The Commercial Pledge Agreement is a crucial security document used in the United Arab Emirates when a party (pledgor) needs to provide security over movable assets to secure their obligations to another party (pledgee), typically in financing transactions. This agreement, governed by UAE Federal Law No. 4 of 2020 and related regulations, creates a security interest over specified movable assets such as equipment, inventory, receivables, or bank accounts. The document must comply with strict UAE law requirements regarding creation, perfection, and enforcement of security interests. It includes detailed provisions on the pledged assets, registration requirements, enforcement mechanisms, and the parties' respective rights and obligations. The Commercial Pledge Agreement is commonly used in various commercial and financial transactions, including corporate lending, trade finance, and asset-based financing, where secured creditor rights need to be established and protected under UAE law.
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Key Requirements PROMPT example:
Commercial Pledge Agreement
"I need a Commercial Pledge Agreement under UAE law for a manufacturing company pledging its machinery and equipment to secure a 5-year term loan from Emirates NBD Bank, with the pledge to be effective from March 1, 2025."
1. Parties: Identification of the Pledgor and Pledgee with full legal names and addresses
2. Background: Context of the pledge agreement, including reference to any underlying facility or commercial arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including references to UAE law concepts
4. Creation of Pledge: Express creation of the pledge and confirmation of security interest over the pledged assets
5. Secured Obligations: Clear definition of the obligations secured by the pledge
6. Pledged Assets: Detailed description of the assets subject to the pledge
7. Perfection Requirements: Steps required to perfect the pledge including registration requirements under UAE law
8. Representations and Warranties: Standard and specific representations regarding ownership, authority, and status of pledged assets
9. Covenants: Positive and negative undertakings of the Pledgor regarding the pledged assets
10. Events of Default: Circumstances constituting default under the agreement
11. Enforcement: Rights and procedures for enforcement in accordance with UAE law
12. Power of Attorney: Irrevocable power of attorney for the Pledgee to perfect and enforce the pledge
13. Notices: Process and details for serving notices between parties
14. Governing Law and Jurisdiction: Confirmation of UAE law as governing law and jurisdiction of UAE courts
1. Further Assurance: Additional obligations to execute documents and perfect the pledge, used in complex transactions
2. Currency Provisions: Required when secured obligations are in multiple currencies
3. Control Agreements: Needed when pledge involves bank accounts or investment assets
4. Insurance: Required when pledged assets need to be insured
5. Costs and Expenses: Detailed provisions on transaction costs, used in larger commercial transactions
6. Assignment and Transfer: Required when parties want to allow transfer of rights under the agreement
7. Amendments and Waivers: Detailed provisions on making changes to the agreement, used in complex transactions
1. Schedule 1 - Description of Pledged Assets: Detailed technical description and/or list of all assets subject to the pledge
2. Schedule 2 - Form of Notice of Pledge: Template notice to be sent to relevant third parties
3. Schedule 3 - Perfection Requirements: Detailed list of all registration and filing requirements
4. Schedule 4 - Form of Power of Attorney: Template power of attorney to be notarized
5. Schedule 5 - Existing Security Interests: List of any existing security interests over the pledged assets
6. Appendix A - Registration Forms: Forms required for registration with the Security Registry
7. Appendix B - Asset Valuation Report: If applicable, valuation details of pledged assets
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Trading and Distribution
Real Estate and Construction
Technology and Telecommunications
Retail
Energy and Natural Resources
Healthcare
Automotive
Industrial Equipment
Logistics and Transportation
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Operations
Commercial
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Treasury Manager
Credit Manager
Compliance Officer
Security Trustee
Relationship Manager
Transaction Manager
Corporate Banking Officer
Chief Legal Officer
Commercial Director
Financial Controller
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