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Redline Draft 5-21-07 1 (May 21, 2007)

handle is hein.nccusl/nccpub00975 and id is 1 raw text is: Draft May 4-02L 2007 - Under review and subject to change United Nations Convention on the Assignment of Receivables in International Trade Article 2. Assignment of receivables For the purposes of this Convention: (a) Assignment means the transfer by agreement from one person (assignor) to another person (assignee) of all or part of or an undivided interest in the assignor's contractual right to payment of a monetary sum (receivable) from a third person (the debtor). The creation of rights in receivables as security for indebtedness or other obligation is deemed to be a transfer; [The & ----eReport wdlto the Senate should explain in connection with the definition of receivable A receivable is a contractual right to payment of a monetary sum. -i 7-:-AFor example a licensor's contractual right to payment under a license ( : ampk, such as a royalty or license fee) and an assignor's or transferor's contractual right to payment under an assignment or other transfer of an interest in intellectual property are contractual Ftgrights to payment of a monetary sum and so are receivables. Accordingly, the Convention dt&s-.PH4gpplies to assignments of those rights to payment. ri U Article 4. Exclusions and other limitations 2. This Convention does not apply to assignments of receivables arising under or from: (e) The transfer of security rights in, sale, loan or holding of or agreement to repurchase securities

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