Assignment Of Proceeds Agreement for Ireland

Assignment Of Proceeds Agreement Template for Ireland

A comprehensive legal document governed by Irish law that facilitates the transfer of rights to receive payments or proceeds from one party (the Assignor) to another (the Assignee). The agreement details the specific proceeds being assigned, payment mechanisms, notice requirements, and enforcement rights. It incorporates Irish legal requirements for valid assignments, including proper identification of parties, clear assignment provisions, and necessary registration requirements. The document can be structured either as an absolute assignment or as an assignment by way of security, with provisions tailored to comply with Irish property law and financial regulations.

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What is a Assignment Of Proceeds Agreement?

The Assignment Of Proceeds Agreement is a crucial document in Irish financial and commercial transactions, commonly used in project finance, receivables financing, and security arrangements. It enables businesses to monetize future payment rights or provide security over income streams. The agreement must comply with Irish law requirements, including the Conveyancing Act 1881 and Companies Act 2014, particularly regarding notice requirements and registration of charges. The document typically includes detailed provisions on the assigned proceeds, payment mechanics, representations and warranties, and enforcement rights. It's especially relevant in scenarios involving large-scale projects, financing arrangements, or restructuring situations where future payment rights need to be transferred or secured.

What sections should be included in a Assignment Of Proceeds Agreement?

1. Parties: Identification of the Assignor, Assignee, and any other relevant parties (such as the Debtor/Paying Party if they are party to the agreement)

2. Background: Context of the assignment, including reference to the underlying contract or arrangement giving rise to the proceeds

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including definition of the Proceeds, Underlying Agreement, and Payment obligations

4. Assignment: Core provision detailing the assignment of the proceeds, whether absolute or by way of security

5. Payment Arrangements: Mechanics for payment of the assigned proceeds, including payment instructions and bank account details

6. Representations and Warranties: Assignor's representations regarding ownership, right to assign, and absence of encumbrances on the proceeds

7. Covenants: Ongoing obligations of the Assignor, including cooperation in enforcement and maintenance of underlying contracts

8. Notice and Payment Instructions: Requirements for notifying the Debtor/Paying Party and procedures for redirecting payments

9. Further Assurance: Obligations to execute further documents and take additional steps to perfect the assignment

10. Governing Law and Jurisdiction: Specification of Irish law as governing law and submission to Irish courts' jurisdiction

What sections are optional to include in a Assignment Of Proceeds Agreement?

1. Security Provisions: Additional provisions required if the assignment is by way of security rather than absolute

2. Power of Attorney: Grants the Assignee power to take actions in the Assignor's name, particularly useful in enforcement scenarios

3. Tax Provisions: Specific provisions dealing with tax implications and responsibilities, particularly relevant for cross-border assignments

4. Set-off Rights: Provisions dealing with set-off rights between the parties or against the assigned proceeds

5. Regulatory Compliance: Special provisions required if either party is regulated or if the assignment involves regulated activities

6. Multiple Assignors: Additional provisions required when there are multiple assignors, including joint and several liability provisions

7. Confidentiality: Provisions protecting confidential information, particularly relevant in commercial arrangements

8. Assignment Restrictions: Provisions limiting further assignment of rights under the agreement

What schedules should be included in a Assignment Of Proceeds Agreement?

1. Schedule 1 - The Assigned Proceeds: Detailed description of the proceeds being assigned, including any underlying contracts or arrangements

2. Schedule 2 - Form of Notice: Template notice to be sent to the Debtor/Paying Party informing them of the assignment

3. Schedule 3 - Payment Details: Bank account and payment routing information for the assigned proceeds

4. Schedule 4 - Underlying Agreements: List and/or copies of the agreements giving rise to the assigned proceeds

5. Schedule 5 - Conditions Precedent: List of any conditions that must be satisfied before the assignment becomes effective

6. Appendix A - Required Filings and Registrations: List of necessary filings and registrations to perfect the assignment

Authors

Alex Denne

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

Jurisdiction

Ireland

Publisher

Genie AI

Cost

Free to use
Relevant Industries

Banking & Financial Services

Construction & Infrastructure

Energy & Utilities

Real Estate

Manufacturing

Technology

Healthcare

Telecommunications

Professional Services

Export & Trade

Insurance

Asset Management

Relevant Teams

Legal

Finance

Treasury

Commercial

Risk Management

Compliance

Corporate Finance

Project Finance

Credit

Operations

Company Secretariat

Relevant Roles

Legal Counsel

Finance Director

Treasury Manager

Contract Manager

Commercial Director

Chief Financial Officer

Risk Manager

Company Secretary

Project Finance Manager

Credit Manager

Security Trustee

Compliance Officer

Transaction Manager

Corporate Finance 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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