A Debt Sale Agreement is essential when transferring ownership of debt portfolios in England and Wales. This document is commonly used by financial institutions, debt collection agencies, and investors to document the sale of both performing and non-performing loans. The agreement covers crucial aspects such as purchase price, warranties, regulatory compliance, data protection, and transfer mechanics. It must comply with various regulations including the Financial Services and Markets Act 2000, Consumer Credit Act 1974, and data protection laws. The document is particularly important in ensuring clear title to the debt and maintaining regulatory compliance throughout the transfer process.
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1. Parties: Identification of seller and purchaser, including registration details and addresses
2. Background: Context of the debt sale and relevant history of the portfolio
3. Definitions: Key terms used throughout the agreement including Completion Date, Portfolio, Purchase Price, etc.
4. Sale and Purchase: Core terms of the debt transfer including what is being sold and assigned
5. Purchase Price: Amount, calculation method, payment terms and any adjustments
6. Completion: Transfer process, timing and deliverables required at completion
7. Warranties and Representations: Seller's assurances about the debt portfolio, authority to sell, and compliance matters
8. Data Protection: Obligations regarding handling of personal information and compliance with GDPR
9. Confidentiality: Protection of confidential information exchanged during the transaction
10. Governing Law and Jurisdiction: Specification of English and Welsh law as governing law and jurisdiction
1. Staff Transfer Provisions: TUPE provisions for transfer of employees, required if debt collection staff are included in sale
2. Transitional Services: Arrangements for post-completion support services provided by seller to buyer
3. Security Arrangements: Provisions dealing with transfer of security interests, required for secured debt portfolios
4. Regulatory Compliance: Additional provisions required for regulated debt portfolios, including FCA requirements
5. Post-Completion Obligations: Ongoing obligations regarding collection practices and customer treatment
1. Schedule 1 - The Debt Portfolio: Detailed list and characteristics of debts being sold including account details and balances
2. Schedule 2 - Form of Transfer Notice: Template for notices to be sent to debtors informing them of the transfer
3. Schedule 3 - Due Diligence Findings: Summary of due diligence review findings and any identified issues
4. Schedule 4 - Data Fields: Specification of data fields and format for transfer of debt information
5. Schedule 5 - Completion Requirements: Checklist of documents and actions required for completion
6. Schedule 6 - Warranties: Detailed warranties given by the seller regarding the debt portfolio
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