EXPORT/CURRENCY INVOICES Sample Clauses

EXPORT/CURRENCY INVOICES. 9.1 We may Approve, make Advances and pay the Nominal Amount in Euro for Export Invoices Notified to us representing up to 10% of all your Invoices outstanding from time to time. If we do this we may adjust the Service Charge to compensate for the additional work involved and a reasonable profit margin thereon. 9.2 Unless we have agreed to make Currency Facility available all Currency Invoices will be converted into Euro at the Bank’s spot rate of exchange on the day on which the Invoice is Notified to us. DEED OF PLEDGE 1. We refer to the receivables finance agreement dated on or about the date hereof (the “Agreement”) as the same may be amended, supplemented or restated from time to time, under which we have undertaken to perform certain obligations pursuant to borrowings made, which obligations shall, as a condition of the commitments being made available under the Agreement, be secured, inter alia, by means of a first priority right of pledge that shall be vested over the Invoices for your benefit. 2. Terms defined in the Agreement shall have the same meaning in this letter, unless a contrary indication appears. 3. In furtherance of our obligations as set forth above, we are providing for your benefit, a disclosed first ranking right of pledge (openbaar pandrecht eerste in rang) over the Invoices listed in Schedule I, in your favour, in the manner set forth in Article 3:236 paragraph 1 jo. Article

EXPORT/CURRENCY INVOICES. 9.1 We may Approve, make Advances and pay the Nominal Amount in Euro for Export Invoices Notified to us representing up to 10% of all your Invoices outstanding from time to time. If we do this we may adjust the Service Charge to compensate for the additional work involved and a reasonable profit margin thereon. 9.2 Unless we have agreed to make Currency Facility available all Currency Invoices will be converted into Euro at the Bank’s spot rate of exchange on the day on which the Invoice is Notified to us. To: LLOYDS TSB BANK PLC [Address Belgian branch] Dear Sirs, 1. We refer to the receivables finance agreement dated on or about the date hereof (the “Agreement”) as the same may be amended, supplemented or restated from time to time, under which we have undertaken to perform certain obligations pursuant to borrowings made, which obligations shall, as a condition of the commitments being made available under the Agreement, be secured, inter alia, by means of a first priority right of pledge that shall be vested over the Invoices for your benefit. 2. Terms defined in the Agreement shall have the same meaning in this letter, unless a contrary indication appears. 3. In furtherance of our obligations as set forth above, we are providing for your benefit, a disclosed first ranking right of pledge (openbaar pandrecht eerste in rang) over the Invoices listed in Schedule I, in your favour, in the manner set forth in the 1872 Act and, as the case may be, the Belgian Civil Code, for such period as determined in accordance with the Agreement, and as security for the full and proper fulfilment of our obligations. 4. We acknowledge and agree, that if and to the extent that the Invoices are subject to any right of pledge or other encumbrance, which take priority over this deed of pledge, this right of pledge will have been created with the highest possible priority (rangorde) available at such time of creation. 5. This letter shall form an integral and inherent part of the Agreement. 6. This letter may be signed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Delivery of an executed signature page by facsimile shall be as effective as delivery of a manually executed document. 7. This letter shall be governed by, and construed in accordance with, the law of the Belgium. The parties hereto submit to the non-exclusive jurisdiction of the courts of Belgium. The parties hereto waive any defence of inconvenient forum, w...