Common use of Assignment of Debt Clause in Contracts

Assignment of Debt. It is known that the Debtor is indebted to the Creditor, under a separate agreement, for the current principal sum of $[CURRENT DEBT AMOUNT], plus any interest (“Debt”). Under this Agreement, the Assuming Party agrees to assume: (choose one) ☐ - All of the Debt. ☐ - Portion of the Debt. The Assuming Party agrees to assume $[PORTION OF DEBT AMOUNT]. The Debt shall continue its repayment in accordance with the terms located in a separate agreement between the Debtor and Creditor.

Assignment of Debt. It is known that the Debtor is indebted to the Creditor, under a separate agreement, for the current principal sum of $[CURRENT DEBT AMOUNT]$ , plus any interest (“Debt”). Under this Agreement, the Assuming Party agrees to assume: (choose one) ☐ - All of the Debt. ☐ - Portion of the Debt. The Assuming Party agrees to assume $[PORTION OF DEBT AMOUNT]. $ . The Debt shall continue its repayment in accordance with the terms located in a separate agreement between the Debtor and Creditor.