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Receivables Pledge Agreement
"I need a Receivables Pledge Agreement under Irish law for a manufacturing company pledging its trade receivables to a syndicate of three banks, with specific provisions for automated collection mechanisms and quarterly reporting requirements."
1. Parties: Identification of the pledgor (security provider) and pledgee (security taker), including registration details
2. Background: Context of the security arrangement, reference to any underlying facility agreement or main transaction
3. Definitions and Interpretation: Definitions of key terms including Receivables, Security Period, Collection Account, and interpretation clauses
4. Creation of Security: Express creation of the security interest over the receivables, including present and future receivables
5. Perfection Requirements: Steps required to perfect the security, including registration and notification requirements
6. Representations and Warranties: Pledgor's representations regarding ownership, capacity, and quality of the receivables
7. Covenants: Ongoing obligations of the pledgor regarding the receivables, including maintenance and collection
8. Collection Rights: Provisions regarding collection of receivables, operation of collection accounts
9. Enforcement: Rights and remedies of the pledgee upon enforcement, including power of sale and collection
10. Further Assurance: Obligation to execute further documents and take additional steps if required
11. Costs and Expenses: Allocation of costs related to preparation, registration, and enforcement
12. Governing Law and Jurisdiction: Confirmation of Irish law as governing law and submission to Irish courts
1. Intercreditor Provisions: Required when multiple creditors have security over the same receivables
2. Trust Provisions: Needed when the security is held on trust for multiple beneficiaries
3. Bank Accounts: Detailed provisions for collection accounts when specific account arrangements are required
4. Power of Attorney: Optional section granting pledgee power to act on pledgor's behalf in specific circumstances
5. Data Protection: Required when receivables involve personal data of individual debtors
6. Currency Provisions: Needed when receivables are denominated in multiple currencies
7. Tax Gross-up: Required when payments under the receivables may be subject to withholding tax
1. Schedule 1 - Receivables: Detailed list or description of the pledged receivables
2. Schedule 2 - Form of Notice to Debtors: Template notice to be sent to debtors informing them of the security
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be signed by debtors
4. Schedule 4 - Collection Account Details: Details of designated collection accounts
5. Schedule 5 - Perfection Requirements: Detailed list of all required perfection steps and filings
6. Schedule 6 - Companies Registration Office Forms: Required registration forms for the Companies Registration Office
7. Appendix 1 - Existing Security: Details of any existing security over the receivables
8. Appendix 2 - Power of Attorney: Form of power of attorney if required
Authors
Banking and Financial Services
Manufacturing
Wholesale and Distribution
Technology and Software
Professional Services
Healthcare
Construction
Retail
Energy and Utilities
Telecommunications
Transportation and Logistics
Real Estate
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Commercial
Company Secretariat
Collections
Business Development
Operations
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Corporate Lawyer
Security Trustee
Relationship Manager
Risk Manager
Collections Manager
Commercial Director
Transaction Manager
Compliance Officer
Company Secretary
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