The Receivables Pledge Agreement is a crucial security document in Belgian financing transactions, used when a company wishes to provide security over its receivables to secure its obligations to lenders or other creditors. This document became particularly significant following the implementation of the Belgian Pledge Act in 2018, which modernized the regime for creating security over movable assets. The agreement must be carefully structured to comply with Belgian law requirements, including registration in the National Pledge Register for third-party effectiveness. It typically forms part of a broader security package in financing transactions and includes detailed provisions on the identification and management of pledged receivables, collection rights, and enforcement mechanisms. The document is essential in various financing structures, including working capital facilities, asset-based lending, and general corporate financing where receivables form a significant part of the borrower's assets.
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1. Parties: Identification of the pledgor(s) and pledgee(s) with full legal details
2. Background: Context of the pledge agreement, including reference to any underlying facility or main agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including specific Belgian law concepts
4. Creation of Pledge: Express creation of the pledge right over the receivables, including scope and legal basis
5. Pledged Assets: Detailed description of the receivables subject to the pledge, including future receivables if applicable
6. Perfection Requirements: Requirements for registration in the National Pledge Register and other perfection steps
7. Representations and Warranties: Pledgor's representations regarding ownership, authority, and status of receivables
8. Covenants: Ongoing obligations of the pledgor regarding the pledged receivables
9. Collection Rights: Rights regarding collection of receivables before and after enforcement
10. Enforcement: Enforcement mechanisms and procedures in accordance with Belgian law
11. Release and Discharge: Conditions and process for releasing the pledge
12. Costs and Expenses: Allocation of costs, including registration fees and enforcement expenses
13. Notices: Communication requirements and contact details
14. Governing Law and Jurisdiction: Confirmation of Belgian law application and jurisdiction
1. Multiple Pledgors: Additional provisions for cases involving multiple pledgors, including joint and several liability
2. Bank Accounts: Specific provisions for pledged receivables held in bank accounts
3. Priority Arrangements: Provisions dealing with ranking and priority if multiple security interests exist
4. Power of Attorney: Specific powers granted to the pledgee for perfection or enforcement purposes
5. Data Protection: Provisions addressing GDPR requirements when personal data is involved
6. Tax Provisions: Special tax considerations and allocations if applicable
7. Currency Provisions: Provisions for dealing with receivables in multiple currencies
8. Amendment to Underlying Agreements: Restrictions on modifications to agreements generating the receivables
1. Schedule 1 - List of Receivables: Detailed list and description of all pledged receivables
2. Schedule 2 - Form of Notice to Debtors: Template notice to inform debtors of the pledged receivables
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be signed by debtors if required
4. Schedule 4 - Registration Forms: Forms required for National Pledge Register registration
5. Schedule 5 - Existing Security Interests: List of any existing security interests affecting the receivables
6. Schedule 6 - Collection Accounts: Details of bank accounts used for collection of receivables
7. Schedule 7 - Power of Attorney: Form of power of attorney if required
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