Financial Collateral Law definition
Examples of Financial Collateral Law in a sentence
Name: Title: Manager Pledgee Name: Title: By signing hereunder for acceptance, the Company (i) acknowledges and accepts the terms of this Agreement and the Pledge for the purposes of Article 5 of the Financial Collateral Law and (ii) undertakes to duly register or respectively grants sufficient power to, the person(s) designated pursuant to Clause 3 (Perfection of the Pledge) to register promptly this Pledge in its Shareholders' Register using the registration wording as set forth in this Agreement.
The Parties shall treat the Pledged Securities Accounts as special accounts specifically opened for the purpose of holding Relevant Pledged Assets in accordance with Article 4, §1 of the Financial Collateral Law and Article 7 of Royal Decree No 62.
In order to secure payment of the Secured Claim, the Pledgor hereby establishes in favour of the Pledgee the financial pledge over the Shares up to the maximum secured amount of 455,000,000 EUR in accordance with the relevant provisions of the Specific Financial Collateral Law (“Financial Pledge”).
The Parties agree and acknowledge that the new IM-Collateral transferred into the IM-Accounts after a Substitution is equivalent to the IM-Collateral which is replaced, for purposes of the Financial Collateral Law.
In particular, but without limitation, the Collateral Agent shall be entitled to request direct payment of the Pledged Accounts Claims from the Account Bank and the Collateral Agent may proceed to a set-off between the Pledged Accounts Claims and the Secured Obligations in accordance with the terms of Article 11(3) and 11(1) (d) of the Financial Collateral Law.
Upon the occurrence of an Event of Default and provided that such Event of Default is continuing, the Collateral Agent shall be entitled to realise the Pledged Accounts Claims in the most favourable manner provided for by Luxembourg law and in particular the Financial Collateral Law.
For the avoidance of doubt, this Clause 3(1)(b) shall be construed as creating, in respect of the Cash, a security interest for the benefit of the IM-Security Receiver under the Financial Collateral Law.
As continuing security for the full discharge and payment of the Secured Liabilities, the IM-Security Provider hereby grants to the IM-Security Receiver a first ranking pledge (gage de premier rang) over the Charged Assets, in accordance with the Financial Collateral Law.
The Financial Collateral Law contains no provision on the type of consideration which should be obtained for the pledged assets nor on the moment of payment.
The Parties shall treat the IM-Accounts for all purposes as special segregated accounts specifically opened for the purpose of holding IM-Collateral in accordance with the Financial Collateral Law and each Party undertakes that it will not use the IM-Accounts for any other purpose.