(b) an indication whether secured creditors need to file their secured claims and

The law should provide that the security agreement must, at a minimum, identify the secured creditor and the grantor, and reasonably describe the secured obligation and the assets to be encumbered.

The same may be said of the relationship between a guarantor issuer and its instructing party (the instructing party being, for example, a bank, requesting, on behalf of its customer, the guarantor issuer to issue an independent guarantee).

(b) indicate whether secured creditors need to file their secured claims and

Such a certificate guaranteed that the car in question was not stolen.

The latter reference, to other undertakings, clarifies the independent nature of a counter guarantee from the guarantee that it relates to, and of a confirmation from the stand by letter of credit or independent guarantee that it confirms.

However, the report fails to place the blame where it is due.

quot (b) indicate whether secured creditors need to file their secured claims and

Note to the Working Group The commentary will make it clear that rejection of a credit agreement does not terminate the security agreement and does not extinguish the security right.

The purpose of the scope provisions of the law is to specify the parties, the security rights, the secured obligations and the assets to which the law applies.

The advantage of such an additional registration requirement would be that a search in the security rights registry would reveal all security rights in a wide range of assets, including those that are subject to a specialized registration system.

By requiring authorization of the guarantor issuer, the Convention does not recognize as confirmations quot silent quot confirmations, i.e., confirmations added without the assent of the guarantor issuer.

Because the granting of a security right should not make it difficult or impossible for the debtor or other grantor to continue to operate its business, the Guide recommends that the legal regime provide for non possessory security rights in a broad range of assets coupled with mechanisms for publicizing the existence of such security rights.

(b) Possession of the original text of the independent undertaking if presentation of it is a condition to payment

However, he expressed concern about the scope of the reservations that countries had made to the Convention.

In the same spirit, the Guide also addresses concerns that have been expressed with respect to secured credit.

United Nations Convention on Independent Guarantees and Stand by Letters of Credit This note has been prepared by the Secretariat of the United Nations Commission on International Trade Law for informational purposes it is not an official commentary on the Convention.

United Nations Convention on Independent Guarantees and Stand by Letters of Credit

I'll vouch for you if you vouch for me.

These experiences show that the securitization of remittances can leverage the absorption of further resources in developing countries.

Conservative backbencher Peter Bone told the march in Birmingham that the UK 'would have been out' by now if Mr Farage was Brexit Secretary.

Such guarantees might take the form of financial security deposits, insurance or bonds.

The work undertaken by women in addition to their principal role as mothers makes it clear that their burdens and duties are in no way inferior to those of men.

Thus, it was suggested that paragraph (3) (b) should require information to be provided as to whether a secured creditor jeopardized its security by filing the claim.

(jj) Non possessory security right means a security right in (i) tangibles that are not in the actual possession of the secured creditor or another person holding the tangibles for the benefit of the secured creditor, or (ii) intangibles.

Reference was made to the current work of Unidroit on security rights in securities, to the World Bank's Principles and Guidelines for Effective Insolvency and Creditor Rights Systems to the extent they concerned secured transactions, to the Model Law on Secured Transactions and the Principles of EBRD, to the Asian Development Bank's Guide to Movables Registries and to the Inter American Model Law on Secured Transactions of 2002 prepared by the Organization of American States.

The law should specify that a security right is created by agreement between the grantor and the secured creditor which is in writing signed by the grantor in accordance with recommendation 12 that evidences the intent of the grantor to grant a security right or is accompanied by delivery of possession pursuant to the agreement and in accordance with recommendation 9.

As an English gentleman?

Sponsors?

The concern was expressed that the assignor apos s interests could be prejudiced if any person was able to register without proof of authorization.

The guarantor issuer apos s obligation to pay is triggered by the presentation of a demand for payment in the form, and with any supporting documents, as may be required by the independent guarantee or stand by letter of credit.

5. Welcomes the efforts of the Committee aimed at identifying affordable health care programmes for the diplomatic community

A certificate of sponsorship issued by the sponsoring State must be attached with this application.

For that reason guarantor issuers are given the opportunity to consent to any given transfer.

IAEA stated that it was ready to fulfil its role as depositary should that be the will of the Ad Hoc Committee.

If the secured creditor is the depositary bank, the depositary bank's security right has priority over any other security right.

Parties, security rights, secured obligations and assets covered

Independent undertakings

Security Interests

Independent undertakings

Note to the Working Group Under the definition of control in the terminology section, the secured creditor has control of an independent undertaking where (i) the issuer guarantor or nominated person paying the proceeds is the secured creditor (ii) the issuer guarantor or nominated person paying the proceeds has acknowledged the security right in the proceeds from the drawing under an independent undertaking or (iii) the secured creditor is the beneficiary.

If the value exceeds the claim, the secured creditor will not be harmed by the diminution of value until that value becomes insufficient to pay the secured claim.

(b) Security rights securing the obligation of the obligor on the negotiable instrument.

(e) Debtor means a person that owes performance of the secured obligation and includes secondary obligors, such as guarantors of a secured obligation .

(ii) Possessory security right means a security right in tangibles that are in the actual possession of the secured creditor or of another person (other than the debtor or other grantor) holding the asset for the secured creditor.