An Account Pledge Agreement is a crucial security document used in Indonesian financing transactions where bank accounts serve as collateral. This document is typically used in project finance, corporate lending, and structured finance transactions where lenders require security over the borrower's cash flows and bank accounts. The agreement must comply with Indonesian law requirements, particularly the Civil Code provisions on pledges and banking regulations. It details the accounts being pledged, mechanics for account operation, enforcement rights, and contains necessary provisions for creating a valid and enforceable security interest under Indonesian law. The document is particularly important in transactions where cash management and control over cash flows are essential security components.
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1. Parties: Identification of the Pledgor (account owner), the Pledgee (security taker), and the Account Bank
2. Background: Context of the pledge agreement, reference to the underlying facility agreement or main obligations being secured
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 accounts, including the perfection requirements under Indonesian law
5. Secured Obligations: Definition and scope of the obligations secured by the account pledge
6. Representations and Warranties: Pledgor's representations regarding ownership, authority, and status of the pledged accounts
7. Covenants: Pledgor's ongoing obligations regarding the maintenance and operation of the pledged accounts
8. Operation of Accounts: Rules for operating the pledged accounts, including withdrawal rights and restrictions
9. Rights and Obligations of the Account Bank: Specific provisions regarding the role and responsibilities of the account bank
10. Enforcement: Enforcement mechanisms and procedures in case of default
11. Power of Attorney: Irrevocable power of attorney for the Pledgee to perfect and enforce the pledge
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, and jurisdiction
1. Further Assurance: Additional provisions requiring the Pledgor to execute further documents or take additional actions - include when dealing with complex account structures or cross-border elements
2. Tax Provisions: Specific provisions dealing with tax implications of the pledge - include when tax considerations are material
3. Account Bank's Rights of Set-off: Provisions regarding the Account Bank's rights to set off - include when the Account Bank requires specific set-off rights
4. Regulatory Compliance: Additional provisions regarding compliance with specific banking or financial regulations - include when dealing with regulated entities
5. Currency Provisions: Provisions dealing with multiple currencies - include when the pledged accounts contain multiple currencies
1. Schedule 1 - Account Details: List and details of all pledged accounts including account numbers and branches
2. Schedule 2 - Form of Notice to Account Bank: Template notice to be sent to the Account Bank regarding the creation of the pledge
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be signed by the Account Bank
4. Schedule 4 - Registration Forms: Forms required for registration of the pledge under Indonesian law
5. Schedule 5 - Signing Authority: Details of authorized signatories and signing requirements for the pledged accounts
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