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Credit Assignment Agreement

Credit Assignment Agreement Template for New Zealand

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Key Requirements PROMPT example:

Credit Assignment Agreement

"I need a Credit Assignment Agreement for transferring a portfolio of consumer loans worth NZD 2.5 million from ABC Finance Limited to XYZ Investment Trust, with the transfer to be effective from March 1, 2025, including provisions for ongoing servicing arrangements."

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Document background
The Credit Assignment Agreement is a crucial document used in New Zealand's financial and commercial landscape when one party wishes to transfer its credit rights to another party. This type of agreement is commonly used in debt trading, portfolio sales, business restructuring, or when companies want to monetize their receivables. The document must comply with New Zealand's legal framework, including the Contract and Commercial Law Act 2017, Personal Property Securities Act 1999, and relevant financial regulations. It typically includes detailed information about the credit being assigned, payment terms, warranties, and necessary notices to debtors. The agreement is particularly important in maintaining clear audit trails for credit transfers and ensuring proper legal protection for all parties involved in the transaction.
Suggested Sections

1. Parties: Identifies and provides full legal details of the assignor and assignee

2. Background: Explains the context of the original credit arrangement and the reason for the assignment

3. Definitions: Defines key terms used throughout the agreement, including 'Assigned Rights', 'Credit Agreement', 'Effective Date', etc.

4. Assignment: Details the specific rights, obligations, and receivables being assigned

5. Consideration: Specifies the payment or other consideration for the assignment

6. Effective Date: States when the assignment takes effect and any conditions precedent

7. Representations and Warranties: Assignor's warranties regarding ownership, right to assign, status of the credit, etc.

8. Notice and Perfection: Requirements for notifying the debtor and perfecting the assignment

9. Compliance with Laws: Confirms compliance with relevant New Zealand legislation

10. Further Assurance: Obligations to execute further documents or take additional steps if needed

11. Governing Law: Specifies New Zealand law as governing law and jurisdiction

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Security Interests: Required if there are any security interests associated with the assigned credit

2. Confidentiality: Include when sensitive commercial information is involved

3. Tax Provisions: Include when there are specific tax implications or requirements

4. Anti-Money Laundering Compliance: Required for high-value assignments or when dealing with regulated entities

5. Privacy and Data Protection: Include when personal information is being transferred

6. Dispute Resolution: Optional alternative dispute resolution procedures

7. Assignment and Novation: Include if further assignment rights need to be addressed

8. Costs and Expenses: Include when there are specific arrangements for transaction costs

Suggested Schedules

1. Schedule 1 - Details of Assigned Credit: Detailed description of the credit being assigned, including account numbers, amounts, and payment terms

2. Schedule 2 - Original Credit Agreement: Copy or details of the original credit agreement being assigned

3. Schedule 3 - Form of Notice to Debtor: Template notice to be sent to the debtor regarding the assignment

4. Schedule 4 - Security Details: Details of any security interests associated with the assigned credit

5. Schedule 5 - Completion Requirements: List of documents and actions required to complete the assignment

6. Appendix A - Payment Details: Banking and payment information for the consideration

7. Appendix B - Power of Attorney: If required, form of power of attorney for perfecting the assignment

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions







































Clauses






























Relevant Industries

Banking and Financial Services

Commercial Lending

Asset Management

Debt Collection

Investment Services

Insurance

Real Estate

Corporate Finance

Private Equity

Trade Finance

Manufacturing

Retail

Professional Services

Relevant Teams

Legal

Finance

Credit Management

Risk Management

Treasury

Compliance

Corporate Finance

Debt Collection

Portfolio Management

Commercial Operations

Investment

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Account Manager

Legal Counsel

Corporate Lawyer

Risk Manager

Treasury Manager

Financial Controller

Debt Collection Manager

Portfolio Manager

Commercial Director

Compliance Officer

Chief Risk Officer

Investment Manager

Transaction Manager

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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