The Security Assignment Agreement is a crucial document in secured financing transactions within the United States. It becomes necessary when a secured party wishes to transfer its security interests to another party, such as in loan portfolio sales, securitizations, or corporate restructurings. The agreement must comply with UCC Article 9 requirements and applicable state laws to ensure the assigned security interest remains properly perfected and enforceable. It typically includes detailed descriptions of the assigned security interests, representations about their validity, and mechanisms for their transfer and enforcement.
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1. Parties: Identification of assignor and assignee with full legal details
2. Background: Context of the security assignment and underlying obligations
3. Definitions: Key terms used throughout the agreement
4. Assignment: Core provisions detailing the security interest being assigned
5. Representations and Warranties: Standard assurances from assignor regarding ownership and right to assign
6. Covenants: Ongoing obligations of the parties
7. Enforcement: Rights and remedies upon default
8. Governing Law: Applicable jurisdiction and choice of law
1. Further Assurance: Additional actions parties may need to take - used in complex transactions requiring ongoing cooperation
2. Security Trustee Provisions: Provisions relating to security trustee arrangements - used when security is held on trust for multiple beneficiaries
3. Intercreditor Provisions: Provisions governing relationship between different creditors - used when multiple secured parties are involved
1. Description of Assigned Rights: Detailed description of security being assigned
2. Form of Notice: Template notices to third parties regarding the assignment
3. Existing Security Interests: List of any pre-existing security interests
4. Required Consents: List of third-party consents required for the assignment
Relevant legal definitions
Assigned Rights
Assigned Security
Assignment Date
Collateral
Default
Effective Date
Encumbrance
Enforcement Event
Existing Security Interest
Finance Documents
Governmental Authority
Lien
Material Adverse Effect
Original Security Agreement
Perfection Requirements
Permitted Security
Secured Obligations
Secured Parties
Security Assets
Security Documents
Security Interest
Security Period
Transaction Documents
UCC
Underlying Debtor
Assigned Security
Assignment Date
Collateral
Default
Effective Date
Encumbrance
Enforcement Event
Existing Security Interest
Finance Documents
Governmental Authority
Lien
Material Adverse Effect
Original Security Agreement
Perfection Requirements
Permitted Security
Secured Obligations
Secured Parties
Security Assets
Security Documents
Security Interest
Security Period
Transaction Documents
UCC
Underlying Debtor
Clauses
Assignment and Security
Representations and Warranties
Perfection and Priority
Covenants
Further Assurance
Powers of Attorney
Enforcement Rights
Default and Remedies
Notices
Assignments and Transfers
Amendments and Waivers
Severability
Counterparts
Costs and Expenses
Indemnification
Governing Law
Jurisdiction
No Third Party Rights
Entire Agreement
Confidentiality
Representations and Warranties
Perfection and Priority
Covenants
Further Assurance
Powers of Attorney
Enforcement Rights
Default and Remedies
Notices
Assignments and Transfers
Amendments and Waivers
Severability
Counterparts
Costs and Expenses
Indemnification
Governing Law
Jurisdiction
No Third Party Rights
Entire Agreement
Confidentiality
Relevant Industries
Relevant Teams
Relevant Roles
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