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Revised Redline Draft for Conference Call 3-28-07 1 (March 26. 2007)

handle is hein.nccusl/nccpub00993 and id is 1 raw text is: Draft March 2-26,_ 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; f [Understanding: The United States understands that paragraph (2) of article 4 (with respect to clause (e)) #iexcludes from the scope of the Convention the assignment of #, - receivable (i) that is a securitjxre ardless of whether the securit, is with an intermediary and ii) that is not a security and is a financial asset or instrument, ev -if the att &s7mfinancial asset or instrument is held with an intermediary. j4-,g [The Senate Report will explain that the understanding does not address whether the Convention _&.applies to the assignment of a receivable if , ss' - . it arises from the assignment of (a) a security, or (ii) a financial asset or instrument held with an intermediary. ' & * ,-4 -ee{ 4-, + 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

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