The Assignment Of Funds Agreement is a crucial document used in the UAE financial and commercial landscape when one party wishes to transfer their rights to receive certain funds to another party. This document is particularly relevant in project finance, debt restructuring, and investment scenarios within the UAE jurisdiction. The agreement must comply with UAE Civil Code (Federal Law No. 5 of 1985) and UAE Commercial Transactions Law (Federal Law No. 18 of 1993), while also considering UAE Central Bank regulations and Sharia principles where applicable. It typically includes detailed provisions on the assigned funds, payment mechanisms, representations and warranties, and notice requirements. The document is commonly used in scenarios involving loan participations, receivables financing, project finance assignments, and investment restructuring, making it a vital tool for financial transactions in the UAE market.
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1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties to the agreement
2. Background: Sets out the context of the assignment and the relationship between the parties
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Assignment: Details the specific funds being assigned and the nature of the assignment
5. Consideration: Specifies the payment or other consideration for the assignment
6. Effective Date: Establishes when the assignment becomes effective
7. Representations and Warranties: Sets out the parties' confirmations regarding their capacity, authority, and the assigned funds
8. Assignor's Obligations: Details the ongoing obligations of the assignor, including cooperation and documentation requirements
9. Notice Requirements: Specifies requirements for notifying relevant parties of the assignment
10. Payment Mechanics: Details the mechanism for payment and transfer of the assigned funds
11. Further Assurance: Obliges parties to take additional steps necessary to effect the assignment
12. Governing Law and Jurisdiction: Specifies UAE law as governing law and establishes jurisdiction for disputes
1. Conditions Precedent: Used when the assignment is subject to certain conditions being met before becoming effective
2. Security Provisions: Include when additional security is required to support the assignment
3. Anti-Money Laundering Provisions: Detailed compliance provisions when dealing with significant fund transfers or regulated entities
4. Sharia Compliance: Include when the assignment needs to be Sharia-compliant
5. Regulatory Approvals: Include when the assignment requires approval from UAE regulatory authorities
6. Third Party Rights: Include when the assignment affects or requires consent from third parties
7. Tax Provisions: Include specific tax-related provisions when the assignment has significant tax implications
8. Confidentiality: Include when sensitive financial or commercial information is involved
9. Force Majeure: Include when protection against unforeseen events affecting the assignment is required
1. Schedule 1 - Details of Assigned Funds: Detailed description and breakdown of the funds being assigned
2. Schedule 2 - Payment Schedule: If applicable, schedule of payment installments or transfer dates
3. Schedule 3 - Form of Notice: Template notices to be given to relevant parties regarding the assignment
4. Schedule 4 - Required Documents: List of documents required to effect the assignment
5. Schedule 5 - Conditions Precedent: Detailed list of conditions that must be satisfied
6. Appendix A - Powers of Attorney: If required, forms of power of attorney to execute the assignment
7. Appendix B - Corporate Approvals: Copies of relevant corporate approvals and resolutions
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