Clifford Chance has advised Allegro Pay on its purchase of receivables cooperation agreement with the Aion Bank.
According to Clifford Chance, the cooperation defines Allegro Pay “as the originator of consumer credit receivables on the Allegro platform” and the Aion Bank “as the purchaser of receivables. The agreement contemplates a series of potential transactions for the sale of receivables based on an offer and acceptance mechanism.”
According to the firm, “the agreement has been entered into for a two-year term, with a six-month limit of PLN 500 million, to be renewed every day on a rolling basis. Within the limit, Allegro Pay will be able to sell receivables based on pre-agreed price parameters. The actual volume of sold portfolios may be higher than the limit.”
Clifford Chance’s team included Partner Grzegorz Namiotkiewicz, Counsels Jan Zdzienicki, Anna Biala, and Krzysztof Hajdamowicz, and Senior Associate Anna Gorska.
