The Pledge And Security Agreement is a crucial document in Belgian financial and commercial transactions, used when a party (Pledgor) grants security interests over specific assets to secure obligations owed to another party (Pledgee). This agreement is governed by Belgian law, particularly the Belgian Pledge Act of 2013 and related legislation, which provides a modern framework for security interests in movable assets. The document is typically used in lending transactions, corporate restructurings, or other commercial arrangements where collateral is required. It must comply with specific Belgian law requirements regarding creation, perfection, and enforcement of security interests, including registration in the National Pledge Register where applicable. The agreement details the secured assets, obligations, enforcement rights, and ongoing responsibilities of all parties involved.
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1. Parties: Identification of the Pledgor, Pledgee, and any other relevant parties
2. Background: Context of the security arrangement and reference to underlying obligations
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Grant of Security Interest: Creation and scope of the pledge and security interest
5. Secured Obligations: Description of the obligations being secured
6. Description of Collateral: Detailed description of the pledged assets
7. Perfection Requirements: Steps required to perfect the security interest, including registration requirements
8. Representations and Warranties: Pledgor's representations regarding ownership, authority, and status of collateral
9. Covenants: Ongoing obligations of the Pledgor regarding the collateral
10. Events of Default: Circumstances constituting default under the agreement
11. Enforcement Rights: Pledgee's rights and remedies upon default
12. Further Assurances: Obligations to execute additional documents or take further actions
13. Notices: Communication requirements and contact details
14. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdictional matters
1. Security Agent Provisions: Required when security is held through a security agent for multiple beneficiaries
2. Parallel Debt: Used when structuring security for syndicated facilities
3. Financial Collateral Arrangements: Required when the Belgian Financial Collateral Law applies
4. Insurance Requirements: Needed when insurance over collateral is required
5. Third Party Security Provider Provisions: Required when security is provided by a party other than the principal debtor
6. Release Provisions: Detailed release mechanisms for complex security structures
7. Currency Conversion: Required for multi-currency facilities
8. Tax Provisions: Detailed tax provisions where significant tax implications exist
1. Schedule 1 - Collateral Description: Detailed inventory or description of pledged assets
2. Schedule 2 - Secured Obligations: Detailed list of secured obligations and facilities
3. Schedule 3 - Perfection Requirements: Specific actions required for perfection in different jurisdictions or for different asset types
4. Schedule 4 - Forms of Notice: Template notices required for perfection or enforcement
5. Schedule 5 - Bank Accounts: List of pledged bank accounts and account details
6. Schedule 6 - Intellectual Property: Details of pledged IP rights if applicable
7. Appendix A - Registration Forms: Forms required for Belgian Pledge Register
8. Appendix B - Power of Attorney: Form of power of attorney for perfection and enforcement actions
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