Pledge Over Receivables Agreement

The guarantee on the above asset classes is as follows. Although the possibility of providing for an extrajudicial enforcement method is much simpler than law enforcement, the implementation of the Safeguards Act cannot occur as quickly as hoped. For different types of financing transactions, one of the borrower`s main assets is a debt portfolio, for example. B under leases (for the financing of commercial real estate) or in the context of loans (when the borrower is active with the granting of loans). In such cases, the lender seeking effective security often needs such a portfolio to serve as collateral. Commitments relating to nominal shares in a Dutch company are applied in the context of the way in which there were pledges in the warehouse. However, any restriction of transmission in the statutes of the company concerned must be respected, provided that the hired partner is able, for private limited liability companies, to exercise all the rights conferred on the shareholder with respect to the transfer and to fulfil its obligations. However, a significant difference may appear in the analysis of the rules relating to the inefficiency of transactions concluded prior to the declaration of bankruptcy (i.e. during the “recovery period”). Determining when the time of inefficiency begins can then prove decisive. In the event of collateral or disposal of receivables, particularly in the context of future debts, the date on which the transaction may be considered null and void under the Bankruptcy Act or the Restructuring Act may be different. The assignment of receivables as a contractual guarantee is characterized by greater flexibility than a registered deposit. This is particularly revealing in the mechanics of the operation of this instrument.

No registration involves a considerable delay or cost. The cost of notarized work related to mortgages on Dutch real estate and guarantees on shares is generally calculated as part of legal fees. They do not depend on the value of the underlying assets. The registration of mortgages with the corresponding public registers and commitments made to the Dutch tax authorities requires the payment of nominal registration fees. For the purpose of registering (if any) ip rights seizures, it will often be necessary to include a registrar that collects limited fees. In addition, the nominal registration fee must be paid. A deviation from the subordination described above is a kind of subordination (non-real) to which a debtor is not affiliated. It may be agreed, for example, not to enforce certain rights or to agree on a stunt. Such an agreement cannot be invoked against the debtor and concerns only the creditors, the contracting parties.

A pledge of intellectual property rights is in principle imposed by the sale of rights in the same way as described above for inventory (and receivables). However, some intellectual property rights are governed by specific rules that require, for example, the inclusion of a notary in civil law and the imposition of specific procedural rules. Another requirement of the undertaking in this regard may be to require the lender to establish a list of receivables and to regularly update them in accordance with the rules set out in the consignment agreement. Establishing a list of elements applying collateral requires an adequate description of the legal relationships in which claims are created, in order to identify them.