GREECE Law and Practice Contributed by: Panagiotis (Notis) Sardelas, Matina Kagkelari and Anna Zlatoudi, Sardelas Petsa Law Firm
Greek Law 2844/2000 kept with the pledge reg - istry of the registered seat of the seller of a sum - mary of the transfer (assignment) agreement. This is enforced by: • the execution and delivery by the seller and the SPE of a duly completed Greek assign - ment agreement in respect of the receivables and the related rights on the closing date; and • the execution and delivery by the seller and the SPE of an executed notification form to the registry on the closing date – the sale agreement typically includes an obligation for the parties to deliver such an executed form. The execution and delivery by the seller to the SPE on the closing date of a seller power of attorney, authorising the SPE to proceed with the registration on its own, is also customary in Greek transactions. Notarised powers of attor - ney may also be provided to the legal counsels of the transaction, by virtue of which the latter have the right to appear before the public regis - try and proceed with the registration on behalf of the parties. Following the entry into force of the relevant pro - visions of Greek Law 5123/2024 (see 3.1 Bank- ruptcy-Remote Transfer of Financial Assets ) the summary of the transfer (assignment) agree - ment will be registered with the new single elec - tronic pledge registry which will operated by the Hellenic Cadastre. 3.4 Principal Covenants The principal covenants in securitisation docu - mentation in respect of a seller are: • to comply with all of its obligations under the documentation;
• to make any and all payments free and without deduction for any and all present and future taxes; and • to notify the SPE if it becomes aware of any material breach by it of any representa - tion or warranty, or if any legal proceedings are instituted against any of the transferred receivables. In the case of a breach, the seller will be liable for compensation, in accordance with the sale agreement. The SPE’s main covenant is to limit its scope of activities to the purposes of the securitisation. 3.5 Principal Servicing Provisions The Securitisation Law does not include specific provisions regarding servicing, except for the servicer’s obligation to deposit immediately all collections in a special account, held either with it (if the servicer is a bank) or with a credit insti - tution seated in the EEA, which is segregated from the servicer’s and/or the credit institution’s assets. The servicing agreement typically includes terms regarding the servicing fees, the procedures of servicing and the collection of monies, the key performance indicators to be taken into account for the evaluation of the servicer’s performance, the undertakings and liabilities of a servicer, and clauses on the termination and replacement of the servicer. A summary of the servicing agreement must be registered in the public registry book of Article 3 of Greek Law 2844/2000 kept with the pledge registry of the registered seat of the seller. Fol - lowing the entry into force of the relevant provi - sions of Greek Law 5123/2024 (see 3.1 Bank- ruptcy-Remote Transfer of Financial Assets )
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