A Security Assignment Agreement is a key security document used in Austrian financing transactions where rights, receivables, or claims are transferred as collateral for obligations. This document type is commonly used in both corporate and financial transactions, providing security through the assignment of various rights such as contract receivables, insurance claims, or bank account balances. The agreement must be carefully structured to comply with Austrian law requirements, particularly regarding perfection through notification or registration. The document includes detailed provisions on the scope of assigned rights, enforcement mechanisms, and release conditions. It is particularly relevant in secured lending transactions, project finance, and general corporate financing where Austrian law security is required. The Security Assignment Agreement must address specific Austrian law requirements regarding the validity and enforceability of assignments, including any necessary formalities for perfection of the security interest.
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1. Parties: Identification of the Assignor and Assignee with full legal names and addresses
2. Background: Context of the security assignment, including reference to any underlying obligations or facilities being secured
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including Austrian law-specific terminology
4. Assignment: Core provision detailing the assignment of rights as security, scope of assigned rights, and conditions
5. Perfection Requirements: Steps required under Austrian law to perfect the security assignment, including notification requirements
6. Representations and Warranties: Assignor's confirmations regarding ownership, authority, and absence of encumbrances
7. Assignor's Obligations: Ongoing obligations of the Assignor regarding the assigned rights
8. Rights and Powers of the Assignee: Scope of Assignee's authority and rights in relation to the assigned rights
9. Enforcement: Circumstances and procedure for enforcing the security assignment
10. Release and Reassignment: Conditions and process for releasing the security and reassigning rights
11. Costs and Expenses: Allocation of costs related to the agreement and its execution
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
1. Data Protection: Required when assignment involves personal data or customer information
2. Bank Accounts: Specific provisions for assignments involving bank accounts or payment rights
3. Insurance: Provisions regarding insurance of assigned assets where applicable
4. Tax Provisions: Specific tax-related provisions when assignment has significant tax implications
5. Registration Requirements: Required when assignment must be registered with specific authorities or registries
6. Consumer Protection Provisions: Required when one party is a consumer under Austrian law
7. Information Rights: Additional information and reporting requirements for complex assignments
8. Further Assurance: Obligations to execute additional documents or take further steps if needed
1. Schedule 1 - Assigned Rights: Detailed description of the rights being assigned as security
2. Schedule 2 - Form of Notice: Template notice to be sent to relevant third parties regarding the assignment
3. Schedule 3 - Perfection Requirements: Detailed checklist of actions required to perfect the security
4. Schedule 4 - Power of Attorney: Form of power of attorney if required for enforcement
5. Schedule 5 - Existing Encumbrances: List of any permitted existing encumbrances on the assigned rights
6. Appendix A - Underlying Documents: Copies or details of relevant underlying agreements or documents
7. Appendix B - Contact Details: Detailed contact information for all relevant parties and representatives
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