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Assignment Of Proceeds Agreement

Assignment Of Proceeds Agreement Template for New Zealand

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Key Requirements PROMPT example:

Assignment Of Proceeds Agreement

"I need an Assignment of Proceeds Agreement for transferring rights to receive monthly progress payments from a Wellington construction project to our project finance lender, with the agreement to commence from March 2025."

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Document background
The Assignment Of Proceeds Agreement is a vital instrument in New Zealand's commercial landscape, particularly useful in financing arrangements, project funding, and receivables management. This document enables businesses to monetize future payment streams by legally transferring their rights to receive payments to another party. It's commonly used in scenarios such as project financing, factoring arrangements, or security packages for larger financing deals. The agreement must comply with New Zealand's legal framework, particularly the Contract and Commercial Law Act 2017 and Personal Property Securities Act 1999, ensuring proper registration of security interests where applicable. The document typically includes detailed mechanisms for the assignment, payment arrangements, representations about the validity of the proceeds, and notification requirements to affected parties.
Suggested Sections

1. Parties: Identifies and defines the Assignor, Assignee, and any other relevant parties to the agreement

2. Background: Sets out the context and purpose of the assignment, including reference to any underlying agreements or arrangements

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules

4. Assignment: Core provision detailing the assignment of proceeds, including the scope and effective date

5. Payment Arrangements: Specifies how and when assigned proceeds will be paid to the Assignee

6. Representations and Warranties: Assignor's confirmations regarding their right to assign and the validity of the underlying proceeds

7. Covenants: Ongoing obligations of the Assignor regarding the proceeds and maintenance of the assignment

8. Notice Requirements: Requirements for notifying relevant parties of the assignment

9. Duration and Termination: Terms specifying how long the assignment will last and circumstances for termination

10. General Provisions: Standard contractual provisions including governing law, notices, and amendments

Optional Sections

1. Security Provisions: Include when additional security arrangements are required to support the assignment

2. Consent Requirements: Include when third-party consents are needed for the assignment to be effective

3. Priority Arrangements: Include when there are multiple assignees or competing interests to address

4. Tax Provisions: Include when there are specific tax implications that need to be addressed

5. Currency and Exchange Provisions: Include when the assignment involves multiple currencies

6. Step-In Rights: Include when the Assignee needs rights to take over certain obligations or contracts

7. Power of Attorney: Include when the Assignee requires power to act on behalf of the Assignor

Suggested Schedules

1. Schedule 1 - Assigned Proceeds: Detailed description of the proceeds being assigned, including any relevant contract references

2. Schedule 2 - Payment Details: Bank account and payment instruction details for the transfer of proceeds

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

4. Schedule 4 - Conditions Precedent: List of conditions that must be satisfied before the assignment becomes effective

5. Appendix A - Related Agreements: Copies or summaries of underlying agreements giving rise to the proceeds

6. Appendix B - Consent Forms: Template consent forms for any required third-party approvals

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

alex.den.21@genieai.co
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Relevant Industries

Financial Services

Construction

Infrastructure

Real Estate

Energy

Manufacturing

Technology

Healthcare

Agriculture

Professional Services

Telecommunications

Mining

Export Trade

Relevant Teams

Legal

Finance

Treasury

Commercial

Risk Management

Credit Control

Operations

Company Secretariat

Business Development

Accounts Receivable

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Treasury Manager

Commercial Manager

Contract Manager

Risk Manager

Credit Manager

Financial Controller

Project Finance Manager

Accounts Receivable Manager

Business Development Director

Company Secretary

Operations Director

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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