This deed of pledge universality of movable property template has 5 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our deed of pledge universality of movable property template:
DEED OF PLEDGE ON A UNIVERSALITY OF MOVABLE PROPERTY This Deed of Pledge on a Universality of Movable Property (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Supplier"), 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 "Purchaser"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHEREAS Purchaser has requested that [YOUR COMPANY NAME] supply or continue to supply to Purchaser, on credit, certain products and [YOUR COMPANY NAME] has agreed to do so provided Purchaser executes and delivers this Agreement; NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each of the parties hereto, Purchaser hereby covenants and agrees with [YOUR COMPANY NAME] as follows: DEFINITIONS For the purposes of this Agreement, the following term shall have the following meaning: (a) "Products" means the movable property, present and future, forming part of the universality comprising all products purchased from [YOUR COMPANY NAME] and owned by the Purchaser and includes [DESCRIBE PRODUCTS] and which bear the trademark "[YOUR COMPANY NAME]" and other trademarks or trade names used by [YOUR COMPANY NAME] and includes all attachments, replacements, substitutions, supplies, accessories, accessions and additions thereto or therefore. 2. PRINCIPAL PLEDGE As general and continuing security for payment of all monies owing or to be owing by Purchaser to [YOUR COMPANY NAME] and performance of all obligations of Purchaser to [YOUR COMPANY NAME], whether under this Agreement or any other agreement between the Parties, Purchaser hereby grants to and in favor of [YOUR COMPANY NAME] a pledge on the Products up to a capital amount of [AMOUNT] with interest at the rate of [%] per annum. 3. PAYMENT Purchaser covenants to pay [YOUR COMPANY NAME] for the Products in accordance with the terms in effect between them, as established from time to time. Notwithstanding, upon default under the terms of this Agreement, [YOUR COMPANY NAME] may declare all or any part of the monies owing to it to be immediately due and payable. All monies due shall bear interest at the rate of [%] per annum until payment has been made in full both before and after judgment rendered thereon. PURCHASER'S COVENANTS Purchaser covenants that the Products are being purchased as inventory for sale, lease or rent and are and shall be kept free and clear of all taxes, prior claims, pledges and charges, save for the pledge created herein, at Purchaser's authorized premises. Purchaser further covenants to pay or cause to be paid all rents due on the premises wherein the Products are located and all assessments, taxes or rates which could result in the creation of a prior claim or legal pledge. [YOUR COMPANY NAME] and its representatives shall have reasonable access to the Products and any and all records, documents, papers, discs or programs relating to or being records of the Products and their proceeds, to inspect them, at any reasonable time. Purchaser also agrees to furnish to [YOUR COMPANY NAME] such financial and operating information and statements as [YOUR COMPANY NAME] may request. INSURANCE Purchaser, at his expense, shall keep the Products insured against loss or damage for their full replacement value with loss payable to Purchaser, [YOUR COMPANY NAME] and other interested Parties, as their respective interests may appear. Upon request, Purchaser shall provide [YOUR COMPANY NAME] with a certified copy of Purchaser's insurance policy and any renewal thereof. Products, from date of shipment, shall be at Purchaser's risk and no loss, damage, destruction or confiscation of Products shall relieve, reduce or affect liability of Purchaser hereunder. Purchaser shall immediately give written notice to [YOUR COMPANY NAME] of any loss or damage to the Products or any part thereof. ADDITIONAL PLEDGE To ensure payment of any sum of money that is not secured by the principal pledge created hereinabove, in particular, the interest due beyond the current year and the [NUMBER] preceding years, interest on the interest, as well as all other expenses incurred by [YOUR COMPANY NAME] for the protection and enforcement of its pledgeary claim, including, without limitation, insurance premiums, taxes, legal and accounting expenses and other accessories, an additional pledge equivalent to [%] of the capital amount secured hereunder is granted by the Purchaser to and in favor of [YOUR COMPANY NAME] on the same Products. LAPSE OF TIME AND DEFAULT Purchaser will be put into default merely by the lapse of time for fulfilling any of the obligations set out herein, without necessity for any notice or formal putting into default. PLEDGES OR PRIOR CHARGES Purchaser undertakes that the Products will at all times remain free of any prior claim, pledge or charge whatsoever which may take precedence over [YOUR COMPANY NAME]'s rights. Purchaser covenants, upon request and at its expense, to deliver to [YOUR COMPANY NAME] any waiver, assignment or cession of rank, acquittance or release which [YOUR COMPANY NAME] may deem necessary to preserve the priority of its rights in the Products pledgeated hereby. DEALING WITH PRODUCTS For as long as it is not in default, the Purchaser may lease, sell or otherwise dispose of the Products destined for lease or sale, and retain the proceeds thereof, provided that same be in the ordinary course of business of the Enterprise and in order to ensure the continuation thereof
