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Account Pledge Agreement

Account Pledge Agreement Template for Ireland

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Key Requirements PROMPT example:

Account Pledge Agreement

"I need an Account Pledge Agreement governed by Irish law for a EUR 50 million syndicated facility closing on March 15, 2025, where multiple operating accounts at AIB Bank will be pledged, with the security agent acting for a syndicate of five banks."

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Document background
The Account Pledge Agreement is a crucial security document used in Irish financing transactions where bank accounts serve as collateral. It is commonly used in corporate lending, project finance, and structured finance transactions, providing lenders with security over cash deposits and account balances. The agreement must comply with Irish law requirements, particularly the Financial Collateral Arrangements (Ireland) Regulations 2010 and the Companies Act 2014. The document typically includes detailed provisions on account operation, enforcement rights, and notice requirements to account banks. An Account Pledge Agreement is essential when the borrower or security provider needs to grant security over its bank accounts while retaining certain operational access, subject to agreed restrictions and controls.
Suggested Sections

1. Parties: Identification of the Pledgor, Pledgee (Security Taker), and Account Bank if tri-party agreement

2. Background: Context of the security arrangement, reference to any underlying facility or primary obligations

3. Definitions and Interpretation: Key defined terms, interpretation rules, and references to relevant legislation

4. Creation of Security: Express creation of the security interest over the pledged account(s)

5. Secured Obligations: Definition and scope of the obligations secured by the account pledge

6. Perfection and Further Assurance: Requirements for perfecting the security interest and obligations to execute further documents

7. Representations and Warranties: Pledgor's representations regarding account ownership, capacity, and authority

8. Covenants: Ongoing obligations regarding the pledged account(s), including maintenance and operation

9. Enforcement: Rights and procedures for enforcing the security interest upon default

10. Power of Attorney: Appointment of the Pledgee as attorney for security-related actions

11. Payments and Application of Proceeds: Rules for applying any enforced or collected amounts

12. Notices: Communication requirements and procedures between parties

13. Assignment and Transfer: Rules regarding transfer of rights under the agreement

14. Governing Law and Jurisdiction: Irish law as governing law and jurisdiction provisions

Optional Sections

1. Account Bank Provisions: Required if Account Bank is party to agreement, including operational requirements and acknowledgments

2. Multiple Account Provisions: Required if pledge covers multiple accounts or future accounts

3. Currency Provisions: Required if accounts are in multiple currencies or currency conversion is relevant

4. Regulatory Compliance: Specific provisions required for regulated entities or specific regulatory requirements

5. Consumer Protection Provisions: Required if the Pledgor is a consumer under Irish law

6. Cross-Border Provisions: Required if agreement has international elements requiring conflict of laws provisions

7. Set-off Rights: Optional provisions regarding set-off rights between parties

8. Tax Provisions: Required if specific tax implications need to be addressed

Suggested Schedules

1. Schedule 1 - Account Details: Specific details of pledged account(s) including account numbers and account bank details

2. Schedule 2 - Form of Notice to Account Bank: Template notice to be sent to Account Bank regarding the pledge

3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be signed by Account Bank

4. Schedule 4 - Secured Obligations: Detailed description of secured obligations if complex

5. Schedule 5 - Companies Registration Office Forms: Required forms for registering the security interest

6. Schedule 6 - Operating Procedures: Detailed procedures for operation of the account(s) during the security period

7. Schedule 7 - Existing Security: Details of any existing security over the account(s)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Banking

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Finance Director

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