This moveable hypothec agreement template has 9 pages and is a MS Word file type listed under our legal agreements documents.
Sample of our moveable hypothec agreement template:
MOVEABLE HYPOTHEC AGREEMENT This Moveable Hypothec Agreement (the "Agreement") is effective [DATE], BETWEEN: [YOUR COMPANY NAME] (the "Grantor"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [COMPANY NAME] (the "Creditor"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] WHICH PARTIES HAVE AGREED AND DECLARED AS FOLLOWS: INTERPRETATION Definitions The following words and expressions, whenever used in this Deed or in any deed, document or agreement supplemental or ancillary hereto, unless there be something in the subject or the context inconsistent therewith, shall have the following meanings: "Creditor" means [COMPANY NAME] and includes any successor thereto; "Deed of Hypothec", "this Deed", "this Deed of Hypothec", "these presents", "herein", "hereby", "hereunder" and other similar expressions refer collectively to this Deed of Hypothec, its accompanying schedules as well as any and every deed or other instrument which is supplementary or ancillary hereto or in implementation hereof, the whole as same may be amended, supplemented or restated at any time and from time to time; "Default" means any one of the events specified in Section 5.1, the occurrence or failure to occur of which constitutes, or with the passage of time or the giving of notice or both, would constitute an Event of Default; "Event of Default" shall have the meaning ascribed to it in Section 5.1; "Grantor" means [COMPANY NAME] / [COMPANY NAME] and includes any successor thereto; "Hypothecated Property" shall have the meaning ascribed to it in Section 2.1; "Leases" shall have the meaning ascribed to it in Section 2.1.1; "Lien" means any interest in property or the income or profits therefrom securing an obligation owed to, or a claim by, a person other than the owner of such property, whether such interest is based on common [YOUR COUNTRY LAW], civil [YOUR COUNTRY LAW], statute or contract, and including but not limited to any security interest, hypothec, mortgage, pledge, lien, claim, charge, cession, transfer, assignment, encumbrance, title retention agreement, lessor's interest under a lease which would be capitalized on a balance sheet of the owner of such property or analogous interest in, of or on any property or the income or profits therefrom of a person other than liens incurred in the ordinary course of business and for the purposes thereof, but not in respect of the borrowing of money or the obtaining of credit, and which in the aggregate do not affect in a material manner the use of or the income or profits derived from the property encumbered thereby in the course of the business of the person. "Obligations" is the collective reference to all the obligations, present and future, direct and indirect, absolute and contingent, presently owing and due or hereafter to become owing and due to the Creditor whether such obligations result or not from agreements or arrangements between the Grantor and the Creditor or from agreements or arrangements with third parties, pursuant to which the Creditor may in any manner whatsoever become a creditor of the Grantor, or in any other manner whether the Grantor is bound alone or with others as principal or guarantor, including, without limiting the generality of the foregoing, the Leases; "Permitted Encumbrances" means, as at any time, any one or more of the following: The Liens resulting from this Deed or which are specifically authorized by this Deed; any other Lien created or permitted with the written consent of the Creditor; Plural and Masculine Unless there be something in the subject or the context inconsistent therewith, words importing the singular only shall include the plural and vice versa and words importing the masculine gender shall include the feminine gender and vice versa, and any reference to currency shall mean [COUNTRY] currency. Division in Articles The division of this Deed into Articles, Sections, subsections and paragraphs and the insertion of titles are for convenience of reference only and do not affect the meaning or the interpretation of the present Deed. HYPOTHECS Principal Hypothec As a general and continuing collateral security for the performance by the Grantor of the Obligations, the Grantor hereby hypothecates to and in favor of the Creditor the following property (collectively referred to herein as the "Hypothecated Property") to the extent of the sum of [AMOUNT], with interest thereon at the rate of [PERCENTAGE %]) per annum: all of the rights, titles and interests of the Grantor in, to and under (i) that certain lease agreement dated [DATE] between the Grantor and the Creditor in respect of the lease by the Grantor from the Creditor of the equipment referred to in Section 2.1.2(a), (ii) that certain lease agreement dated [DATE] between the Grantor and the Creditor in respect of the lease by the Grantor from the Creditor of the equipment referred to in Section 2.1.2(b), and (iii) that certain Lease Agreement dated [DATE] between the Grantor and the Creditor in respect of the lease by the Grantor from the Creditor of the equipment referred to in Section 2.1.2(c) (collectively the "Leases") together with all renewals thereof; all of the rights, titles and interests of the Grantor in and to the following equipment (the "Equipment") under the Leases: ([NUMBER]) [DESCRIBE EQUIPMENT] [SERIAL NUMBERS] ([NUMBER]) [DESCRIBE EQUIPMENT] [SERIAL NUMBERS]; and [NUMBER] [DESCRIBE EQUIPMENT] [SERIAL NUMBERS]; the universality of all proceeds of all insurance policies taken out by the Grantor or on its behalf, at any time and from time to time, in respect of the Hypothecated Property; Additional Hypothec As general and continuing collateral security for the performance by the Grantor of the Obligations not otherwise secured by the hypothecs created under the terms of Section 2.1, including, without limiting the generality of the foregoing, interest on all overdue interest, as well as the costs and expenses incurred by the Creditor in order to preserve or realize upon the Liens created under the terms hereof and all other costs and expenses related to the Obligations, the Grantor hereby hypothecates the Hypothecated Property in favor of the Creditor, to the extent of an additional sum of [AMOUNT] with interest thereon at the rate of [PERCENTAGE %] percent per annum. REPRESENTATIONS AND COVENANTS OF THE GRANTOR So long as any amount payable hereunder or any Obligation is outstanding and unpaid, the Grantor makes the following representations, provides the following warranties and covenants and agrees as follows: Authority to Hypothecate That it has full, good and lawful authority to hypothecate the Hypothecated Property as provided in this Deed. The Hypothecated Property is free and clear of all Liens, except Permitted Encumbrances, and the Grantor will maintain the Hypothecated Property free and clear of all Liens, except Permitted Encumbrances. Payment of Taxes That all federal, provincial and other tax returns of the Grantor which are required to be filed have been duly prepared and timely filed and all taxes, assessments and other governmental levies or charges of any nature or kind whatsoever payable by the Grantor in respect of its property, income. Profits and assets or otherwise have been paid
