The Receivables Pledge Agreement is a critical financing instrument in the Indian commercial landscape, used when a company needs to leverage its accounts receivable to secure funding or other obligations. It is particularly relevant in scenarios where companies have substantial receivables portfolios and require working capital or other financing. The agreement must comply with Indian security laws, including registration requirements under the Companies Act 2013 (for corporate pledgors) and the Transfer of Property Act 1882. It typically includes detailed provisions about the pledged receivables, collection mechanisms, and enforcement procedures, making it essential for both routine financing arrangements and structured finance transactions. The document becomes especially important in sectors with significant credit sales or long payment cycles, where receivables form a substantial part of the company's assets.
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1. Parties: Identification of the Pledgor, Pledgee, and any other relevant parties
2. Background: Context of the pledge arrangement, reference to any underlying agreements, and purpose of the pledge
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Creation of Pledge: Legal provisions establishing the pledge over the receivables
5. Secured Obligations: Description of the obligations secured by the pledge
6. Representations and Warranties: Pledgor's declarations regarding ownership, authority, and status of receivables
7. Perfection Requirements: Steps required to perfect the pledge, including registration and notices
8. Rights and Obligations of the Pledgor: Ongoing obligations of the Pledgor regarding the receivables
9. Rights and Obligations of the Pledgee: Powers and duties of the Pledgee regarding the pledged receivables
10. Collections and Accounts: Provisions regarding collection of receivables and handling of proceeds
11. Events of Default: Circumstances constituting default under the agreement
12. Enforcement: Rights and procedures for enforcing the pledge upon default
13. Power of Attorney: Authorization for Pledgee to act on Pledgor's behalf in specified circumstances
14. Notices: Process and requirements for formal communications between parties
15. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction
16. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security Trustee Provisions: Required when the pledge is held by a security trustee for multiple beneficiaries
2. Currency Provisions: Needed when receivables are in multiple currencies or cross-border elements exist
3. Tax Provisions: Detailed tax provisions when significant tax implications exist for the pledge arrangement
4. Insurance: Requirements for insurance of underlying assets when relevant to the receivables
5. Further Assurance: Additional provisions for future actions to maintain or enhance the security
6. Subordination Provisions: Required when there are multiple creditors and ranking of security needs to be established
7. Release Mechanics: Detailed provisions for partial releases of pledged receivables, if permitted
1. Schedule of Receivables: Detailed list of pledged receivables including relevant details such as debtors, amounts, and due dates
2. Form of Notice to Debtors: Template notice to be sent to debtors informing them of the pledge
3. Form of Acknowledgment: Template acknowledgment to be obtained from debtors
4. Collection Account Details: Specification of accounts for collection of receivables
5. Powers of Attorney: Form of power of attorney to be executed
6. Perfection Requirements: Detailed list of filing requirements and other perfection steps
7. Form of Accession Deed: Template for adding new receivables to the pledge
8. Form of Release: Template for releasing receivables from the pledge when permitted
Relevant legal definitions
Account Bank
Applicable Law
Business Day
Collection Account
Collection Period
Debtor
Default Interest
Delegate
Disposal
Enforcement Event
Enforcement Notice
Event of Default
Finance Documents
Financial Indebtedness
Insolvency Event
Lien
Material Adverse Effect
Notice of Pledge
Obligor
Perfection Requirements
Permitted Security
Pledge
Pledge Period
Pledged Receivables
Pledgee
Pledgor
Power of Attorney
Receivables
Receivables Documents
Release Date
Secured Obligations
Secured Parties
Security
Security Period
Security Provider
Underlying Agreement
Underlying Contract
Applicable Law
Business Day
Collection Account
Collection Period
Debtor
Default Interest
Delegate
Disposal
Enforcement Event
Enforcement Notice
Event of Default
Finance Documents
Financial Indebtedness
Insolvency Event
Lien
Material Adverse Effect
Notice of Pledge
Obligor
Perfection Requirements
Permitted Security
Pledge
Pledge Period
Pledged Receivables
Pledgee
Pledgor
Power of Attorney
Receivables
Receivables Documents
Release Date
Secured Obligations
Secured Parties
Security
Security Period
Security Provider
Underlying Agreement
Underlying Contract
Clauses
Interpretation
Definitions
Security Creation
Perfection Requirements
Representations and Warranties
Covenants
Security
Assignment
Enforcement
Power of Attorney
Collection Rights
Default
Remedies
Further Assurance
Indemnification
Notices
Costs and Expenses
Amendments
Severability
Counterparts
Governing Law
Jurisdiction
Waiver
Confidentiality
Force Majeure
Termination
Release
Set-off
Subordination
Tax
Authority
Entire Agreement
Definitions
Security Creation
Perfection Requirements
Representations and Warranties
Covenants
Security
Assignment
Enforcement
Power of Attorney
Collection Rights
Default
Remedies
Further Assurance
Indemnification
Notices
Costs and Expenses
Amendments
Severability
Counterparts
Governing Law
Jurisdiction
Waiver
Confidentiality
Force Majeure
Termination
Release
Set-off
Subordination
Tax
Authority
Entire Agreement
Relevant Industries
Banking
Financial Services
Manufacturing
Trading
Technology Services
Retail
Wholesale Distribution
Construction
Infrastructure
Healthcare
Telecommunications
Export-Import
Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Control
Accounts Receivable
Risk Management
Compliance
Corporate Secretarial
Business Development
Commercial
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Accounts Receivable Manager
Legal Counsel
Corporate Lawyer
Security Trustee
Relationship Manager
Risk Manager
Commercial Director
Financial Controller
Business Development Manager
Compliance Officer
Company Secretary
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