The Assignment Of Proceeds Agreement is a vital instrument in Austrian commercial and financial transactions, commonly used when a party needs to transfer its rights to receive payments or proceeds to another entity. This document type is governed by Austrian law, particularly the Austrian Civil Code (ABGB), and may be used in various contexts such as project financing, receivables financing, or as part of security arrangements. The agreement details the specific proceeds being assigned, the terms of the assignment, payment mechanics, and the rights and obligations of all parties involved. It must comply with Austrian legal requirements for assignments (Zession) and may need to address specific regulatory requirements depending on the nature of the parties and the assigned proceeds. The document is particularly important in structured finance transactions and can be used either as a standalone agreement or as part of a broader financing arrangement.
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1. Parties: Identification of the Assignor, Assignee, and any other relevant parties (such as the Original Debtor)
2. Background: Context of the assignment, including description of the underlying relationship and reason for the assignment
3. Definitions: Definitions of key terms used throughout the agreement, including 'Assigned Proceeds', 'Underlying Agreement', etc.
4. Assignment: Core provision detailing the assignment of the proceeds, including the specific claims being assigned and effective date
5. Consideration: Details of any payment or other consideration for the assignment
6. Representations and Warranties: Assignor's warranties regarding ownership, right to assign, and status of the assigned proceeds
7. Payment Mechanics: Process for payment of assigned proceeds, including bank account details and payment instructions
8. Notices: Requirements and process for serving notices under the agreement
9. Governing Law and Jurisdiction: Confirmation of Austrian law as governing law and jurisdiction for disputes
10. Execution: Signature blocks and execution formalities
1. Security Provisions: Required when the assignment serves as security (Sicherungszession), including enforcement rights and procedures
2. Regulatory Compliance: Needed when assignment involves regulated entities or requires specific regulatory approvals
3. Data Protection: Required when personal data is involved in the assigned claims
4. Further Assurance: Optional provisions requiring parties to take additional steps to perfect the assignment
5. Costs and Expenses: Allocation of costs related to the assignment and its perfection
6. Assignment Restrictions: Needed when there are limitations on further assignment of rights
7. Set-off Rights: Optional provisions dealing with set-off rights between parties
8. Partial Invalidity: Severability provisions in case parts of the agreement are found invalid
1. Schedule 1 - Assigned Proceeds: Detailed description of the proceeds being assigned, including amounts, dates, and source
2. Schedule 2 - Form of Notice: Template notice to be sent to the Original Debtor regarding the assignment
3. Schedule 3 - Payment Details: Detailed payment instructions and bank account information
4. Schedule 4 - Underlying Agreement: Copy or key terms of the agreement giving rise to the assigned proceeds
5. Schedule 5 - Power of Attorney: If required, form of power of attorney for enforcement of rights
6. Appendix A - Required Consents: Copies of any required third-party or regulatory consents
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Construction
Real Estate
Infrastructure
Energy
Manufacturing
Technology
Healthcare
Telecommunications
Insurance
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Commercial
Credit Management
Corporate Finance
Accounts Receivable
Business Development
Compliance
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Contract Manager
Chief Financial Officer
Risk Manager
Commercial Director
Credit Manager
Accounts Receivable Manager
Corporate Finance Manager
Transaction Manager
Business Development Director
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