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Credit Assignment Agreement
"I need a Credit Assignment Agreement for transferring a portfolio of consumer loans worth 5 million Philippine Pesos from our bank to a debt collection agency, with the transfer to be completed by March 15, 2025, including provisions for debtor notification and data privacy compliance."
1. Parties: Identification of the Assignor and Assignee, including their complete legal names, addresses, and registration details
2. Background: Context of the assignment, including the origin of the credit rights being assigned and the purpose of the assignment
3. Definitions: Definitions of key terms used throughout the agreement
4. Assignment: Core provision detailing the transfer of rights from Assignor to Assignee, including the specific credit rights being assigned
5. Consideration: Details of the payment or other consideration for the assignment
6. Effective Date: Specification of when the assignment becomes effective
7. Representations and Warranties: Assignor's declarations regarding ownership, right to assign, and status of the credited rights
8. Assignor's Obligations: Ongoing obligations of the Assignor, including delivery of documents and cooperation requirements
9. Notice Requirements: Provisions regarding notification to the debtor and other relevant parties
10. Payment Terms: Details of how and when payment will be made for the assignment
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and execution requirements
1. Security Provisions: Include when additional security or collateral is provided for the assigned credits
2. Tax Provisions: Include detailed tax provisions when the assignment has significant tax implications
3. Further Assurance: Include when ongoing cooperation between parties may be needed after the assignment
4. Regulatory Compliance: Include when the assignment involves regulated entities or requires specific regulatory approvals
5. Confidentiality: Include when sensitive commercial information is involved
6. Assignment Restrictions: Include when there are limitations on further assignment of the rights
7. Indemnification: Include when specific indemnity provisions are needed beyond standard representations
8. Force Majeure: Include when long-term obligations exist that could be affected by extraordinary events
1. Schedule A - Details of Assigned Credits: Comprehensive list and details of all credits being assigned, including account numbers, amounts, and maturity dates
2. Schedule B - Original Credit Documentation: List of all original credit agreements and related documents being transferred
3. Schedule C - Payment Schedule: If payment is in installments, detailed schedule of payment dates and amounts
4. Schedule D - Form of Notice to Debtor: Template of the notice to be sent to debtors informing them of the assignment
5. Schedule E - Transfer Documents: Forms of any additional transfer documents required to perfect the assignment
6. Appendix 1 - Corporate Authorizations: Copies of corporate resolutions and authorizations for the assignment
7. Appendix 2 - Regulatory Approvals: Copies of any required regulatory approvals or licenses
Authors
Banking
Financial Services
Debt Collection
Asset Management
Investment Banking
Corporate Finance
Real Estate
Insurance
Private Equity
Commercial Lending
Legal
Finance
Risk Management
Treasury
Compliance
Credit Operations
Portfolio Management
Corporate Affairs
Investment
Debt Collection
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Investment Manager
Portfolio Manager
Treasury Manager
Compliance Officer
Financial Controller
Debt Collection Manager
Asset Manager
Banking Operations Manager
Corporate Secretary
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