English translation: deed of assignment, collateral charge form
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19:35 Jan 5, 2000
German to English translations [PRO] Bus/Financial
German term or phrase:Sicherungsvertrag/Sicherungsübereignungsvertrag
In a Trusteeship Agreement involving a company's deferred compensation program and the monies it will invest for its employees, the company assigns the rights arising from the investments it makes to a Trustee. It does so to ensure that its employees will get paid the money that their contributions make. In addition to the Trusteeship Agreement, the company will also conclude one or more Sicherungsverträge (as it says in the Trusteeship Agreement) or Sicherungsübereignungsverträge (as the actual agreements state). As I understand it, these are Security Agreements and because the company owes money to its employees, it assigns ownership of the investments it makes as collateral on its debt to these employees. In this relationship, the company is the Sicherungsgeber, or debtor, and the Trustee is the Sicherungsnehmer, or creditor/secured party. As the secured party, the Trustee can (verwerten) dispose of the collateral if it needs to cover its expenses or make distributions to the company's employees. Is this assessment of the situation correct?
I realize that this is not a straightforward question, but any feedback would be appreciated. I want to make sure I understand the ins and outs of this before I proceed with the assignment.