7.6 Priority to « cascade » payments. Will a court in your jurisdiction make effective a contractual provision in an agreement (even if the current law of that agreement is that of another country) that will distribute payments to the parties in a specified order in the contract? With regard to the effect of third parties, if a German court applied the requirements of the law of the debtor country to also settle this issue, either by applying traditional German law (i.e. before the adoption of the Rome I Regulation) (referring to the right of reclamation) or by extending to that question the scope of the scope of the choice of law under Article 14, paragraph 1, Rome I, it would not be necessary to: German legal requirements. However, if the German court were to count the seller`s jurisdiction over this issue (as some authors have suggested, see question 3.1 above), it would only recognise the sale and transfer as effective vis-à-vis third parties if the German legal requirements are also met. 4.1 Sales Methods in General. In your jurisdiction, what are the usual methods for a seller to sell receivables to a buyer? What is the usual terminology — is it sale, transmission, assignment or something else? Individual enforcement measures are prohibited after the commencement of insolvency proceedings. However, a secured creditor is generally entitled to preferential treatment that must be invoked with the receiver. However, some forms of guarantee can only be applied by the receiver (e.g. B movable property held by the receiver, claims). 6.1 Suspension of Action. In order to avoid the risks of double payment, the guarantee agent may not realize his claim on the abstract recognition of the debt to the extent that the original secured claim is satisfied. The parallel debt structure ensures that certain subscription rights (e.g.B. seizures, guarantees) are not terminated under the law if, in the event of a modification of a syndicated credit agreement involving the termination of the original secured claim when creating a new claim with the purchaser, the law does not lapse.
While the validity of parallel debt structures is generally recognized in the German legal literature, it has not yet been confirmed by the German courts. Yes, an entity may provide collateral to insure its own obligations as borrowers under a credit facility, as well as its guarantee obligations for the obligations of other borrowers/guarantors. You will find restrictions in questions 2.1 and 2.2. In the first place, the seller, as the author of the claims, is responsible for compliance with the current German consumer protection legislation. A breach of consumer protection legislation may undermine the validity or enforceableness of claims and underlying agreements and grant rights of withdrawal to debtors. . . .