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Credit Assignment Agreement
"I need a Credit Assignment Agreement under Austrian law for transferring a portfolio of performing corporate loans worth 鈧5 million from Austrian Bank AG to Deutsche Bank AG, with completion planned for March 2025, including provisions for banking secrecy and GDPR compliance."
1. Parties: Identification of the Assignor (current creditor) and Assignee (new creditor), including full legal names and addresses
2. Background: Context of the assignment, including details of the original credit agreement and reasons for the assignment
3. Definitions: Definitions of key terms used throughout the agreement
4. Subject Matter of Assignment: Detailed description of the credit rights being assigned, including the original debtor's details and credit amount
5. Assignment: Core provision effecting the transfer of rights from Assignor to Assignee
6. Purchase Price: Amount to be paid by the Assignee for the assigned credit and payment terms
7. Representations and Warranties: Assignor's confirmations regarding the validity and status of the assigned credit
8. Completion: Steps to be taken to complete the assignment, including notifications and registrations
9. Data Protection: Provisions ensuring compliance with GDPR and Austrian data protection laws
10. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
1. Security Transfer: Required when any security interests associated with the credit are being transferred
2. Consumer Protection Provisions: Required when the original credit agreement involves a consumer
3. Banking Secrecy: Required when the assignment involves a credit institution subject to banking secrecy obligations
4. Further Assurance: Optional clause requiring parties to take additional steps to perfect the assignment if needed
5. Tax Provisions: Required when specific tax implications need to be addressed
6. Notice Requirements: Required when specific formalities for notifying the debtor need to be detailed
1. Schedule 1 - Original Credit Agreement: Copy of the credit agreement being assigned
2. Schedule 2 - Details of Assigned Credit: Detailed breakdown of the credit amount, interest, and any other charges
3. Schedule 3 - Security Documents: Copies of any security documents associated with the credit
4. Schedule 4 - Form of Notice to Debtor: Template for notifying the debtor of the assignment
5. Schedule 5 - Completion Requirements: Checklist of actions required to complete the assignment
6. Appendix A - Power of Attorney: If required, form of power of attorney for completing post-assignment formalities
Authors
Banking
Financial Services
Investment Management
Debt Collection
Corporate Finance
Real Estate
Insurance
Asset Management
Private Equity
Commercial Lending
Legal
Finance
Credit Management
Risk Management
Compliance
Treasury
Portfolio Management
Investment
Debt Collection
Corporate Affairs
Legal Counsel
Finance Director
Credit Manager
Portfolio Manager
Investment Manager
Debt Collection Manager
Risk Manager
Compliance Officer
Corporate Lawyer
Banking lawyer
Transaction Manager
Chief Financial Officer
Treasury Manager
Account Manager
Financial Controller
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