This commercial pledge equipment and machinery template has 4 pages and is a MS Word file type listed under our production & operations documents.
Sample of our commercial pledge equipment and machinery template:
COMMERCIAL PLEDGE This Commercial Pledge (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Lender"), company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Borrower"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] THE PARTIES HERETO HAVE AGREED AS FOLLOWS: 1. LOAN Subject to and in accordance with all the terms and conditions of that certain credit agreement entered into between the Lender and the Borrower bearing formal date of [DATE] as same may be amended and supplemented at any time and from time to time (the "Credit Agreement"), the Lender offered to lend to the Borrower, and the Borrower accepted to borrow from the Lender, an amount equal to the sum of [AMOUNT IN LETTERS] ($[AMOUNT]) (the "Loan"), with interest thereon at the rates stipulated therein. 2. SECURITY As security for the performance by the Borrower of all its obligations, present and future, direct and indirect, absolute and contingent, toward the Lender hereunder and under the Credit Agreement and the Security Documents (as defined in the Credit Agreement), including, without limiting the generality of the foregoing, the obligation to repay in principal, interest, fees and accessories, all moneys presently owing and due and hereafter to become owing and due to the Lender by the Borrower under the Credit Agreement, the Borrower, in accordance with the provisions of the laws of [COUNTRY], hereby charges and pledges as and by way of a commercial pledge, in favor of the Lender, the following equipment and machinery, to wit: [DESCRIBE EQUIPMENT/MACHINERY] (the "Property") 3. PROPERTY The location of the property of a fixed nature, which is pledged herein, is at the location of the Borrower situated at [FULL ADDRESS]; 4. PLEDGE LOCATION The establishment in the [State/Province] of [STATE/PROVINCE] where are controlled and recorded the movements of the assets pledged herein and which are not of a fixed nature, is located at [FULL ADDRESS]; 5. CHANGE OF LOCATION OR ESTABLISHMENT If the said location or establishment is changed, the Borrower shall immediately inform the Lender thereof in writing. If the said location or establishment is changed for another outside the registration division in which the location or establishment, as the case may be, is located, the Borrower shall immediately furnish the Lender, to its entire satisfaction, evidence of renewal of the deed registration at the office of the new registration division. 6. PROPERTY PLEDGED The Borrower hereby declares and guarantees that the property pledged has been paid in full and belongs to it in sole and absolute ownership, free and clear of all liens, privileges and charges whatsoever except for Permitted Encumbrances, as that term is defined in the Credit Agreement. 7. NO LIEN The Borrower shall maintain the property pledged in good condition and repair and free and clear of all liens, charges and privileges whatsoever, except for Permitted Encumbrances; it shall grant the Lender access at all times to the said property for the purpose of inspecting same. 8. PREMISES If any property pledged is located in leased premises or is at any time placed in leased premises, the Borrower shall immediately notify the lessor in writing of the said pledge and shall provide the Lender with proof of such notification to its entire satisfaction. 9. ADDITIONAL SECURITY
