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Account Pledge Agreement
"Need an Account Pledge Agreement under Singapore law for a syndicated loan facility where multiple operating accounts at DBS Bank will be pledged as security, with the security agent acting as pledgee on behalf of a syndicate of five banks by March 2025."
1. Parties: Identification of pledgor, pledgee, and any other relevant parties
2. Background: Context of the pledge arrangement and underlying relationship
3. Definitions and Interpretation: Key terms used in the agreement including 'Pledged Account', 'Secured Obligations'
4. Creation of Pledge: Legal provisions establishing the security interest over the account
5. Perfection Requirements: Steps required to perfect the security interest
6. Representations and Warranties: Standard pledgor representations regarding authority, ownership, and no encumbrances
7. Covenants: Ongoing obligations of the pledgor regarding the account
8. Events of Default: Circumstances triggering enforcement rights
9. Enforcement: Rights and procedures for enforcing the security
1. Account Bank Provisions: Specific provisions relating to the account bank's rights and obligations when account bank is party to the agreement
2. Interest Provisions: Treatment of interest earned on the account when interest-bearing accounts are pledged
3. Currency Provisions: Handling of multiple currencies when account contains multiple currencies
1. Account Details Schedule: Details of pledged accounts including account numbers and banks
2. Form of Notice to Account Bank: Template notice to be sent to account bank regarding the pledge
3. Form of Acknowledgment: Template acknowledgment to be signed by account bank
4. Powers of Attorney: Form of power of attorney for enforcement purposes
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