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Security Agreement Vs Assignment

(b) from the date of each repayment of the loan principal, the termination of the hedging interest covered in Section 3, point a), applies first to all common shares acquired by Pledgor during the exercise of the option before the repayment date (or other real estate received in connection with those shares), and then to the common shares subject to the option at the time of that repayment. (b) The Pledgor is the legitimate and economic beneficiary of the guarantee, free and free of any right of guarantee, interest in security, option or any other charge or any other charge, except the security interests created by this agreement. No effective funding declaration or similar document covering all or part of the collateral is included in the file, unless this may have been filed in favour of the agreement in favour of this agreement. Section 16 Persistent security interest. This agreement creates a permanent security interest for guarantees and: (a) remains fully in force and effective until the payment in accordance with the commitments and all other amounts payable under the loan documents (b) are binding on the Pledgor, its successors and the beneficiaries of the transfer and (c) benefit and are applicable to the taker and successors and are enforceable and executed by the latter. , transmits and assigns. the interests of pawn, transfer and security that they confer or are intended to be granted, or as the taker may demand. Where an assignment does not meet the above requirements, it is compliant, which means that the lender would normally have the recipient of the assignment join the future legal actions related to the contract. Sometimes a task is in any case fair, since the right is assigned. The recent case of Ardila Investments NV v. ENRC NV and another1 highlighted this. The judge agreed that the transfer clause should be used in the document “the words of a legal assignment.” He referred, however, to other clauses in the surrender document indicating that the parties intended to make them effective in justice and not in law.

One of these clauses required the assignee to “pursue his rights” in the context of the contracts surrendered, which is clearly incompatible with an absolute assignment. The proponent submitted that there was no assignment of the contract because the obligation was formulated in such a way that they would continue to benefit from it, not to the bank that benefited from it. In any event, the contractual rights were reallocated when the loan was repayed, even though there had been a legal transfer. (a) From the date of repayment of a loaned capital under the loan agreement, the security thus acquired is extinguished and all rights to the guarantee accrue to the Pledgor with respect to the number of common shares subject to the option (or acquired during the exercise of the option) corresponding to the proceeds of a) 150,000 and b) the ratio of (i) the amount of the loan that is repaid from the loan amount corresponds (ii) to 2,000,000. Lenders generally support the guarantee through “things in action” (such as debts or contract rights) through the assignment.

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