In this type of financing, it is also common for the lender to obtain a security right in the bank account into which customer payments (i.e. the proceeds of inventory and receivables) are deposited.

Rule 107.4

(b) The proceeds are held by the assignor for the benefit of the assignee separately and are reasonably identifiable from the assets of the assignor, such as in the case of a separate deposit or securities account containing only proceeds consisting of cash or securities.

In the case of assignment of proceeds, as contrasted with transfer, the right to demand payment remains with the original beneficiary, the assignee being given only the right to receive the proceeds of payment, if such payment occurs.

As to the definition of proceeds , language was suggested along the following lines Proceeds includes whatever is received upon the collection or disposition of the receivables or of the proceeds. With regard to the issue of the transfer of rights in proceeds, it was suggested that paragraph (3) should be replaced by wording along the following lines An assignment of receivables also assigns the assignor s rights to their proceeds .

In addition, it was suggested that the issue of identification of proceeds and traceability (in case the proceeds were commingled with other similar assets, e.g., when money was paid in a deposit account) could be left to the law of the country in which the assignor had its place of business.

Gains arising from revaluation of cash and term deposits are considered realized, however specifically, for the Industrial Development Fund and trust funds, any gain arising from the revaluation of euro cash and term deposits are similarly set aside on the grounds of prudence (IDB.27 9 PBC.19 9 and decision IDB.27 Dec.5).

Maintaining statistical data on confiscated proceeds of money laundering

Gains arising from the revaluation of non dollar cash and bank amounts are treated as realized, with the exception of euro cash and bank deposits where such gains are also set aside in accounts payable, pending utilization in the restoration of purchasing power to projects with euro expenditures.

(3) An assignment of receivables is effective to transfer the rights to cash received upon collection or other disposition of receivables, provided that the cash may be identified as proceeds of the receivables.

It was explained that such receivables involved single, large or small amount, claims of depositors against the depositary institution.

(2) An assignment may relate to existing or future, one or more, receivables, and to parts of or undivided interests in receivables.

Refunds of expenditures charged to prior financial periods, net gains on exchange, moneys accepted for which no purpose is specified and proceeds from the sale of surplus property, are credited to miscellaneous income.

1. If proceeds are received by the assignee, the assignee is entitled to retain those proceeds to the extent that the assignee's right in the assigned receivable had priority over the right of a competing claimant in the assigned receivable.

Security rights in rights to proceeds from a drawing under an independent undertaking

The interest income is determined by the interest rates on United States dollar call accounts and short term deposits and the cash balance maintained by UNDCP.

Priority of acquisition security rights in proceeds of inventory

Interest income is based only on amounts received and accrued from cash and term deposits relating to the financial period.

quot (9) Priority with regard to the receivables includes priority with regard to cash received upon collection or other disposition of the receivables, provided that the cash may be identified as proceeds of the receivables. quot

Banks would then find it advantageous to hold their surplus liquidity in the form of T bills as long as these bills yielded more than bank deposits held at the ECB. Italy and Spain would then be able to refinance their debt at close to the ECB s deposit rate, which is currently 1 on mandatory reserves and 25 basis points on excess reserve accounts.

(a) If payment in respect of the assigned receivable is made to the assignee, the assignee is entitled to retain the proceeds and goods returned in respect of the assigned receivable

All funds received are deposited into the Tribunal's bank accounts, including those under special account arrangements (see note 6), and reflected as cash holdings.

It was suggested that the list should include, in addition to receivables arising from deposit accounts, receivables arising from investment securities, repurchase agreements, wire transfers, swaps and cheque collection systems.

The aggregate of accounts receivable, advances and deposits as at 31 December 2003 totalled 7,109,934.

(b) If payment in respect of the assigned receivable is made to the assignor, the assignee is entitled to payment of the proceeds and also to goods returned to the assignor in respect of the assigned receivable and

So we like to see profits, plus positive social and environmental benefits, when we invest.

Maintaining statistical data on seized proceeds of money laundering

Interest income accrued from cash and term deposits not maturing until future periods is recorded as accounts receivable.

(c) Registration of a notice in the security rights registry with respect to the proceeds or the underlying receivable or

Any difference between the actual amount(s) received on exchange and the amount(s) that would have been obtained at the operational rate(s) of exchange shall be accounted for as loss or gain on exchange.

More than 65,000 young people have been given loans from the Credit Fund and the realization of loans is nearly 89 per cent.

The gain of 6.9 million consists of a net realized gain of 6.2 million from contributions, a net unrealized loss of 4.5 million from the revaluation of cash, contributions receivable, accounts receivable and accounts payable during and at the end of the year, and a realized gain of 5.2 million from transactions that were settled during the year in accordance with the operational rates of exchange in effect at the date of the transaction.

(c) All moneys received shall be deposited in an official bank account as soon as practicable.

(j) Proceeds means whatever is received in respect of an assigned receivable, whether in total or partial payment or other satisfaction of the receivable. The term includes whatever is received in respect of proceeds. The term does not include returned goods

(b) The declarations referred to paragraph 1 (a) of this Article shall be deposited with the Depositary, who shall immediately inform the High Contracting Parties of any declaration received under this paragraph.

Because the revolving loan structure matches borrowings to the borrower's cash conversion cycle (that is, acquiring inventory, selling inventory, creating receivables, receiving payment and acquiring more inventory to begin the cycle again), this structure is, from an economic standpoint, highly efficient and beneficial to the borrower, and helps the borrower to avoid borrowing more than it actually needs.

33. A backlog situation currently exists in processing of inter office vouchers and their reconciliation as well as for applying deposits and credits to receivables.

Another concern was that paragraph (9) might be read as conferring priority in proceeds independently of priority in the receivables.

The audit report also raised concerns about high duties, amounting to 37 per cent of sector revenue compared with a recommended level of 30 per cent.

(i) Cash and term deposits comprise funds on deposit in interest bearing bank accounts, certificates of deposit and call accounts

2. If proceeds are received by the assignor, the right of the assignee in those proceeds has priority over the right of a competing claimant in those proceeds to the same extent as the assignee's right had priority over the right in the assigned receivable of that claimant if

(i) An interest in that real property to the extent that under that law the assignment of a receivable confers such an interest or

The law should provide that a beneficiary may grant a security right in proceeds from a drawing under an independent undertaking.

In order to emphasize the importance of covering proceeds in the draft Convention, it was stated that, in practice, an assignee rarely received cash upon collection of the receivable.

(c) If payment in respect of the assigned receivable is made to another person over whom the assignee has priority, the assignee is entitled to payment of the proceeds and also to goods returned to such person in respect of the assigned receivable.