7. Receivables financing assignment of receivables.

6. Receivables financing assignment of receivables.

3. Assignment in receivables financing

IV. Assignment in receivables financing

Receivables

In order to address both the transfer of title in the receivables and the creation of security rights in receivables, it was agreed that reference should be made in subparagraphs (a) and (b) to the transfer of rights in receivables rather than to the transfer of receivables .

Other receivables

Assignment of receivables

VI. Other Receivables

With regard to the description of the receivables, it was suggested that quot a brief description quot might be necessary only in case not all receivables were assigned when all receivables were assigned, a reference to quot all receivables quot should be sufficient.

(1) This Convention applies to assignments of international receivables and to international assignments of receivables as defined in this Chapter

V. ASSIGNMENT IN RECEIVABLES FINANCING 252 256 54

Note 12 Other receivables

Note 12 Other Receivables

Revaluation of contributions receivables

(iii) permitting substitution of the assigned receivables for new receivables of at least equal value,

quot (4) Receivables financing means any transaction in which value, credit or related services are provided for value in the form of receivables. Receivables financing includes, but is not limited to, factoring, forfaiting, securitization, project financing and refinancing.

(2) An assignment may relate to existing or future, one or more, receivables, and to parts of or undivided interests in receivables.

Receivables Seven of the claims in this instalment seek compensation for receivables for a total asserted value of KWD 852,471 (approximately USD 2,949,727).

(3)loans and account receivables.

(1)loans and accounts receivables

Note 10. Other accounts receivables

Other receivables and deferred charges

(b) an assignment of receivables that are not specified individually is effective to transfer receivables that can be identified as receivables to which the assignment relates, at the time agreed upon by the assignor and the assignee and, in the absence of such agreement, at the time when the receivables arise.

C. Private international law in the area of receivables financing

(f) Generally, absolute transfers of receivables

Note 11. Write off of receivables

(a) an assignment of receivables that are specified individually is effective to transfer the receivables to which it relates

United Nations Convention on the Assignment of Receivables in International Trade

III. DRAFT CONVENTION ON ASSIGNMENT IN RECEIVABLES FINANCING 18 235 6

(3) An assignment of receivables is effective to transfer the rights to cash received upon collection or other disposition of receivables, provided that the cash may be identified as proceeds of the receivables.

(3)loans and the account receivables and

Transfer of rights securing the assigned receivables

Note 7. Provision for uncollectible contributions receivables

(i) as regards receivables, it is required to separately list the details of receivable management fee, other receivables and advanced payments

quot (9) Priority with regard to the receivables includes priority with regard to cash received upon collection or other disposition of the receivables, provided that the cash may be identified as proceeds of the receivables. quot

However, it was observed that a time of notification rule would be appropriate in case of assignments of single and present receivables, but not in case of bulk assignments involving future receivables.

22. With regard to assignment in receivables financing, the Working Group on International Contract Practices had reached agreement in principle, inter alia, on the validity of bulk assignments of present and future receivables, the time of transfer of receivables, no assignment clauses, representations of the assignor and protection of the debtor.

56 81. United Nations Convention on the Assignment of Receivables in International Trade

(iv) to encumber the assigned receivables with the expenses of the insolvency administrator in maintaining, preserving or enforcing the receivables at the request and for the benefit of the assignee

It was suggested that the list should include, in addition to receivables arising from deposit accounts, receivables arising from investment securities, repurchase agreements, wire transfers, swaps and cheque collection systems.

Writing off of losses of cash and receivables

Write off of losses of cash and receivables

2. Write offs of losses of cash, receivables

The law should provide that the assignment of receivables that are not specifically identified, future receivables and parts of or undivided interests in receivables is effective as between the assignor and the assignee and as against the account debtor, as long as, at the time of the assignment or, in the case of future receivables, at the time they arise, they can be identified to the assignment to which they relate.