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Credit Assignment Agreement
"I need a Credit Assignment Agreement for the transfer of a corporate loan portfolio from Bank Mandiri to HSBC Indonesia, to be completed by March 2025, with specific provisions for OJK approval and cross-border reporting requirements."
1. Parties: Identification of the Assignor and Assignee, including their full legal names, registration numbers, addresses, and authorized representatives
2. Background: Context of the credit assignment, including details of the original credit agreement and the reason for the assignment
3. Definitions: Definitions of key terms used throughout the agreement, including 'Credit', 'Assignment Date', 'Original Credit Agreement', etc.
4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee, including the specific credit being assigned
5. Purchase Price: The amount to be paid for the assignment and payment terms
6. Completion: Details of when and how the assignment will be completed, including conditions precedent
7. Representations and Warranties: Standard warranties from both parties, especially regarding the Assignor's right to assign the credit
8. Assignor's Obligations: Obligations of the Assignor including delivery of documents and cooperation in the transfer
9. Notice and Registration: Requirements for notifying the original debtor and any registration requirements
10. Costs and Taxes: Allocation of costs, expenses, and tax obligations related to the assignment
11. Governing Law and Jurisdiction: Specification of Indonesian law as governing law and jurisdiction for disputes
12. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, amendments, etc.
1. Security Assignment: Required when any security interests are being transferred along with the credit
2. Foreign Currency Provisions: Required when the credit or purchase price involves foreign currency
3. Regulatory Compliance: Specific section needed when either party is a regulated entity like a bank
4. Third Party Consents: Required when the assignment requires consent from other parties
5. Data Protection: Required when personal data is involved in the assigned credit
6. Step-In Rights: Optional provisions for the Assignee's rights to step into ongoing proceedings
7. Further Assurance: Optional detailed provisions about future cooperation and documentation
1. Schedule 1 - Details of the Assigned Credit: Detailed description of the credit being assigned, including amount, interest rate, maturity, and payment history
2. Schedule 2 - Original Credit Agreement: Copy or summary of the original credit agreement being assigned
3. Schedule 3 - Form of Notice to Debtor: Template of the notice to be sent to the original debtor regarding the assignment
4. Schedule 4 - Completion Requirements: Checklist of documents and actions required for completion
5. Schedule 5 - Security Documents: List and copies of any security documents related to the assigned credit
6. Appendix A - Power of Attorney: Form of power of attorney for registration and other formal requirements
7. Appendix B - Corporate Authorizations: Copies of relevant corporate authorizations and powers of attorney
Authors
Banking
Financial Services
Insurance
Asset Management
Real Estate
Infrastructure
Manufacturing
Trading and Distribution
Private Equity
Debt Collection
Corporate Finance
Investment Management
Legal
Finance
Treasury
Credit Management
Risk Management
Compliance
Corporate Secretariat
Investment
Portfolio Management
Collections
Transaction Management
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Portfolio Manager
Treasury Manager
Risk Manager
Compliance Officer
Investment Manager
Asset Manager
Debt Collection Manager
Transaction Manager
Corporate Secretary
Financial Controller
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