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Redline Draft of Declarations for Conf. Call 2-26-07 1 (February 19, 2007)

handle is hein.nccusl/nccpub00982 and id is 1 raw text is: Draft Februaly 19, 2007 United Nations Convention on the Assignment of Receivables in International Trade 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 or other financial assets or instruments held with an intermediary; [Understanding: The United States understands that paragraph (2),fe of article 4 (with respect to clause (e))(i) excludes the assignment of the assignor's rights as against the intermediary with respect o the following, when held by the assignor with an intermediary: securities, other financial assets, and instruments, (ii) does not exclude the following, when directly-held by the assignor: securities, other financial assets, and instruments, and (iii) except as described in clause (i). does not exclude the assignment of a receivable owing to the assignor and arising out of the transfer by the assignor of a security, other financial asset, or an instrument, even if the security, other financial asset, or instrument is held with an intermediary. I Article 5. Definitions and rules of interpretation For the purposes of this Convention: (h) A person is located in the State in which it has its place of business. If the assignor or the assignee has a place of business in more than one State, the place of business is that place where the central administration of the assignor or the assignee is exercised. If the debtor has a place of business in more than one State, the place of business is that which has the closest relationship to the original contract. If a person does not have a place of business, reference is to be made to the habitual residence of that person; [Understanding: The United States understands that the phrase that lace where the central administration of the assignor or the assignee is exercised as used in paragraph (h) of article 5 has 4*t- ,a,+a meaning euuivalent to the phrase the chief executive office2 e i .w othe ass ignor or

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