What is a property complex?
A property complex includes:
All present and future rights of claim belonging to the Borrower, irrespective of the basis, nature, maturity or other characteristics of the claim.
all present and future monies belonging to the Borrower in any bank or financial institution accounts.
all existing and future stocks of goods stored at any place in the Republic of Lithuania.
Can the collateral be exchanged or transferred?
No, unless otherwise specified in the Loan Agreement, the Collateral may not be encumbered by additional pledges or mortgages, transferred to third parties or restricted in any other way without the written consent of the Operator. This includes the transfer of ownership or possession by way of gift, sale and purchase, lease, hire or other similar agreements.
What if the Agreement is breached?
If the Borrower fails to comply with the terms of the Secured Obligation Agreement, e.g. by failing to repay part of the debt or to make interest and other payments, the Operator shall be entitled to enforce its claims and those of the Investors against the value of the Pledged Item, even if the due date as specified in the Agreement has not yet passed. In the event of a breach, the Debtor shall indemnify the Operator and the Investors against all losses incurred by the Operator and the Investors in connection with the inability to satisfy the claims.