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Assignment Of Security Agreement Template for United Arab Emirates

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Key Requirements PROMPT example:

Assignment Of Security Agreement

"I need an Assignment of Security Agreement under UAE law for transferring security interests over commercial property from ABC Bank to XYZ Bank, with the original security agreement dated March 15, 2025, involving multiple properties in Dubai."

Document background
The Assignment Of Security Agreement is a crucial document used in UAE commercial and financial transactions when a party holding security rights needs to transfer these rights to another party. This commonly occurs in loan portfolio transfers, corporate restructurings, or refinancing arrangements. The document must comply with UAE Federal Law No. 5 of 1985 (Civil Code) and other relevant regulations governing security interests and their transfer. It includes detailed provisions addressing the assignment mechanics, perfection requirements, and necessary registrations with relevant UAE authorities. The agreement ensures continuity of security interests while maintaining compliance with UAE legal requirements for such transfers.
Suggested Sections

1. Parties: Identifies the Assignor, Assignee, and other relevant parties including the original Security Provider

2. Background: Details of the original Security Agreement, underlying obligations, and reason for assignment

3. Definitions: Defines key terms including Original Security Agreement, Secured Obligations, Security Assets

4. Assignment: Core provision detailing the assignment of rights and obligations under the Security Agreement

5. Consideration: States the consideration for the assignment

6. Representations and Warranties: Assignor's warranties regarding title, authority, and status of security interest

7. Perfection Requirements: Actions required to perfect the assignment under UAE law

8. Notice and Acknowledgment: Requirements for notifying relevant parties and obtaining acknowledgments

9. Costs and Expenses: Allocation of costs related to the assignment and registration

10. Governing Law and Jurisdiction: Confirms UAE law governance and jurisdiction for disputes

Optional Sections

1. Partial Assignment Provisions: Required when only part of the security interest is being assigned

2. Central Bank Provisions: Required when assignment involves regulated financial institutions

3. Multiple Security Instruments: Required when assignment covers multiple security agreements

4. Governmental Approvals: Required when assignment needs specific regulatory approvals

5. Further Assurance: Optional clause for additional actions to perfect or protect the assignment

6. Tax Provisions: Required when assignment has specific tax implications

Suggested Schedules

1. Original Security Agreement: Copy of the security agreement being assigned

2. Security Assets Schedule: Details of the assets subject to the security interest

3. Form of Notice: Template notice to be sent to relevant parties regarding the assignment

4. Form of Acknowledgment: Template acknowledgment to be obtained from relevant parties

5. Registration Requirements: List of required registrations and filings

6. Powers of Attorney: Any required powers of attorney to effect the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Relevant Industries

Banking and Financial Services

Real Estate

Commercial Property

Infrastructure

Energy

Manufacturing

Construction

Telecommunications

Healthcare

Retail

Hospitality

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Services

Commercial Operations

Credit Administration

Transaction Management

Security Administration

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Commercial Director

Risk Manager

Compliance Officer

Security Trustee

Facility Agent

Transaction Manager

Corporate Lawyer

Banking Lawyer

Security Agent

Portfolio Manager

Treasury Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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