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Account Pledge Agreement

Account Pledge Agreement Template for South Africa

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Key Requirements PROMPT example:

Account Pledge Agreement

"I need an Account Pledge Agreement governed by South African law for a mining company pledging its operational accounts to secure a syndicated loan facility, with special provisions for foreign currency accounts and monthly reporting requirements."

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Document background
An Account Pledge Agreement is a crucial security document used in South African financing transactions where bank accounts serve as collateral. This agreement is commonly employed in project finance, corporate lending, and structured finance transactions where lenders require security over cash flows and account balances. The document details the creation of a pledge over specified bank accounts, operating mechanisms, and enforcement rights, complying with South African security laws and banking regulations. It includes essential provisions regarding account maintenance, permitted withdrawals, enforcement triggers, and the rights of various parties. The agreement is particularly important in transactions where cash management and control over account balances are critical to the security package.
Suggested Sections

1. Parties: Identification of the Pledgor (account holder) and the Pledgee (security taker), including registration numbers and addresses

2. Background: Context of the pledge agreement, reference to underlying obligations being secured

3. Definitions and Interpretation: Definitions of key terms and interpretation rules, including 'Pledged Account', 'Secured Obligations', 'Security Period'

4. Secured Obligations: Detailed description of the obligations being secured by the account pledge

5. Creation and Perfection of Pledge: Provisions establishing the pledge over the account(s) and steps for perfection

6. Pledgor's Representations and Warranties: Representations regarding account ownership, authority to pledge, and absence of other encumbrances

7. Pledgor's Obligations: Ongoing obligations regarding maintenance of the account, minimum balances, and restrictions on withdrawals

8. Rights and Obligations of the Pledgee: Powers and duties of the Pledgee regarding monitoring and control of the account

9. Enforcement: Circumstances and procedures for enforcement of the pledge, including account access and funds withdrawal

10. Duration and Release: Term of the pledge and conditions for release of the security

11. Notices: Procedures for giving notices under the agreement

12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, amendments

Optional Sections

1. Bank's Rights and Obligations: Include when the account bank is a party to the agreement or needs to acknowledge the pledge

2. Priority Arrangements: Include when there are multiple security interests or intercreditor arrangements affecting the account

3. Tax Provisions: Include when there are specific tax implications that need to be addressed

4. Currency Provisions: Include when the account is denominated in foreign currency or multiple currencies are involved

5. Power of Attorney: Include when specific powers of attorney are required for enforcement or account operation

Suggested Schedules

1. Schedule 1 - Pledged Account Details: Details of all pledged accounts including account numbers, account bank, and branch details

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

3. Schedule 3 - Form of Bank Acknowledgment: Template acknowledgment to be signed by the account bank

4. Schedule 4 - Secured Obligations: Detailed list or description of the secured obligations if too lengthy for main agreement

5. Appendix A - Required Resolutions: Forms of corporate resolutions required for the pledge

6. Appendix B - Specimen Signatures: Specimen signatures of authorized signatories for account operation

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions















































Clauses



































Relevant Industries

Banking and Finance

Financial Services

Investment Management

Corporate Lending

Asset Management

Infrastructure and Project Finance

Real Estate

Mining and Resources

Manufacturing

Retail and Consumer

Technology

Telecommunications

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Compliance

Corporate Secretariat

Banking Operations

Project Finance

Security Administration

Account Management

Transaction Management

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Treasury Manager

Credit Manager

Security Trustee

Relationship Manager

Transaction Manager

Risk Manager

Compliance Officer

Corporate Secretary

Banking Officer

Project Finance Manager

Security Agent

Account Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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