The Simple Loan Assignment Agreement is commonly used when lenders need to transfer their rights in a loan to another party. This might occur during portfolio sales, debt restructuring, or business reorganizations. The document specifies the terms of transfer, ensuring compliance with U.S. federal and state regulations, including UCC requirements. It typically includes details about the original loan, the consideration for the assignment, and any necessary representations and warranties.
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1. Parties: Identification of Assignor, Assignee, and original borrower
2. Background/Recitals: Details of the original loan agreement and reason for assignment
3. Definitions: Key terms used throughout the agreement including Loan Agreement, Assignment Date, Assigned Rights
4. Assignment: Core provision transferring rights from Assignor to Assignee
5. Consideration: Details of payment or other consideration for the assignment
6. Representations and Warranties: Assignor's statements about loan status, authority to assign, and other warranties
7. Governing Law: Jurisdiction governing the agreement and relevant UCC provisions
1. Security Interest Provisions: Required if the loan is secured by collateral - includes transfer of security interests and recording requirements
2. Borrower Consent: Section for borrower acknowledgment when required by original loan agreement or applicable law
3. Further Assurance: Commitment to execute additional documents if needed for perfecting the assignment
4. Indemnification: Protection against claims arising pre-assignment and allocation of liabilities
1. Schedule A - Original Loan Agreement: Copy of the loan agreement being assigned
2. Schedule B - Payment Schedule: Details of remaining payments under the loan including principal and interest
3. Schedule C - Security Documents: If applicable, documents relating to collateral and security interests
4. Schedule D - Notice to Borrower: Form of notice informing borrower of the assignment of loan
Relevant legal definitions
Agreement
Assigned Rights
Assignment Date
Assignor
Assignee
Borrower
Business Day
Consideration
Default
Effective Date
Encumbrance
Event of Default
Governing Law
Interest
Loan
Loan Agreement
Loan Documents
Outstanding Balance
Parties
Payment Date
Principal Amount
Related Rights
Security
Security Interest
Transaction Documents
Assigned Rights
Assignment Date
Assignor
Assignee
Borrower
Business Day
Consideration
Default
Effective Date
Encumbrance
Event of Default
Governing Law
Interest
Loan
Loan Agreement
Loan Documents
Outstanding Balance
Parties
Payment Date
Principal Amount
Related Rights
Security
Security Interest
Transaction Documents
Clauses
Assignment and Transfer
Consideration
Representations and Warranties
Notice Requirements
Indemnification
Further Assurance
Compliance with Laws
Confidentiality
Security Interest
Payment Terms
Default Provisions
Amendment and Modification
Severability
Entire Agreement
Governing Law
Jurisdiction
Notices
Assignment Restrictions
Successors and Assigns
Counterparts
Third Party Rights
Costs and Expenses
Waiver
Force Majeure
Survival
Consideration
Representations and Warranties
Notice Requirements
Indemnification
Further Assurance
Compliance with Laws
Confidentiality
Security Interest
Payment Terms
Default Provisions
Amendment and Modification
Severability
Entire Agreement
Governing Law
Jurisdiction
Notices
Assignment Restrictions
Successors and Assigns
Counterparts
Third Party Rights
Costs and Expenses
Waiver
Force Majeure
Survival
Relevant Industries
Relevant Teams
Relevant Roles
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