An Assignment Of Payment Agreement is a crucial document used when a party wishes to transfer its rights to receive certain payments to another party. This document is particularly relevant in the Netherlands, where such assignments are governed by specific provisions of the Dutch Civil Code. The agreement is commonly used in various business contexts, including factoring arrangements, securitizations, project finance, and general business financing. It allows companies to monetize their receivables or restructure payment arrangements. The document must comply with Dutch legal requirements for assignments, including proper identification of the assigned rights, consideration details, and necessary notification procedures. Key considerations include whether the assignment is disclosed or undisclosed, with or without recourse, and any specific requirements of the underlying payment obligations.
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1. Parties: Identification of the Assignor (current payment rights holder) and Assignee (party receiving the payment rights)
2. Background: Context of the assignment, including reference to the underlying agreement giving rise to the payment rights
3. Definitions: Definitions of key terms used throughout the agreement, including 'Payment Rights', 'Underlying Agreement', and 'Debtor'
4. Assignment: Core provision detailing the assignment of the payment rights from Assignor to Assignee
5. Consideration: Details of any payment or other consideration for the assignment
6. Representations and Warranties: Assignor's confirmations regarding ownership, right to assign, and status of the payment rights
7. Notification and Perfection: Requirements and process for notifying the debtor and perfecting the assignment under Dutch law
8. Further Assurance: Obligations to execute further documents or take additional steps to give effect to the assignment
9. Governing Law and Jurisdiction: Confirmation of Dutch law as governing law and jurisdiction for disputes
1. Security Arrangements: Include when additional security is being provided for the assigned payments
2. Third Party Rights: Include when there are existing third party rights that need to be addressed or new third party rights to be created
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Anti-Assignment Provisions: Include when dealing with underlying contracts that have restrictions on assignment
5. Payment Mechanics: Include when specific payment routing or processing arrangements need to be detailed
6. Recourse Provisions: Include when the assignment is with or without recourse to the Assignor
7. Partial Assignment: Include when only a portion of the payment rights are being assigned
1. Schedule 1 - Payment Rights Details: Detailed description of the payment rights being assigned, including amounts, payment dates, and debtor details
2. Schedule 2 - Form of Notice to Debtor: Template notification to be sent to the debtor informing them of the assignment
3. Schedule 3 - Underlying Agreement: Copy or extract of the agreement giving rise to the payment rights
4. Schedule 4 - Form of Acknowledgment: Template acknowledgment to be signed by the debtor confirming the assignment
5. Schedule 5 - Payment Instructions: Details of bank accounts and payment routing instructions for the assigned payments
Relevant legal definitions
Agreement
Assigned Rights
Assignment
Assignment Date
Assignor
Assignee
Business Day
Consideration
Debtor
Deed of Assignment
Effective Date
Encumbrance
Event of Default
Governmental Authority
Law
Notice of Assignment
Original Agreement
Payment Date
Payment Rights
Permitted Encumbrance
Related Rights
Security Interest
Transaction Documents
Transfer Certificate
Underlying Agreement
Underlying Obligor
Working Day
Dutch Civil Code
Notification Requirements
Payment Account
Receivables
Relevant Jurisdiction
Assigned Rights
Assignment
Assignment Date
Assignor
Assignee
Business Day
Consideration
Debtor
Deed of Assignment
Effective Date
Encumbrance
Event of Default
Governmental Authority
Law
Notice of Assignment
Original Agreement
Payment Date
Payment Rights
Permitted Encumbrance
Related Rights
Security Interest
Transaction Documents
Transfer Certificate
Underlying Agreement
Underlying Obligor
Working Day
Dutch Civil Code
Notification Requirements
Payment Account
Receivables
Relevant Jurisdiction
Clauses
Assignment
Consideration
Representations and Warranties
Covenants
Payment Terms
Security
Notification
Further Assurance
Indemnification
Costs and Expenses
Confidentiality
Data Protection
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Notices
Assignment and Transfer
Third Party Rights
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Termination
Recourse
Tax
Anti-Money Laundering
Sanctions Compliance
Set-Off
Consideration
Representations and Warranties
Covenants
Payment Terms
Security
Notification
Further Assurance
Indemnification
Costs and Expenses
Confidentiality
Data Protection
Force Majeure
Severability
Entire Agreement
Amendment
Waiver
Notices
Assignment and Transfer
Third Party Rights
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Termination
Recourse
Tax
Anti-Money Laundering
Sanctions Compliance
Set-Off
Relevant Industries
Financial Services
Banking
Insurance
Construction
Real Estate
Manufacturing
Energy
Infrastructure
Telecommunications
Healthcare
Professional Services
Trade and Commerce
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Commercial
Business Development
Compliance
Operations
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Chief Financial Officer
Accounts Receivable Manager
Credit Controller
Commercial Director
Contract Manager
Risk Manager
Financial Controller
Business Development Manager
Transaction Manager
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