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Credit Assignment Agreement
"I need a Credit Assignment Agreement for transferring a corporate loan portfolio worth AED 5 million from our investment company to a local UAE bank, with completion scheduled for March 15, 2025, including Islamic finance compliance provisions."
1. Parties: Identification of the Assignor, Assignee, and any other relevant parties including the original debtor
2. Background: Context of the original credit arrangement and the purpose of the assignment
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Assignment: Core provisions detailing the transfer of rights and obligations from Assignor to Assignee
5. Consideration: Details of the payment or other consideration for the assignment
6. Representations and Warranties: Statements of fact and assurances from the Assignor regarding the assigned credit
7. Completion: Conditions precedent and mechanics for completing the assignment
8. Notice and Acknowledgment: Requirements for notifying the debtor and obtaining acknowledgment
9. Further Assurance: Obligations to execute additional documents or take further steps to perfect the assignment
10. Governing Law and Jurisdiction: Specification of UAE law as governing law and jurisdiction for disputes
1. Sharia Compliance: Required when the assignment needs to comply with Islamic finance principles
2. Security Transfer: Used when security interests are being transferred along with the credit
3. Registration Requirements: Required when the assignment must be registered with authorities
4. Tax Provisions: Include when there are specific tax implications requiring address
5. Multiple Debtors: Required when the assigned credit involves multiple debtors
6. Partial Assignment: Include when only part of the credit is being assigned
7. Confidentiality: Optional provisions for maintaining confidentiality of the transaction
1. Schedule 1 - Details of Assigned Credit: Detailed description of the credit being assigned including amount, payment terms, and current status
2. Schedule 2 - Original Credit Agreement: Copy or details of the original credit agreement being assigned
3. Schedule 3 - Completion Requirements: List of documents and actions required for completion
4. Schedule 4 - Form of Notice to Debtor: Template for the notice to be sent to the debtor regarding the assignment
5. Schedule 5 - Form of Acknowledgment: Template for the debtor's acknowledgment of the assignment
6. Appendix A - Supporting Documents: Copies of relevant permits, licenses, or other supporting documentation
7. Appendix B - Payment Instructions: Details of bank accounts and payment procedures for the assigned credit
Authors
Banking and Financial Services
Commercial Lending
Islamic Finance
Real Estate
Construction
Manufacturing
Trading and Distribution
Investment Services
Insurance
Professional Services
Legal
Finance
Compliance
Treasury
Risk Management
Credit Administration
Corporate Banking
Investment Banking
Islamic Banking
Portfolio Management
Transaction Management
Business Development
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Manager
Treasury Manager
Risk Manager
Investment Manager
Corporate Lawyer
Financial Controller
Debt Recovery Manager
Portfolio Manager
Islamic Finance Specialist
Transaction Manager
Business Development Director
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