This consent and hypothecs replacement of goods template has 5 pages and is a MS Word file type listed under our finance & accounting documents.
Sample of our consent and hypothecs replacement of goods template:
CONSENT AND HYPOTHECS This Consent and Hypothecs Agreement (the "Agreement") is effective [DATE], BETWEEN: [YOUR 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: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Lender"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS [YOUR COMPANY NAME], entered into a first Contract of Loan and Hypothecs dated as of [DATE] (the "First Hypothec") pursuant to which the Lender made a loan in favor of the Borrower in the principal amount of [AMOUNT], bearing interest at the rate of [%] per annum, for the purpose of [SPECIFY EQUIPMENT ACQUIRED WITH LOAN]. Pursuant to this the Borrower granted a movable hypothec without delivery in favor of the Lender in the [EQUIPMENT] so acquired, bearing serial numbers [NUMBERS]; WHEREAS a notice of the granting of the First Hypothec was registered at [PLACE OF REGISTRATION] at [TIME] a.m/p.m. on [DATE] under the number [NUMBER] (the "First Registration"); WHEREAS [YOUR COMPANY NAME] entered into a second Contract of Loan and Hypothecs dated as of [DATE] (the "Second Hypothec") pursuant to which the Lender made a loan in favor of the Borrower in the principal amount of [AMOUNT], bearing interest at the rate of [%] per annum, for the purpose of acquiring certain additional [EQUIPMENT] from [EQUIPMENT MANUFACTURER] and pursuant to which the Borrower granted a movable hypothec without delivery in favor of the Lender in the machines so acquired; WHEREAS notice of the granting of the Second Hypothec was registered at the Register of Personal and Movable Real Rights at HOUR a.m/p.m. on [DATE] under the number [NUMBER] (the "Second Registration"); WHEREAS the Borrower has advised the Lender in writing by letter dated [DATE] that the [EQUIPMENT] is to be exchanged for [EQUIPMENT] of equal value bearing serial numbers [NUMBERS] (the "Replacement Machines"); WHEREAS the Borrower has accordingly asked the Lender to consent to the exchange of the [EQUIPMENT] for the Replacement Machines and to release the [EQUIPMENT] from the First Hypothec, and has agreed to confirm that the First Hypothec extends to and covers the Replacement Machines and to grant a movable hypothec without delivery in favor of the Lender against the Replacement Machines; WHEREFORE THE PARTIES HAVE AGREED WITH EACH OTHER AS FOLLOWS: 1. CONSENT The Lender hereby consents to the exchange by the Borrower of the [EQUIPMENT] hypothecated in favor of the Lender under the First Hypothec, as published by the First Registration, for the Replacement Machines more particularly described below, and releases the [EQUIPMENT] from the First Hypothec. 2. CONFIRMATION OF PREVIOUS HYPOTHEC [YOUR COMPANY NAME] confirms that the Replacement Machines are subject to the movable hypothec without delivery created under the First Hypothec, as published by the First Registration, being machinery and equipment subsequently acquired or held by the Borrower in replacement or substitution for such existing machinery and equipment. 3. PRINCIPAL HYPOTHEC Notwithstanding the foregoing, as additional collateral security for the performance of its obligations, present and future, direct and indirect, absolute and contingent, towards the Lender under the terms of each of the First Hypothec and of the term note executed by the Borrower in favor of the Lender concurrently therewith in the respective principal amounts of the loans made thereunder (the "Term Note"), 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 thereunder and under the Term Note. The Borrower hereby hypothecates as and by way of a movable hypothec on specific property without delivery in favor of the Lender, from this date, for an amount of [AMOUNT] in lawful money of [COUNTRY], with interest thereon at the rate of [%] and [%] per annum, calculated monthly and not in advance. The Replacement Machines, together with all the machinery and equipment hereinafter acquired or held by the Borrower in replacement or substitution for such existing machinery and equipment (hereinafter collectively referred to as the "Equipment"), and the proceeds of all insurance policies payable to the Borrower with respect to the Equipment (hereinafter collectively referred to as the "Insurance Proceeds"); (the Insurance Proceeds and the Equipment are hereinafter collectively referred to as the "Hypothecated Property"). 4. ADDITIONAL HYPOTHEC Furthermore, as further collateral security for the payment of all amounts due or to become due to the Lender by the Borrower under the First Hypothec or under the Term Note which are not secured by the principal hypothec granted under the provisions of section 3, including without in any way limiting the generality of the foregoing, insurance premiums, interest on overdue interest, advances made by the Lender and interest thereon and all reasonable costs and expenses arising from the realization of the security created herein.
