Subrogation Agreement
ENTERED INTO BY AND BETWEEN:
ON THE FIRST PART,
XXX [identity of the physical or legal person],
hereafter referred to as the “Subrogor”,
AND ON THE SECOND PART,
XXX [identity of the physical or legal person],
hereafter referred to as the “Subrogee”.
The Subrogor and the Subrogee may be individually referred to as a “Party” or collectively as the “Parties”.
WHEREAS:
a – The Subrogor is creditor of _____ [identity of the debtor] (the “Debtor”). The Debtor owes the Subrogor a total amount of _____ [amount of the debt] (the “Debt”) as at the date of this agreement. The Debt is due for payment [to be confirmed].
b – The Subrogee is prepared to pay the Debt to the Subrogor and be subrogated in all the rights, remedies or securities that belong to the Subrogor against the Debtor.
c – Therefore the Parties decided to enter into this agreement, which, including its recitals and its appendices that incorporate into it and are indivisible, is hereafter referred to as the “Agreement”.
NOW THEREFORE, THE PARTIES HEREBY AGREE AS FOLLOWS:
1 – Subrogation
The Subrogee hereby undertakes to pay the Debt to the Subrogor immediately upon the signature of the Agreement by both Parties and at the latest within _____ [time limit, for example: one month], provided that the Subrogor subrogates him in all the rights, remedies or securities that belong to the Subrogor against the Debtor.
The Subrogor hereby subrogates the Subrogee in all the rights, remedies or securities that belong to the Subrogor against the Debtor, in consideration for the full payment of the Debt, subject to and upon such full payment of the Debt.
This subrogation is agreed pursuant to article 1250 1° of the French Civil Code. It shall produce all the legal effects provided for by French law.
2 – Governing Law and Jurisdiction
This Agreement is governed by the laws of France. It shall be enforced and interpreted pursuant to these laws.
Any litigation arising out of or in connection with this Agreement shall be submitted to the exclusive jurisdiction of the Courts of _____ [city, for example: Paris] (France).
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The Agreement is drafted in English and printed in two [to be confirmed – each party shall be provided with one original copy] original copies, signed on this page and initialled on each other page, one original copy being provided to each Party.
No word, figure or sign was crossed, invalidated, modified or added, either handwritten or by any means, between the printing and the signing of the original copies.
The Subrogor
On behalf of: _______________ [legal person, if applicable]
Name of the signatory: _______________ [signatory duly authorized]
Title: _______________ [title or capacity of the signatory]
Date: _______________ [signing date]
Place: _______________ [place where the agreement is signed]
Signature:
The Subrogee
On behalf of: _______________ [legal person, if applicable]
Name of the signatory: _______________ [signatory duly authorized]
Title: _______________ [title or capacity of the signatory]
Date: _______________ [signing date]
Place: _______________ [place where the agreement is signed]
Signature:
