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Credit Assignment Agreement
"I need a Credit Assignment Agreement under Nigerian law for my manufacturing company to assign receivables worth ₦10 million to ABC Bank Limited, with the assignment to take effect from March 1, 2025."
1. Parties: Identification of Assignor and Assignee with full legal names and addresses
2. Background: Context of the original credit arrangement and purpose of the assignment
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Assignment: Core provision detailing the assignment of rights, effective date, and scope
5. Consideration: Details of payment or other consideration for the assignment
6. Perfection of Assignment: Steps required to perfect the assignment under Nigerian law
7. Representations and Warranties: Statements of fact and assurances from both parties
8. Further Assurance: Obligation to execute further documents and take additional steps if needed
9. Costs and Expenses: Allocation of costs including stamp duty and registration fees
10. Notices: Process for serving notices between parties
11. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction
1. Security Arrangements: Include when the assigned credit is secured by collateral
2. Regulatory Compliance: Include when specific regulatory approvals are required
3. Multiple Assignors/Assignees: Include when there are multiple parties on either side
4. Continuing Obligations: Include when parties have ongoing responsibilities post-assignment
5. Conditions Precedent: Include when assignment is subject to fulfillment of specific conditions
6. Tax Provisions: Include when specific tax implications need to be addressed
7. Confidentiality: Include when sensitive commercial information is involved
8. Power of Attorney: Include when Assignee needs authority to act in Assignor's name
1. Schedule 1 - Details of Assigned Credits: Comprehensive list and details of credits being assigned
2. Schedule 2 - Form of Notice to Debtors: Template for notifying debtors of the assignment
3. Schedule 3 - Copy of Original Credit Agreement: Copy of the agreement creating the assigned rights
4. Schedule 4 - Required Consents: List of required third-party or regulatory consents
5. Schedule 5 - Transfer Documentation: Forms and documents required for perfecting the transfer
6. Appendix A - Payment Details: Bank account and payment instruction details
7. Appendix B - Security Documents: Copies of relevant security documents if applicable
Authors
Banking
Financial Services
Manufacturing
Retail
Construction
Oil and Gas
Telecommunications
Agriculture
Real Estate
Consumer Goods
Healthcare
Education
Legal
Finance
Treasury
Credit Management
Risk Management
Compliance
Accounts Receivable
Corporate Affairs
Business Development
Portfolio Management
Chief Financial Officer
Finance Manager
Legal Counsel
Credit Manager
Risk Manager
Treasury Manager
Accounts Receivable Manager
Corporate Lawyer
Compliance Officer
Financial Controller
Business Development Manager
Contract Administrator
Portfolio Manager
Debt Collection Manager
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