNMENT dated as of February 23, 2001,GRANTED BY:

PACIFIC STRATUS VENTURES LTD., a British Columbia company having an office at 707 - 1030 W. Georgia Street, Vancouver, B.C., V6E 2Y3(the "Assignor")

OF THE FIRST PART

IN FAVOUR OF:

606282 B.C. LTD., a British Columbia company having a registered and records office at 218 - 470 Granville Street, Vancouver, B.C., V6C 1V5

(the "Assignee")

OF THE SECOND PART

WHEREAS:

A. Pursuant to a loan agreement dated as of February 23, 2001, among the Assignor, the Assignee, David J. L. Williams and Harry Chew (the "Loan Agreement"), the Assignee agreed to lend to the Assignor the sum of $400,000;

B. Pursuant to an agreement among the Assignor, Control Zone Interactive Inc. (previously Cockpit Collection Ltd.) ("Control Zone") and Thierry Annez de Taboada dated September 6, 2000 (the "Control Zone Loan Agreement"), the Assignor agreed to lend to Control Zone the sum of $750,000 (the "Control Zone Debt");

C. As security for the Control Zone Debt, Control Zone has issued promissory notes to the Assignor in the amount of the Control Zone Note and has granted a general security interest in all its assets and undertaking (the "Control Zone Security") to the Assignor, as evidenced by a General Security Agreement made effective October 31.2000 (the "Control Zone GSA") and as evidenced by registration of the Control Zone Security in the British Columbia Personal Property Registry on November 1, 2000 under base registration number B3859267 (the "Control Zone Registration");

 

 

D. Pursuant to the terms of the Loan Agreement and as security for the Loan, the Assignor wishes to assign to the Assignee all of the Control Zone Debt and the Control Zone Security.

 

NOWTHEREFORE IN CONSIDERATION OF the sum of $10.00 now paid by the Assignee to the Assignor and for other good and valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the Assignor), the Assignor hereby covenants and agrees as follows:

1. Assignment of Control Zone Debt: the Assignor hereby absolutely and irrevocably grants, assigns, transfers, conveys and sets over unto the Assignee the Control Zone Debt, together with all instruments (negotiable or otherwise), notes, bills, securities and other documents relating, evidencing or securing the Control Zone Debt, to hold and receive the same unto the Assignee and its successors and assigns, with full power to demand, sue for and collect amounts owing in connection therewith at the Assignee's option in the name of the Assignor or in the Assignee's own name.

2. Limitation on Assignment: The Assignor acknowledges and agrees that the Assignee assumes none of the obligation or liabilities of the Assignor pursuant to the Control Zone Loan Agreement and under no circumstances shall the Assignee be liable for any such obligations or liabilities. The Assignor hereby agrees to indemnify and save the Assignee harmless from and against any and all liability arising from the Control Zone Loan Agreement.

3. Assignment of Control Zone Security: The Assignor hereby assigns and transfers to the Assignee all of the Assignors right, title and interest in and to the Control Zone Security and the Control Zone GSA, to hold and receive the same unto the Assignee and its successors and assigns, with full power to demand, sue for and collect amounts owing in connection therewith at the Assignee's option in the name of the Assignor or in the Assignee's own name.

4. PPR Registration: The Assignor hereby permits the Assignee to register a notice of the assignment of the Control Zone Security to the Assignee in the PPR and consents to an amendment to the Control Zone Registration;

 

 

5. Enurement: This Agreement will enure to the benefit of and be binding upon the parties and their respective personal representatives, successors and assigns.

 

IN WITNESS WHEREOF the Assignor has executed this Assignment as of the day and year first above written.

EXECUTED by

PACIFIC STRATUS VENTURES LTD.

PACIFIC STRATUS VENTURES LTD.

per:

in the presence of:

 
 

/s/ "Harry Chew"

/s/ "Teri-Lyn Duke"

Authorized Signatory

Witness

 

Reference:
Security Exchange Commission - Edgar Database, EX-10 19 ex107.htm ASSIGNMENT OF DEBT AND SECURITY, Viewed October 25, 2021, View Source on SEC.

Who Helps With Assignments Of Debt?

Lawyers with backgrounds working on assignments of debt work with clients to help. Do you need help with an assignment of debt?

Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate assignments of debt. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.

How ContractsCounsel Works
Hiring a lawyer on ContractsCounsel is easy, transparent and affordable.
1. Post a Free Project
Complete our 4-step process to provide info on what you need done.
2. Get Bids to Review
Receive flat-fee bids from lawyers in our marketplace to compare.
3. Start Your Project
Securely pay to start working with the lawyer you select.

Meet some of our Assignment Of Debt Lawyers

Brad H. on ContractsCounsel
View Brad
5.0 (6)
Member Since:
November 6, 2020

Brad H.

Principal
Free Consultation
Raleigh, NC
12 Yrs Experience
Licensed in NC
University of North Carolina

Brad is a business attorney with experience helping startup and growing companies in a variety of industries. He has served as general counsel for innovative companies and has developed a broad knowledge base that allows for a complete understanding of business needs.

Matthew R. on ContractsCounsel
View Matthew
5.0 (2)
Member Since:
November 6, 2020

Matthew R.

Attorney
Free Consultation
Denver, Colorado
17 Yrs Experience
Licensed in CO, OH
Case Western Reserve University

I am an attorney located in Denver, Colorado with 13 years of experience working with individuals and businesses of all sizes. My primary areas of practice are general corporate/business law, real estate, commercial transactions and agreements, and M&A. I strive to provide exceptional representation at a reasonable price.

Ramsey T. on ContractsCounsel
View Ramsey
4.9 (5)
Member Since:
November 3, 2020

Ramsey T.

Founding Partner
Free Consultation
New York
27 Yrs Experience
Licensed in NY
William and Mary

My clients are often small and medium size technology companies, from the "idea" stage to clients who may have raised a round or three of capital and need to clean up a messy cap table. I help with all legal matters related to growth that keep founders up at night - hiring people, allocating equity, dealing with shareholders and investors, client negotiations and early litigation counseling (before you need a litigator). I've seen a lot, and because I run my own business, I understand the concerns that keep you up at night. I’ve been through, both on my own and through other clients, the “teething” pains that will inevitably arise as you scale-up – and I’m here to help you. I have over 20 years international experience devising and implementing robust corporate legal strategies and governance for large multinationals. I now focus on start-ups and early/medium stage technology companies to enable a sound legal foundation for your successful business operations. Many of my clients are international with US based holding companies or presences. My 17 years abroad helps me "translate" between different regimes and even enabling Civil and Common Law lawyers to come together. Regularly, I handle early stage financings including Convertible Notes, Seed and Series A/B financings; commercial and technology contracts; international transactions; tax; mergers and acquisitions.

Dani E. on ContractsCounsel
View Dani
Member Since:
November 4, 2020

Dani E.

Attorney
Free Consultation
Georgia
15 Yrs Experience
Licensed in GA
Western Michigan University’s Cooley Law School

Dani is a trusted legal professional with expertise in contracts and corporate legal operations. Dani supports customers in reviewing and negotiating both buy and sell side agreements, including but not limited to Master Services Agreements, Licensing Agreements, SaaS Agreements, Supply Agreements, Commercial Contracts, Healthcare Contracts, IT Contracts, Vendor Contracts and Non-Disclosure Agreements. She also assists with negotiation strategy, contract lifecycle, privacy issues, legal policy setting, process improvement, corporate governance, force majeure clauses and template harmonization and playbook development. Dani has proven success drafting, negotiating and advising executive leadership on contracts to drive outcomes in line with defined strategic objectives. Dani is based in Georgia and holds a law degree from Western Michigan University’s Cooley Law School.

Elizabeth C. on ContractsCounsel
View Elizabeth
Member Since:
November 23, 2020

Elizabeth C.

Contracts Specialist
Free Consultation
Sarasota, FL
15 Yrs Experience
Licensed in NJ, NY
Quinnipiac University School of Law

As an experienced contracts professional, I offer an affordable method to have your contracts reviewed! With my review of your contract, you can understand and reduce risks, negotiate better terms, and be your own advocate. I am an Attorney, Board Member, and Freelance Writer with a Bachelor of Arts degree, magna cum laude, in Film, Television and Theatre (“FTT”) from The University of Notre Dame. I was awarded The Catherine Hicks Award for outstanding work in FTT as voted on by the faculty. I graduated, cum laude, from Quinnipiac University School of Law, where I earned several awards for academics and for my work in the Mock Trial and Moot Court Honor Societies. Additionally, in my career, I have had much success as an in-house Corporate Attorney with a broad range of generalist experience and experience in handling a wide variety of legal matters of moderate to high exposure and complexity. My main focus in my legal career has been contract drafting, review, and negotiation. I also have a background in real estate, hospitality, sales, and sports and entertainment, among other things.

Elizabeth R. on ContractsCounsel
View Elizabeth
Member Since:
January 20, 2021

Elizabeth R.

Attorney
Free Consultation
Columbus, Ohio
13 Yrs Experience
Licensed in FL, OH
Florida International University School of Law

Elizabeth is an experienced attorney with a demonstrated history of handling transactional legal matters for a wide range of small businesses and entrepreneurs, with a distinct understanding of dental and medical practices. Elizabeth also earned a BBA in Accounting, giving her unique perspective about the financial considerations her clients encounter regularly while navigating the legal and business environments. Elizabeth is highly responsive, personable and has great attention to detail. She is also fluent in Spanish.

Find the best lawyer for your project

Browse Lawyers Now

Quick, user friendly and one of the better ways I've come across to get ahold of lawyers willing to take new clients.

View Trustpilot Review

How It Works

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

Financial lawyers by top cities
See All Financial Lawyers
Assignment Of Debt lawyers by city
See All Assignment Of Debt Lawyers

Contracts Counsel was incredibly helpful and easy to use. I submitted a project for a lawyer's help within a day I had received over 6 proposals from qualified lawyers. I submitted a bid that works best for my business and we went forward with the project.

View Trustpilot Review

I never knew how difficult it was to obtain representation or a lawyer, and ContractsCounsel was EXACTLY the type of service I was hoping for when I was in a pinch. Working with their service was efficient, effective and made me feel in control. Thank you so much and should I ever need attorney services down the road, I'll certainly be a repeat customer.

View Trustpilot Review

I got 5 bids within 24h of posting my project. I choose the person who provided the most detailed and relevant intro letter, highlighting their experience relevant to my project. I am very satisfied with the outcome and quality of the two agreements that were produced, they actually far exceed my expectations.

View Trustpilot Review

How It Works

Post Your Project

Get Free Bids to Compare

Hire Your Lawyer

Want to speak to someone?

Get in touch below and we will schedule a time to connect!

Request a call

Find lawyers and attorneys by city