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Assumption Agreement

Assumption Agreement Template for Austria

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Key Requirements PROMPT example:

Assumption Agreement

"I need an Assumption Agreement under Austrian law for my company to take over a 鈧2.5M equipment lease obligation from our subsidiary, with the transfer to be effective from March 1, 2025, and the original lessor has already agreed to the transfer."

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Document background
The Assumption Agreement is a crucial legal instrument used in Austrian business and financial transactions when one party wishes to transfer its obligations to another party. This document type is particularly relevant when businesses undergo restructuring, in M&A transactions, or in debt refinancing scenarios. The agreement must comply with the Austrian Civil Code (ABGB) requirements for the valid transfer of obligations and typically includes detailed provisions about the assumed obligations, conditions for the transfer, and the rights and obligations of all parties involved. An Assumption Agreement is essential for ensuring a legally binding transfer of obligations while protecting the interests of all parties - the original debtor, the assuming party, and the creditor. The document needs to clearly establish the scope of the assumption, any conditions precedent, and the effective date of the transfer.
Suggested Sections

1. Parties: Identification of all parties: the original debtor, the assuming party, and the creditor

2. Background: Context of the original obligation and the reason for the assumption

3. Definitions: Key terms used throughout the agreement, including 'Original Agreement', 'Assumed Obligations', and 'Effective Date'

4. Assumption of Obligations: Core provision where the assuming party agrees to take over the specified obligations

5. Scope of Assumption: Detailed description of which obligations are being assumed and which (if any) are excluded

6. Consent of Creditor: Express consent of the creditor to the assumption of obligations

7. Representations and Warranties: Statements of fact and assurances from all parties regarding their capacity and authority

8. Original Debtor's Release: Terms regarding the release of the original debtor from the assumed obligations

9. Effective Date and Conditions: When the assumption becomes effective and any conditions that must be met

10. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction for disputes

Optional Sections

1. Security Arrangements: Required when the assuming party needs to provide security for the assumed obligations

2. Transition Provisions: Used when there's a need for a transition period or specific handover requirements

3. Indemnification: Include when specific indemnity provisions are needed beyond the standard assumption

4. Original Debtor's Continuing Obligations: Needed when certain obligations remain with the original debtor

5. Notices: Include for complex agreements where formal communication procedures are important

6. Assignment: Include when transfer rights need to be specifically addressed

7. Severability: Optional boilerplate clause for complex agreements

8. Data Protection: Required when personal data processing is involved

Suggested Schedules

1. Schedule 1 - Original Agreement: Copy or summary of the agreement containing the obligations being assumed

2. Schedule 2 - Assumed Obligations: Detailed list and description of the specific obligations being assumed

3. Schedule 3 - Payment Terms: If applicable, detailed payment obligations and schedules

4. Schedule 4 - Security Documents: If applicable, documents relating to any security arrangements

5. Appendix A - Required Consents: Copies of any third-party consents required for the assumption

6. Appendix B - Corporate Authorizations: Corporate resolutions or other authorization documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions









































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Relevant Industries

Banking and Financial Services

Real Estate

Construction

Manufacturing

Energy

Telecommunications

Healthcare

Insurance

Retail

Technology

Transportation and Logistics

Professional Services

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Corporate Development

Business Development

Credit Management

Operations

Transaction Management

Relevant Roles

Legal Counsel

Corporate Lawyer

Finance Director

Chief Financial Officer

Risk Manager

Compliance Officer

Contract Manager

Business Development Manager

Corporate Secretary

Treasury Manager

Credit Manager

Restructuring Officer

Transaction Manager

Legal Operations Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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