Luxembourg law pledge: Difference between revisions

Luxembourg law pledge (view source)

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 :'''The 2001 Law''', being the law dated 1 August 2001 regarding the transfer of securities and other fungible instruments, [[As amended from time to time|as amended]].
 :''' The Financial Collateral Law''', being the Luxembourg law of 5 August 2005 on financial collateral arrangements, [[As amended from time to time|as amended]].
-:'''Financial Instruments''', being  financial instruments (''instruments financiers<ref>It is a common feature of foreign law pledges to sprinkle elaborate foreign lingo around the document in italics as if they are some kinds of {{t|magic words}}.</ref>'') in the widest sense of the word admitted under Luxembourg law, though you can expect the defintion to rabbit on a bit: you know, [[whether or not]] in dematerialised form, printed on urine-soaked vellum, gossamer, kleenex etc.
+:'''The Pledged Assets''': What are you actually granting security over? This is the stuff in an account in Luxembourg. Expect it to include:
+**'''Financial Instruments''' being  financial instruments (“''instruments financiers''”<ref>It is a common feature of foreign law pledges to sprinkle elaborate foreign lingo around the document in italics as if they are some kinds of {{t|magic words}}.</ref>) in the widest sense of the word admitted under Luxembourg law, though you can expect the defintion to rabbit on a bit: you know, [[whether or not]] in dematerialised form, printed on urine-soaked vellum, gossamer, kleenex etc.
+**'''Related Assets''', meaning dividends, interest, proceeds — again, expect your counsel to go to town here.
+:'''Secured Obligations''': What does the pledge actually secure?
+====The Pledge===
+A fairly simple statement, admittedly studded with a little bit of ''Français'', about what's going on:
+:''The [[Pledgor]] pledges the Pledged Assets in favour of the [[Pledgee]], who accepts, as first-priority pledge (''gage de premier rang'') for the due and punctual discharge in full of all of the Secured Obligations.
+====The Acknowledgement====
+The Custodian will need to acknowledge that it has notice of the [[pledge]]. This will [[perfect]] the [[security]], and is a key part of the deep magic of security interests. A similar requirement exists in most jurisdictions.
+And that's it: rather like going to a christening. the main event is now over, and you now have to sit in the church for three quarters of an hour croaking hymns, listening to the choir warble through some psalms, the vicar grumble through the same tedious sermon he’s been doling out for thirty years etc. So strap yourselves in.
 {{seealso}}