The Deed of Assignment of Loan is essential in German financial and business transactions where loan rights need to be transferred between parties. This document is commonly used in loan portfolio sales, debt restructuring, or when financial institutions need to transfer loan exposures. The deed must comply with German legal requirements, including specific provisions of the German Civil Code (BGB) regarding assignments (Abtretung) and loan agreements (Darlehensvertrag). It contains detailed information about the original loan, the parties involved, the terms of the assignment, and any associated security interests. The document is particularly important in the context of German banking regulations and may require notarization depending on the circumstances. It serves as formal evidence of the transfer and protects the interests of all parties involved while ensuring compliance with German legal and regulatory requirements.
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1. Parties: Identification of the Assignor (current loan holder), Assignee (new loan holder), and Original Borrower
2. Background: Details of the original loan agreement and the context for the assignment
3. Definitions: Definitions of key terms used throughout the deed, including 'Loan Agreement', 'Assigned Rights', and 'Effective Date'
4. Details of Original Loan: Summary of the essential terms of the original loan being assigned
5. Assignment: Core provision effecting the transfer of rights from Assignor to Assignee
6. Consideration: Details of the payment or other consideration for the assignment
7. Representations and Warranties: Assignor's warranties regarding ownership, right to assign, and status of the loan
8. Completion and Effective Date: Timing and conditions for the assignment to take effect
9. Further Assurance: Obligations to execute further documents or take additional steps if needed
10. Notices: Process for giving notices under the deed
11. Governing Law and Jurisdiction: Confirmation of German law governance and jurisdiction
1. Security Transfer: Required if there are security interests associated with the loan that need to be transferred
2. Regulatory Compliance: Required if either party is a regulated entity or if the loan is subject to specific regulatory requirements
3. Consumer Protection Provisions: Required if the original loan is a consumer loan
4. Data Protection: Required if personal data is being transferred as part of the assignment
5. Third Party Consents: Required if any third party consents are needed for the assignment
6. Tax Provisions: Required if there are specific tax implications that need to be addressed
7. Currency Provisions: Required if the loan and assignment involve different currencies
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being assigned
2. Schedule 2 - Loan Details: Detailed information about the loan including amount, interest rate, payment schedule, and current balance
3. Schedule 3 - Security Documents: List and copies of any security documents associated with the loan
4. Schedule 4 - Form of Notice to Borrower: Template of notice informing the borrower of the assignment
5. Schedule 5 - Completion Requirements: List of documents and actions required for completion
6. Appendix A - Power of Attorney: If required, form of power of attorney for executing additional documents
7. Appendix B - Payment Instructions: Details of bank accounts and payment procedures for the assigned loan
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