The Assignment Of Security Agreement is a crucial document used in UAE commercial and financial transactions when a party holding security rights needs to transfer these rights to another party. This commonly occurs in loan portfolio transfers, corporate restructurings, or refinancing arrangements. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and other relevant regulations governing security interests and their transfer. It includes detailed provisions addressing the assignment mechanics, perfection requirements, and necessary registrations with relevant UAE authorities. The agreement ensures continuity of security interests while maintaining compliance with UAE legal requirements for such transfers.
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1. Parties: Identifies the Assignor, Assignee, and other relevant parties including the original Security Provider
2. Background: Details of the original Security Agreement, underlying obligations, and reason for assignment
3. Definitions: Defines key terms including Original Security Agreement, Secured Obligations, Security Assets
4. Assignment: Core provision detailing the assignment of rights and obligations under the Security Agreement
5. Consideration: States the consideration for the assignment
6. Representations and Warranties: Assignor's warranties regarding title, authority, and status of security interest
7. Perfection Requirements: Actions required to perfect the assignment under UAE law
8. Notice and Acknowledgment: Requirements for notifying relevant parties and obtaining acknowledgments
9. Costs and Expenses: Allocation of costs related to the assignment and registration
10. Governing Law and Jurisdiction: Confirms UAE law governance and jurisdiction for disputes
1. Partial Assignment Provisions: Required when only part of the security interest is being assigned
2. Central Bank Provisions: Required when assignment involves regulated financial institutions
3. Multiple Security Instruments: Required when assignment covers multiple security agreements
4. Governmental Approvals: Required when assignment needs specific regulatory approvals
5. Further Assurance: Optional clause for additional actions to perfect or protect the assignment
6. Tax Provisions: Required when assignment has specific tax implications
1. Original Security Agreement: Copy of the security agreement being assigned
2. Security Assets Schedule: Details of the assets subject to the security interest
3. Form of Notice: Template notice to be sent to relevant parties regarding the assignment
4. Form of Acknowledgment: Template acknowledgment to be obtained from relevant parties
5. Registration Requirements: List of required registrations and filings
6. Powers of Attorney: Any required powers of attorney to effect the assignment
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