A Bank Account Pledge Agreement is commonly used in financing transactions where a lender requires security over a borrower's bank account. This document is essential in the United States where the creation and perfection of security interests in deposit accounts is governed by UCC Article 9. The agreement typically includes detailed provisions about account control, operating procedures, and enforcement rights. It's particularly important in project finance, corporate lending, and structured finance transactions where cash collateral forms a key part of the security package. The agreement must comply with both federal banking regulations and state-specific requirements.
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1. Parties: Identification of pledgor, pledgee (usually bank), and account bank (if different from pledgee)
2. Background: Context of the pledge agreement and reference to underlying obligations
3. Definitions: Key terms including Pledged Account, Security Interest, Secured Obligations
4. Pledge and Security Interest: Creation and grant of security interest in the account
5. Perfection and Control: Provisions ensuring enforceability of security interest
6. Representations and Warranties: Pledgor's confirmations regarding authority and account ownership
7. Covenants: Ongoing obligations regarding the pledged account
8. Events of Default: Circumstances triggering enforcement rights
9. Enforcement Rights: Pledgee's rights upon default
1. Account Operations: Operational procedures for account management when day-to-day operation of account needs specification
2. Notices: Communication requirements between parties when multiple parties are involved or specific notification procedures are needed
3. Foreign Currency Provisions: Handling of foreign currency in account when account contains non-USD currencies
1. Account Details Schedule: Specific information about pledged account(s)
2. Notice of Pledge: Form of notice to be sent to account bank
3. Account Bank Acknowledgment: Form of acknowledgment from account bank
4. Authorized Signatories: List of persons authorized to operate the account
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