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Collateral Assignment Agreement
"Need a Collateral Assignment Agreement under Singapore law for assigning insurance policies as security for a SGD 5 million loan facility, with the agreement to be effective from March 1, 2025, and the assignee being a syndicate of three local banks."
1. Parties: Identifies assignor and assignee with full legal names and addresses
2. Background: Describes the underlying obligation and reason for the collateral assignment
3. Definitions: Defines key terms used throughout the agreement
4. Assignment: Core provision detailing what is being assigned as collateral
5. Representations and Warranties: Assignor's declarations regarding ownership and right to assign
6. Covenants: Ongoing obligations of the assignor regarding the collateral
7. Events of Default: Circumstances triggering enforcement rights
8. Enforcement Rights: Assignee's rights upon default
1. Further Assurance: Additional actions parties must take to perfect the assignment
2. Power of Attorney: Grants assignee power to act on assignor's behalf
3. Insurance: Requirements for insuring the collateral
1. Description of Collateral: Detailed description of assigned assets
2. Form of Notice: Template notice to be sent to relevant third parties
3. Underlying Documents: List of documents evidencing the underlying obligation
4. Registration Requirements: Details of necessary registrations and filings
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