The Account Pledge Agreement is a fundamental security document used in Belgian financing transactions where a lender requires security over a borrower's bank accounts. This document is typically used alongside facility agreements, broader security packages, or as standalone security for specific obligations. The agreement must comply with the Belgian Pledge Act of 2013 and the Financial Collateral Act of 2004, which provide the legal framework for creating and enforcing security interests over financial assets. The document includes crucial details about the pledged accounts, operating mechanisms, enforcement procedures, and perfection requirements, including registration in the National Pledge Register. It's particularly important in corporate lending, project finance, and other secured financing transactions where control over cash flows is essential for the lender's security package.
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1. Parties: Identification of the Pledgor(s) and Pledgee(s), including full legal names, registration details, and addresses
2. Background: Context of the pledge agreement, reference to any underlying facility or main agreements, and purpose of the security
3. Definitions and Interpretation: Definitions of key terms used in the agreement and interpretation rules
4. Creation of Pledge: Express creation of the pledge over the account(s), including scope and extent of the security interest
5. Secured Obligations: Definition and scope of the obligations secured by the pledge
6. Perfection Requirements: Steps required to perfect the pledge, including registration requirements under Belgian law
7. Pledgor's Representations and Warranties: Standard representations regarding authority, ownership, and absence of other security interests
8. Pledgor's Undertakings: Ongoing obligations of the pledgor regarding the pledged account(s)
9. Operating Account Provisions: Rules governing operation of the account(s) during the normal course of business
10. Enforcement: Circumstances and procedures for enforcing the pledge, including specific Belgian law requirements
11. Application of Proceeds: Order of application of enforcement proceeds
12. Power of Attorney: Appointment of pledgee as attorney for perfection and enforcement purposes
13. Miscellaneous: Standard boilerplate provisions including notices, amendments, and severability
14. Governing Law and Jurisdiction: Confirmation of Belgian law as governing law and jurisdiction of Belgian courts
1. Multiple Pledgors Provisions: Required when there are multiple account holders/pledgors, addressing joint and several liability
2. Account Bank Provisions: Required when the account bank is party to the agreement, including operational arrangements
3. Currency Provisions: Required for accounts held in multiple currencies or when currency conversion may be needed
4. Regulatory Compliance: Required for regulated entities, including specific compliance requirements
5. Parallel Debt: Required in syndicated facilities where security is held by a security agent
6. Further Assurance: Optional detailed provisions regarding additional actions required for perfection or enforcement
1. Schedule 1 - Account Details: List of pledged accounts with full bank details and account numbers
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 Acknowledgment: Template acknowledgment to be signed by the account bank
4. Schedule 4 - Pledge Registration Forms: Forms required for registering the pledge in the National Pledge Register
5. Schedule 5 - Powers of Attorney: Format of any required powers of attorney for perfection or enforcement
6. Appendix 1 - Copy of Corporate Approvals: Copies of relevant corporate authorizations for the pledge
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