The Account Pledge Agreement is a fundamental security document used in Indian financing transactions where bank accounts serve as collateral. It is commonly used in project financing, corporate lending, and structured finance transactions where lenders require security over cash flows and account balances. The agreement must comply with Indian security creation and perfection requirements, including those under the SARFAESI Act, 2002, and RBI guidelines. This document is particularly important in transactions where regular cash flows are essential for debt servicing, such as project finance or working capital facilities. The agreement details the creation of the security interest, account operating conditions, rights of the parties, and enforcement mechanisms, while ensuring compliance with Indian banking regulations and security enforcement laws.
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1. Parties: Identifies the pledgor, pledgee/security agent, and any other relevant parties to the agreement
2. Background: Sets out the context of the agreement, referring to any facility agreement or other underlying obligations
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation principles
4. Creation of Pledge: Core provision establishing the pledge over the account(s) and the security interest being created
5. Secured Obligations: Defines the obligations being secured by the pledge, including principal, interest, and other amounts
6. Perfection and Further Assurances: Requirements for perfecting the security interest and obligations to execute further documents
7. Operation of Accounts: Rules governing the operation of the pledged accounts, including withdrawal rights and restrictions
8. Representations and Warranties: Standard representations regarding authority, ownership, and absence of encumbrances
9. Covenants: Ongoing obligations of the pledgor regarding the maintenance and operation of the accounts
10. Enforcement: Rights and remedies of the pledgee upon occurrence of an enforcement event
11. Power of Attorney: Appointment of the pledgee as attorney for enforcement purposes
12. Expenses and Indemnity: Provisions for costs, expenses, and indemnification
13. Notices: Communication procedures and contact details
14. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
15. Miscellaneous: Standard boilerplate provisions including amendments, waivers, and severability
1. Security Agent Provisions: Required when the security is held by a security agent on behalf of multiple lenders
2. Bank Rights and Obligations: Include when the account bank is a party to the agreement
3. Currency Provisions: Required for accounts holding multiple currencies or when currency conversion is relevant
4. Tax Gross-up: Include when tax implications need specific addressing
5. Information Rights: Additional reporting requirements beyond standard account statements
6. Priority Arrangements: Required when there are multiple security interests or intercreditor arrangements
7. Electronic Banking Provisions: Include when electronic banking access needs to be regulated
1. Account Details: List of pledged accounts with full account numbers and bank details
2. Form of Notice to Account Bank: Template notice to be sent to the account bank regarding the pledge
3. Form of Acknowledgment: Template acknowledgment to be obtained from the account bank
4. Secured Party Details: List of secured parties and their details if multiple lenders involved
5. Powers of Attorney: Specific forms of power of attorney required for enforcement
6. Conditions Precedent Documents: List of documents required to be delivered for perfection of security
7. Form of Account Statement: Template for periodic account statements if specific format required
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