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What is an Assignment Of Debt Agreement?
An assignment of debt agreement is a legal document between a debtor and creditor that outlines the repayment terms. An assignment of debt agreement can be used as an alternative to bankruptcy, but several requirements must be met for it to work.
In addition, if obligations are not met under a debt agreement, it might still be necessary to file for bankruptcy later on. Therefore, consulting with an attorney specializing in debt agreements is always recommended before entering into one of these contracts.
Assignment Of Debt Agreement Sample
Exhibit 10.24
ASSIGNMENT AGREEMENT
THIS ASSIGNMENT AGREEMENT is made as of May 6, 2004
AMONG:
IMPACT CAPITAL PARTNERS LIMITED, a body corporate with offices at 1800 Century Park East, Suite 600, Los Angeles, California 90067
(the "Assignor")
AND:
PACIFICWAVE PARTNERS LIMITED, a body corporate with offices at Water Garden II, 1601 Cloverfield Boulevard, 2nd Floor, South Floor, Santa Monica, California 90404
(the "Assignee")
AND:
BULLDOG TECHNOLOGIES INC., a body corporate with offices at 128 - 11180 Coppersmith Place, Richmond, British Columbia, V7A 5G8
("Bulldog")
WHEREAS:
A. Pursuant to a letter agreement (the "Letter Agreement") dated March 4, 2004 between the Assignor and Bulldog, Bulldog engaged the Assignor as its non-exclusive financial advisor and investment intermediary to, among other things, find and introduce one or more investors satisfactory to Bulldog who would be interested in entering into an investment transaction with Bulldog;
B. Subject to Bulldog's prior approval in writing, the Assignor has the right to assign its rights under the Letter Agreement to any person or entity as specified in writing with notice of assignment sent to Bulldog by mail or facsimile; and
C. The Assignor wishes to assign and transfer to the Assignor, and the Assignor wishes to accept the assignment and transfer from the Assignor, the rights and obligations under the Letter Agreement;
NOW THEREFORE THIS AGREEMENT WITNESSES that, in consideration of the premises, the mutual covenants and agreements herein contained and other valuable consideration (the receipt and sufficiency of which is hereby acknowledged by the parties), the parties agree as follows:
- The Assignor absolutely assigns, transfers and sets over unto the Assignee all right, title, benefit and interest that the Assignor is entitled to or possessed of, in, to or under the Letter Agreement.
- The Assignee assumes, covenants and agrees to be responsible for all obligations of the Assignor under the Letter Agreement and the Assignee agrees that it will be bound by the Letter Agreement as fully as if it had been an original party to the Letter Agreement.
- This Agreement will be read and construed together with the Letter Agreement, and the rights and obligations of the parties hereto will be determined in accordance with the covenants, agreements, conditions, representations, and warranties made herein and in the Letter Agreement.
- All grants, covenants, provisos, agreements, rights, powers, privileges, and liabilities contained in this Agreement will be read and held as made by and with, granted to and imposed upon, the respective parties hereto, and their respective successors, and assigns.
- Bulldog hereby acknowledges notice of assignment in satisfaction of the assignment provision in the Letter Agreement.
- This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties executing such counterparts, and all of which together shall constitute a single document. Except as otherwise stated herein, in lieu of the original documents, a facsimile transmission or copy of the original documents shall be as effective and enforceable as the original.
IN WITNESS WHEREOF the parties hereto have executed or caused this Agreement to be executed as of the date above written.
IMPACT CAPITAL PARTNERS LIMITED |
PACIFICWAVE PARTNERS LIMITED |
BULLDOG TECHNOLOGIES INC. |
|
Reference:
Security Exchange Commission - Edgar Database, EX-10 5 exhibit1024f10qsbmay04.htm EXHIBIT 10.24, Viewed December 20, 2021, View Source on SEC.
Who Helps With Assignment Of Debt Agreements?
Lawyers with backgrounds working on assignment of debt agreements work with clients to help. Do you need help with an assignment of debt agreement?
Post a project in ContractsCounsel's marketplace to get free bids from lawyers to draft, review, or negotiate assignment of debt agreements. All lawyers are vetted by our team and peer reviewed by our customers for you to explore before hiring.
Meet some of our Assignment Of Debt Agreement Lawyers
Octavia P.
I am a business law attorney with over 10 years’ experience and a strong background in information technology. I am a graduate of the University of California Berkeley, a member of the Illinois bar and a licensed lawyer (Solicitor) of England and Wales. I actively partner directly with my clients or indirectly, as Of Counsel, to boutique law firms to streamline business practices and manage legal risks by focusing on essentials such as - business contracts, corporate structure, employment/independent contractor agreements, website terms and policies, IP, technology, and commercial related agreements as well as business risk and compliance guidance.
Albert M.
I am a New Jersey licensed attorney and I have been in practice for over nineteen years. My practice mainly consists of representing public entities (municipalities, school boards, etc) and businesses, both small and large. In that capacity, much of work consists of drafting, reviewing and revising contracts.
Jose P.
I am a corporate lawyer with expertise working with small businesses, venture capital and healthcare. Previously, I worked at large law firms, as well as head attorney for companies. I graduated from Harvard College and University of Pennsylvania Law School. I speak 5 languages (Spanish, French, Italian and Russian, plus English), visited over 60 countries, and used to compete in salsa dancing!
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