Credit Assignment Agreement Template for Austria

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Key Requirements PROMPT example:

Credit Assignment Agreement

"I need a Credit Assignment Agreement under Austrian law for transferring a portfolio of performing corporate loans worth €5 million from Austrian Bank AG to Deutsche Bank AG, with completion planned for March 2025, including provisions for banking secrecy and GDPR compliance."

Document background
The Credit Assignment Agreement is a crucial document used in Austrian financial and business transactions when one party wishes to transfer its credit rights to another party. This agreement type is commonly used in debt trading, portfolio transfers, or corporate restructuring scenarios. It must comply with Austrian law, particularly the Austrian Civil Code (ABGB) sections 1392-1399 governing assignments, and when applicable, the Enterprise Code (UGB). The document includes essential provisions regarding the assignment's validity, price, representations about the credit's status, and completion requirements. It's particularly important in the Austrian context due to specific local requirements regarding banking secrecy, consumer protection, and data protection regulations that must be addressed when transferring credit rights.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

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

Relevant legal definitions
Relevant Industries

Banking

Financial Services

Investment Management

Debt Collection

Corporate Finance

Real Estate

Insurance

Asset Management

Private Equity

Commercial Lending

Relevant Teams

Legal

Finance

Credit Management

Risk Management

Compliance

Treasury

Portfolio Management

Investment

Debt Collection

Corporate Affairs

Relevant Roles

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

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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