In order for a security interest to be attached to the security held by subsequent buyers, it must be perfected. If the security contract for a security purchase is of interest to consumer products, perfection is automatic. Otherwise, the lender must register either the agreement itself or a UCC-1 funding declaration in an appropriate public place (usually the Secretary of State or a public enterprise commission under that person`s control). The enhancement of interest creates constructive communication, considered legally sufficient to inform the rest of the world of the lender`s rights over guarantees. When a borrower has used the same property as the guarantees for several guarantee agreements with different lenders, the first lender to register the interest is most entitled to that property. 7.3 The borrower is entitled to obtain additional security interest on his assets, in accordance with Schedule A, in order to guarantee working capital facilities to the tune of 20.00,00,00,00,00 (Taka twenty crore) to the lenders on the basis of the passu bet. Under Dutch (Dutch) law, the Dutch civil code designates the guarantee as an agreement by which a third party undertakes a contractual creditor to comply with a debtor`s contractual obligations. Such a guarantee agreement is concluded between the surety company and the creditor. The debtor of the guaranteed commitment is not required to participate in such an agreement. It is even possible that such a guarantee agreement will be concluded without the debtor`s knowledge or agreement. Article 7:850 of the Dutch Civil Code is established: 1.
A guarantee agreement is an agreement under which one of the parties (hereafter referred to as the guarantee) has committed to the other party (the “creditor”) to fulfil an obligation that a third party (the principal debtor) has owed or returned to the creditor. 2. For the validity of a guarantee agreement, it is not necessary for the principal debtor to know the existence of the guarantee in question. 3. The legal provisions relating to joint and several bonds apply to a bonding contract, as long as the provisions of this security do not deviate from it. With regard to the nature of the commitment guaranteed by a guarantee agreement under Dutch law, Article 7:854 of the Dutch Civil Code states that if the principal debtor`s guaranteed undertaking constitutes a benefit other than the payment of a sum of money, the surety contract is considered a guarantee of the creditor`s claim on the compensation of the money which is attributable to the principal debtor if he has not fulfilled his principal debt to the creditor, unless the guarantee expressly provides.  C. As collateral for the term loan, the borrower executed the documents covered in paragraph 3 above that create security interest in certain assets of the borrower and, in accordance with the facility agreement, the lenders agreed to share the security interest on the borrower`s aforementioned assets; C. In accordance with the above, the First Syndicated Lenders have agreed to share the security shares in the borrower`s assets that have already been taxed/mortgaged to them with the Second Syndicated Lenders, on the basis of pari passu, in the manner shown here.