PRESERVATION OF SECURITY IN THE EVENT OF NOVATION. In accordance with article 1278 of the Belgian Civil Code and without prejudice to the scope of the Secured Obligations, the Pledgor and the Pledgee agree that in the event of novation of all or any part of the Secured Obligations or the change or replacement of the Pledgee or the Pledgor, this Pledge will be maintained, automatically and without any further formality or consent, to secure the Secured Obligations as novated and in favour of the Pledgee or a new pledgee.
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Samples: Commercial Receivables Pledge Agreement (Solutia Inc), Share Pledge Agreement (Solutia Inc), Receivables Pledge Agreement (Solutia Inc)
PRESERVATION OF SECURITY IN THE EVENT OF NOVATION. In accordance with article 1278 of the Belgian Civil Code and without prejudice to the scope of the Secured Obligations, the Pledgor and the Pledgee agree that in the event of novation of all or any part of the Secured Obligations or the change or replacement of the Pledgee or the Pledgor, this Pledge will be maintained, automatically and without any further formality or consent, to secure the Secured Obligations as novated and in favour of the Pledgee or a the new pledgeepledgees.
Appears in 1 contract
Samples: Charge Agreement (Solutia Inc)