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Ex. Rept. 115-7 1 (2018-09-12)

handle is hein.congrecreports/crptxaime0001 and id is 1 raw text is: AUTHENTICATED r U.S. GOVERNMENT INFORMATION 4 115TH CONGRESS SN E ExEc. REPT. 2d Session JSENATE 115-7 UNITED NATIONS CONVENTION ON THE ASSIGNMENT OF RECEIVABLES IN INTERNATIONAL TRADE, DONE AT NEW YORK ON DECEMBER 12, 2001, AND SIGNED BY THE UNITED STATES ON DECEMBER 30, 2003 SEPTEMBER 12, 2018.-Ordered to be printed Mr. CORKER, from the Committee on Foreign Relations, submitted the following REPORT [To accompany Treaty Doc. 114-7] The Committee on Foreign Relations, to which was referred the United Nations Convention on the Assignment of Receivables in International Trade, done at New York on December 12, 2001, and signed by the United States on December 30, 2003 (Treaty Doc. 114-7), having considered the same, reports favorably thereon with six declarations and five understandings, as indicated in the resolu- tion of advice and consent, and recommends that the Senate give its advice and consent to ratification thereof. CONTENTS Page I. P u rpose .......................................................................................................... 1 II. B ackground .................................................................................................... 2 III. M ajor Provisions ............................................................................................ 4 IV. Entry Into Force and Denunciation ............................................................. 6 V. Im plem enting Legislation ............................................................................. 6 VI. Com m ittee A ction ......................................................................................... . 6 VII. Committee Recommendation and Comments ............................................. 6 VIII. Text of Resolution of Advice and Consent to Ratification ............. 14 I. PURPOSE The United Nations Convention on the Assignment of Receiv- ables in International Trade (the Convention) provides uniform rules to facilitate cross-border receivables financing. Receivables fi- nancing is an important tool in helping U.S. companies secure working capital financing. Within the United States, lenders and buyers of receivables are familiar with providing financing based upon the use of receivables from debtors located within the United States as working capital collateral. Uniform Commercial Code Ar- 79-115