The Bank Account Pledge Agreement is a security document commonly used in Canadian financial transactions where a bank account serves as collateral. This agreement is typically required when a borrower or guarantor needs to provide additional security for a loan, credit facility, or other financial obligations. The document establishes the pledge of rights over a bank account, including the account balance and future deposits, to secure the pledgor's obligations to the pledgee bank. The agreement must comply with Canadian federal banking laws and provincial security legislation, including the Personal Property Security Act (PPSA) in common law provinces or the Civil Code in Quebec. It contains provisions regarding account control, permitted operations, enforcement rights, and perfection requirements. The Bank Account Pledge Agreement is particularly important in structured finance transactions, project finance, and general corporate lending where cash collateral is required.
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1. Parties: Identification of the Pledgor, the Bank (Pledgee), and the Account Bank (if different from Pledgee)
2. Background: Context of the pledge agreement, including reference to any underlying credit facility or main agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Pledge and Security Interest: Creation and scope of the pledge over the bank account(s)
5. Perfection and Registration: Requirements for perfecting the security interest and maintaining registration
6. Representations and Warranties: Pledgor's declarations regarding ownership, authority, and absence of encumbrances
7. Covenants: Ongoing obligations of the Pledgor regarding the pledged account
8. Control Agreement Provisions: Provisions regarding control over the pledged account
9. Rights and Obligations of the Bank: Bank's rights and responsibilities regarding the pledged account
10. Events of Default: Circumstances constituting default under the agreement
11. Enforcement: Bank's rights and remedies upon default
12. Notices: Requirements for giving notices under the agreement
13. General Provisions: Standard provisions including governing law, amendments, and severability
14. Termination: Conditions and process for terminating the pledge agreement
1. Multiple Account Provisions: Additional provisions when multiple accounts are being pledged
2. Currency Provisions: Specific provisions for accounts held in foreign currencies
3. Third Party Rights: Provisions addressing rights of third parties where relevant
4. Interest and Costs: Specific provisions regarding interest earned and costs incurred
5. Quebec Law Provisions: Additional provisions required when the agreement is subject to Quebec civil law
6. Joint Account Provisions: Special provisions for pledged accounts held jointly by multiple account holders
7. Electronic Banking Provisions: Provisions regarding electronic access and operations of the pledged account
1. Schedule A - Pledged Account Details: Detailed information about the pledged account(s) including account numbers and branches
2. Schedule B - Permitted Operations: List of permitted operations and transactions on the pledged account
3. Schedule C - Form of Notice of Pledge: Standard form for notifying relevant parties of the pledge
4. Schedule D - Account Bank Acknowledgment: Form of acknowledgment to be signed by the account bank
5. Schedule E - Registration Details: Details of security registration under PPSA or relevant legislation
6. Appendix 1 - Operating Procedures: Detailed procedures for operating the pledged account
7. Appendix 2 - Authorized Signatories: List of persons authorized to operate the account and their signing authorities
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Lending
Corporate Finance
Investment Banking
Private Banking
Asset Management
Real Estate
Infrastructure
Manufacturing
Retail
Technology
Energy
Healthcare
Professional Services
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit
Treasury
Banking Operations
Corporate Secretariat
Account Management
Transaction Management
Security and Collateral Management
Relevant Roles
Legal Counsel
Banking Attorney
Finance Manager
Credit Manager
Risk Manager
Compliance Officer
Account Manager
Relationship Manager
Treasury Manager
Security Trustee
Corporate Secretary
Chief Financial Officer
Financial Controller
Legal Director
Banking Operations Manager
Collateral Manager
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