The Third Party Pledge Agreement is a crucial security document used in South African financing arrangements where security is provided by a party other than the principal debtor. This arrangement is common in group company structures, related party transactions, or where additional security is required to support financing arrangements. The document must comply with South African security and property law requirements, including the Security by Means of Movable Property Act. It typically includes detailed provisions on the pledged assets, perfection requirements, enforcement mechanisms, and the rights and obligations of all parties. The agreement is particularly important in commercial lending, corporate restructuring, and project finance contexts, where third-party security is often required to strengthen the security package.
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1. Parties: Identification of the Pledgor (third party providing security), Creditor (secured party), and Principal Debtor
2. Background: Context of the underlying debt obligation and reason for the pledge agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Secured Obligations: Clear description of the obligations being secured by the pledge
5. Creation of Pledge: Express creation of the pledge and confirmation of the pledgor's right to pledge the assets
6. Perfection Requirements: Steps required to perfect the pledge, including delivery or registration requirements
7. Rights and Obligations of the Pledgor: Pledgor's obligations regarding maintenance, insurance, and preservation of pledged assets
8. Rights and Obligations of the Creditor: Creditor's rights regarding the pledged assets and obligations for their safekeeping
9. Enforcement: Circumstances and procedures for enforcing the pledge
10. Duration and Release: Term of the pledge and conditions for its release
11. Representations and Warranties: Standard representations regarding ownership, authority, and absence of encumbrances
12. Costs and Expenses: Allocation of costs related to the pledge agreement
13. Notices: Process for giving notices under the agreement
14. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments
1. Income and Distributions: Required when pledged assets generate income or distributions (e.g., shares or investment instruments)
2. Further Security: Used when additional security might be required in specific circumstances
3. Power of Attorney: Optional clause granting creditor power to perfect or enforce the pledge in certain circumstances
4. Insurance Requirements: Detailed insurance obligations when pledged assets require specific insurance coverage
5. Tax Provisions: Required when there are specific tax implications related to the pledged assets
6. Voting Rights: Necessary when pledged assets are shares or other voting securities
7. Step-In Rights: Optional provisions allowing creditor to take control of assets in specific circumstances
1. Schedule 1 - Description of Pledged Assets: Detailed description and/or inventory of all assets subject to the pledge
2. Schedule 2 - Principal Agreement: Copy or summary of the underlying agreement creating the secured obligations
3. Schedule 3 - Perfection Requirements: Specific steps and documents required for perfecting the pledge
4. Schedule 4 - Form of Notice: Standard form notices for various communications under the agreement
5. Appendix A - Required Resolutions: Corporate or other resolutions required to authorize the pledge
6. Appendix B - Specimen Signatures: Signature specimens of authorized signatories
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Investment Holdings
Professional Services
Relevant Teams
Legal
Finance
Risk Management
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Treasury
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Relevant Roles
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