An Account Pledge Agreement is a crucial security document in Canadian financing transactions, used when a lender or security holder requires security over deposit accounts. This agreement is commonly used in both corporate lending and project finance transactions, where control over cash flows is essential for the security package. The document must comply with federal banking regulations and provincial security laws, including the Personal Property Security Act (PPSA) in common law provinces or the Civil Code in Quebec. It typically contains detailed provisions regarding account control mechanisms, permitted operations, and enforcement rights. The agreement is particularly important in structured finance transactions and can be used either as a standalone security document or as part of a broader security package. The document needs to address both the creation and perfection of the security interest, including through control arrangements with any relevant account bank.
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1. Parties: Identification of the Pledgor (account owner) and the Secured Party (beneficiary of the pledge)
2. Background: Context of the pledge agreement, reference to underlying obligations being secured
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and references to applicable laws
4. Grant of Security Interest: Core provision creating the pledge and security interest over the accounts
5. Secured Obligations: Definition and scope of the obligations being secured by the account pledge
6. Representations and Warranties: Pledgor's confirmations regarding ownership, authority, and status of the accounts
7. Covenants: Pledgor's ongoing obligations regarding maintenance and operation of the accounts
8. Control Arrangements: Provisions regarding control of the accounts and operational requirements
9. Rights and Remedies: Secured Party's rights upon default, including enforcement mechanisms
10. Further Assurances: Obligations to execute additional documents and take further actions if needed
11. Notices: Communication requirements and contact details
12. General Provisions: Standard boilerplate including governing law, amendments, and severability
1. Account Bank Provisions: Required when the accounts are held with a third-party bank, including the bank's rights and obligations
2. Multiple Pledgors: Required when multiple entities are granting security over their accounts
3. Currency Provisions: Required when accounts are maintained in multiple currencies
4. Set-off Rights: Optional provisions regarding rights of set-off among various accounts
5. Waterfall Provisions: Required when specifying priority of payments from the accounts
6. Investment Provisions: Required when permitted investments of account balances are contemplated
7. Digital Access Provisions: Required when online banking or digital access controls are relevant
1. Schedule of Accounts: List of all pledged accounts with account numbers and maintaining branches
2. Form of Notice to Account Bank: Template notice to be sent to the account bank regarding the pledge
3. Form of Account Bank Acknowledgment: Template acknowledgment to be signed by the account bank
4. Permitted Investments: If applicable, list of permitted investments for account balances
5. Form of Control Agreement: If applicable, template agreement establishing control arrangements
6. Existing Encumbrances: If applicable, list of permitted existing security interests affecting the accounts
7. Authorized Signatories: List of persons authorized to operate the accounts and their signing authorities
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Relevant Industries
Banking
Financial Services
Insurance
Investment Management
Private Equity
Real Estate
Infrastructure
Manufacturing
Retail
Technology
Healthcare
Energy
Mining
Transportation
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Secretariat
Banking Operations
Security Administration
Transaction Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Corporate Lawyer
Banking Lawyer
Security Trustee
Relationship Manager
Credit Manager
Risk Manager
Compliance Officer
Account Manager
Transaction Manager
Security Agent
Corporate Secretary
Finance Manager
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