The Receivables Pledge Agreement is a crucial security document used in Austrian financing transactions where a lender requires security over a borrower's receivables. It is commonly used in both bilateral and syndicated lending arrangements, project financing, and general corporate financing. The agreement must comply with Austrian security and perfection requirements, including specific formalities for creating an enforceable pledge over receivables. The document typically supports a larger financing structure and includes detailed provisions on the identification of pledged receivables, notification requirements to debtors, collection mechanisms, and enforcement procedures. This type of agreement is particularly important in Austria where the creation and perfection of security interests over receivables must follow specific statutory requirements to ensure validity and enforceability.
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1. Parties: Identification of the pledgor and pledgee, including their registration details and addresses
2. Background: Context of the pledge agreement, typically referencing the underlying facility or credit agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules used throughout the agreement
4. Creation of Pledge: Core provisions establishing the pledge over the receivables
5. Scope of Security: Detailed description of the receivables being pledged and the secured obligations
6. Perfection Requirements: Steps required to perfect the pledge, including notification requirements and registration procedures
7. Representations and Warranties: Pledgor's confirmations regarding ownership, authority, and status of the receivables
8. Undertakings: Ongoing obligations of the pledgor regarding the pledged receivables
9. Enforcement: Circumstances and procedures for enforcing the pledge
10. Power of Attorney: Authorization for the pledgee to act on behalf of the pledgor in specific circumstances
11. Costs and Expenses: Allocation of costs related to the agreement and its enforcement
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Confirmation of Austrian law application and jurisdiction
1. Further Assurance: Additional actions the pledgor must take to perfect or protect the security - included when specific future actions are anticipated
2. Bank Account Provisions: Specific provisions for pledged receivables paid into bank accounts - included when account security is relevant
3. Release and Discharge: Conditions and process for releasing the pledge - included in more complex transactions
4. Assignment and Transfer: Provisions regarding the transfer of rights under the agreement - included when transferability is important
5. Parallel Debt: Creation of parallel obligations for security agent structures - included in syndicated financing
6. Data Protection: GDPR compliance provisions - included when personal data is involved
7. Currency Provisions: Provisions dealing with multiple currencies - included when receivables are in different currencies
1. Schedule 1 - Pledged Receivables: Detailed list and description of the receivables subject to the pledge
2. Schedule 2 - Form of Notice to Debtors: Template notification to inform debtors of the pledged receivables
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be signed by debtors
4. Schedule 4 - Perfection Requirements: Detailed checklist of actions required for perfection
5. Schedule 5 - Power of Attorney: Form of power of attorney if required to be executed separately
6. Appendix A - Underlying Contracts: Copies or details of contracts giving rise to the pledged receivables
7. Appendix B - Existing Notices: Copies of any pre-existing notices or arrangements affecting the receivables
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Wholesale and Distribution
Technology and Software
Construction and Real Estate
Healthcare and Pharmaceuticals
Energy and Utilities
Telecommunications
Professional Services
Retail
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Corporate Finance
Accounts Receivable
Commercial
Banking
Compliance
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
General Counsel
Credit Risk Manager
Corporate Finance Manager
Commercial Director
Accounts Receivable Manager
Transaction Manager
Security Trustee
Facility Agent
Corporate Banking Manager
Restructuring Officer
Credit Officer
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