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Assignment Of Debt Agreement

Assignment Of Debt Agreement Template for Germany

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Key Requirements PROMPT example:

Assignment Of Debt Agreement

"I need an Assignment of Debt Agreement under German law for transferring a €2.5M commercial loan from Deutsche Bank to FinTech Investments GmbH, with the transfer to be completed by March 15, 2025, including provisions for existing collateral transfer."

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Document background
The Assignment Of Debt Agreement is a crucial document used in German commercial and financial transactions when transferring debt obligations from one creditor to another. This document type is commonly used in debt trading, portfolio sales, corporate restructuring, and financial arrangements where receivables need to be transferred. The agreement must comply with German Civil Code (BGB) requirements, particularly regarding form, content, and notification obligations. It includes detailed information about the debt being assigned, payment terms, warranties about the debt's status, and necessary procedures for perfecting the assignment. The document becomes especially important in scenarios involving debt portfolio sales, factoring arrangements, or corporate reorganizations where debt obligations need to be legally transferred while maintaining compliance with German law.
Suggested Sections

1. Parties: Identification of the Assignor (current creditor), Assignee (new creditor), and acknowledgment of the Debtor

2. Background: Context of the original debt, relationship between parties, and reasons for the assignment

3. Definitions: Definitions of key terms used throughout the agreement, including 'Debt', 'Assignment Date', 'Original Debt Agreement', etc.

4. Subject Matter of Assignment: Detailed description of the debt being assigned, including amount, origin, and current status

5. Assignment: Core provisions effectuating the transfer of the debt from Assignor to Assignee

6. Purchase Price and Payment: Terms of payment for the assignment, including amount, payment method, and timing

7. Representations and Warranties: Assignor's declarations regarding ownership, validity, and status of the debt

8. Notifications: Requirements and procedures for notifying the Debtor and other relevant parties

9. Governing Law and Jurisdiction: Specification of German law as governing law and jurisdiction for disputes

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Transfer: Include when existing security interests are being transferred along with the debt

2. Consent of Debtor: Required when the original debt agreement prohibits assignment without debtor's consent

3. Data Protection: Include when personal data processing is involved, ensuring GDPR compliance

4. Further Assurance: Include when additional actions may be needed to perfect the assignment

5. Non-Competition: Include when restricting Assignor from competing for or reclaiming the debt

6. Regulatory Compliance: Include when assignment involves regulated entities or requires regulatory approvals

7. Tax Provisions: Include when specific tax implications need to be addressed

8. Confidentiality: Include when sensitive commercial information is involved

Suggested Schedules

1. Schedule 1 - Debt Details: Detailed description of the debt, including payment history, current balance, and interest calculations

2. Schedule 2 - Original Debt Agreement: Copy or details of the agreement that created the original debt

3. Schedule 3 - Security Documents: List and copies of any security documents related to the debt

4. Schedule 4 - Payment Details: Bank account and payment instruction details for the assignment payment

5. Appendix A - Form of Notice to Debtor: Template for the formal notice to be sent to the Debtor regarding the assignment

6. Appendix B - Debtor Consent Form: Template for Debtor's consent when required

7. Appendix C - Transfer Documents: Additional forms or documents required to perfect the assignment under German law

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignor
Assignee
Assignment
Assignment Date
Business Day
Completion
Completion Date
Debt
Debtor
Default Interest Rate
Effective Date
Encumbrance
Events of Default
Existing Security
Governing Law
Interest
Material Adverse Effect
Notice of Assignment
Original Debt Agreement
Outstanding Amount
Payment Date
Purchase Price
Related Rights
Security
Security Documents
Transaction Documents
Transfer Documents
Working Day
Permitted Assignee
Confidential Information
Data Protection Laws
GDPR
Losses
Original Credit Agreement
Payment Instructions
Representatives
Security Interest
Tax
VAT
Clauses
Interpretation
Assignment
Purchase Price
Payment Terms
Transfer of Rights
Representations and Warranties
Security Transfer
Further Assurance
Notices
Confidentiality
Data Protection
Anti-Money Laundering
Regulatory Compliance
Tax
Costs and Expenses
Interest
Default
Force Majeure
Severability
Amendment
Assignment Restriction
Entire Agreement
Third Party Rights
Counterparts
Governing Law
Jurisdiction
Dispute Resolution
Waiver
Indemnification
Notification Requirements
Completion
Conditions Precedent
Security Interest
Debtor Rights
Enforceability
Relevant Industries

Banking and Financial Services

Real Estate

Commercial Lending

Asset Management

Debt Collection

Investment Banking

Private Equity

Insurance

Corporate Finance

Business Services

Relevant Teams

Legal

Finance

Treasury

Credit Management

Debt Collection

Risk Management

Compliance

Corporate Finance

Investment

Portfolio Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Debt Collection Manager

Credit Manager

Portfolio Manager

Treasury Manager

Risk Manager

Compliance Officer

Investment Manager

Transaction Manager

Corporate Finance Manager

Restructuring Officer

Financial Controller

Industries
German Civil Code (BGB) §§ 398-413: Core provisions governing the assignment of claims (Forderungsabtretung), including requirements for valid assignments, form requirements, and legal effects of the assignment
German Civil Code (BGB) § 404: Specifies that the debtor can raise against the new creditor the same objections that existed against the previous creditor at the time of assignment
German Civil Code (BGB) § 409: Regulates the notification of the debtor about the assignment and the legal consequences of such notification
German Commercial Code (HGB) § 354a: Special provisions for assignments in commercial transactions, particularly regarding the effectiveness of contractual assignment prohibitions
EU General Data Protection Regulation (GDPR): Relevant when personal data is processed during the assignment, requiring compliance with data protection principles and legal bases for data processing
German Banking Act (KWG): Relevant if the assignment involves banking claims or if one of the parties is a financial institution, ensuring compliance with banking regulations
German Money Laundering Act (GwG): May be applicable for due diligence requirements if the assignment involves significant monetary values or falls under specific regulatory requirements
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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