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Security Assignment Agreement
"I need a Security Assignment Agreement under Austrian law for a EUR 5 million bank loan facility closing on March 15, 2025, where my company will assign its accounts receivable to ABC Bank AG as security; the agreement should include specific provisions for periodic reporting of receivables status."
1. Parties: Identification of the Assignor and Assignee with full legal names and addresses
2. Background: Context of the security assignment, including reference to any underlying obligations or facilities being secured
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Austrian law-specific terminology
4. Assignment: Core provision detailing the assignment of rights as security, scope of assigned rights, and conditions
5. Perfection Requirements: Steps required under Austrian law to perfect the security assignment, including notification requirements
6. Representations and Warranties: Assignor's confirmations regarding ownership, authority, and absence of encumbrances
7. Assignor's Obligations: Ongoing obligations of the Assignor regarding the assigned rights
8. Rights and Powers of the Assignee: Scope of Assignee's authority and rights in relation to the assigned rights
9. Enforcement: Circumstances and procedure for enforcing the security assignment
10. Release and Reassignment: Conditions and process for releasing the security and reassigning rights
11. Costs and Expenses: Allocation of costs related to the agreement and its execution
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
1. Data Protection: Required when assignment involves personal data or customer information
2. Bank Accounts: Specific provisions for assignments involving bank accounts or payment rights
3. Insurance: Provisions regarding insurance of assigned assets where applicable
4. Tax Provisions: Specific tax-related provisions when assignment has significant tax implications
5. Registration Requirements: Required when assignment must be registered with specific authorities or registries
6. Consumer Protection Provisions: Required when one party is a consumer under Austrian law
7. Information Rights: Additional information and reporting requirements for complex assignments
8. Further Assurance: Obligations to execute additional documents or take further steps if needed
1. Schedule 1 - Assigned Rights: Detailed description of the rights being assigned as security
2. Schedule 2 - Form of Notice: Template notice to be sent to relevant third parties regarding the assignment
3. Schedule 3 - Perfection Requirements: Detailed checklist of actions required to perfect the security
4. Schedule 4 - Power of Attorney: Form of power of attorney if required for enforcement
5. Schedule 5 - Existing Encumbrances: List of any permitted existing encumbrances on the assigned rights
6. Appendix A - Underlying Documents: Copies or details of relevant underlying agreements or documents
7. Appendix B - Contact Details: Detailed contact information for all relevant parties and representatives
Authors
Banking & Financial Services
Insurance
Real Estate
Manufacturing
Energy & Utilities
Technology
Healthcare
Construction
Retail
Professional Services
Telecommunications
Transportation & Logistics
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Finance
Credit
Operations
Security Administration
Transaction Management
Legal Counsel
Finance Director
Chief Financial Officer
Treasury Manager
Credit Risk Manager
Compliance Officer
Corporate Finance Manager
Transaction Manager
Security Trustee
Relationship Manager
Contract Administrator
Legal Operations Manager
Risk Officer
Company Secretary
Finance Manager
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