A Collateral Assignment of Contract Rights serves as a crucial financing tool in the United States business environment. This document is typically used when a party needs to secure financing but wants to retain operational control of their contracts. The assignment creates a security interest in the assignor's contract rights, providing the assignee with recourse to these rights in case of default. The document must comply with UCC Article 9 requirements and state-specific secured transaction laws, often requiring proper filing to perfect the security interest. It's particularly valuable in situations where traditional asset-based lending may not be suitable or sufficient.
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1. Parties: Identification of assignor, assignee, and other relevant parties
2. Background: Context of the assignment and reference to underlying contract
3. Definitions: Key terms used throughout the agreement
4. Assignment: Core provisions detailing the rights being assigned as collateral
5. Security Interest: Description of the security interest being created
6. Representations and Warranties: Assignor's statements regarding authority and contract rights
7. Covenants: Ongoing obligations of the assignor
8. Default Provisions: Consequences of default and remedies
1. Consent Requirements: Provisions detailing requirements for obtaining third-party consent when original contract requires it
2. Notice Provisions: Specific requirements and procedures for notifying other parties of the assignment
3. Further Assurances: Provisions requiring parties to execute additional documents or take further actions as needed
1. Schedule A - Assigned Contract: Copy or description of the underlying contract being assigned
2. Schedule B - UCC Filing Information: Details required for UCC filing
3. Schedule C - Consent Documents: Copies of any required third-party consents
4. Schedule D - Notice Forms: Templates for required notices to be sent to relevant parties
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