An Account Pledge Agreement is utilized when parties wish to create security over bank accounts in England and Wales. This document is commonly employed in financing transactions where lenders require security over cash deposits or operating accounts. The agreement details the specific accounts being pledged, the scope of the security interest, operational controls, and enforcement rights. It must comply with English law requirements for financial collateral arrangements and typically includes provisions for perfection of security through notice to and acknowledgment from the account bank. The document is particularly relevant in project finance, corporate lending, and structured finance transactions.
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1. Parties: Identification of pledgor, pledgee, and any other relevant parties
2. Background: Context of the pledge arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Creation of Pledge: Terms establishing the security interest over the account
5. Perfection Requirements: Steps required to perfect the security interest
6. Representations and Warranties: Statements of fact by the pledgor regarding the account and authority
7. Covenants: Ongoing obligations of the pledgor
8. Enforcement: Rights and remedies upon default
9. Governing Law and Jurisdiction: Specification of applicable law and courts
1. Control Agreement Provisions: Required when account bank is different from pledgee - used in multiple bank involvement scenarios
2. Currency Provisions: Provisions for handling multiple currencies in pledged accounts - used when dealing with multi-currency accounts
3. Parallel Debt: Provisions creating direct security interest for security agent - used in syndicated arrangements
1. Account Details: Specific details of pledged accounts including account numbers, types, and banks
2. Form of Notice to Account Bank: Standard form for notifying bank of the creation of the pledge
3. Form of Acknowledgment: Standard form for bank's acknowledgment of the pledge notice
4. Powers of Attorney: Standard form of power of attorney for enforcement purposes
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