The Deposit Pledge Agreement is a crucial security document used in Dutch financing transactions where lenders require security over cash deposits. It is commonly used in both bilateral and syndicated lending arrangements, project financings, and general corporate financing structures. The agreement creates a pledge over specified bank accounts and their balances, providing the pledgee with security over the deposited funds. The document must comply with Dutch Civil Code requirements, particularly Book 3 provisions regarding security rights and pledges. The agreement typically includes detailed provisions on account maintenance, withdrawal restrictions, and enforcement mechanisms. Key aspects include perfection requirements through notice to the account bank, representations regarding ownership of the accounts, and specific enforcement rights upon default. The Deposit Pledge Agreement often forms part of a larger security package and may need to align with other finance documents and security arrangements.
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1. Parties: Identification of the pledgor, pledgee, and potentially the account bank if party to the agreement
2. Background: Context of the pledge agreement, including reference to any underlying facility or security arrangement
3. Definitions: Definitions of key terms including 'Pledged Deposits', 'Account(s)', 'Secured Obligations'
4. Creation of Pledge: Express creation of the pledge over the deposits and confirmation of first ranking security
5. Secured Obligations: Definition and scope of the obligations secured by the pledge
6. Perfection Requirements: Requirements for creating a valid and enforceable pledge, including notice to the account bank
7. Representations and Warranties: Pledgor's declarations regarding ownership, authority, and absence of other security rights
8. Pledgor's Obligations: Ongoing obligations including maintenance of accounts and restrictions on withdrawals
9. Enforcement: Rights and methods of enforcement upon occurrence of an enforcement event
10. Power of Attorney: Irrevocable power of attorney granted to the pledgee for perfection and enforcement
11. Governing Law and Jurisdiction: Confirmation of Dutch law governance and jurisdiction of Dutch courts
1. Account Bank Acknowledgment: Section addressing the account bank's rights and obligations if the bank is party to the agreement
2. Further Assurance: Additional undertakings to execute documents or take actions to protect the pledge
3. Release and Discharge: Conditions and process for releasing the pledge upon satisfaction of secured obligations
4. Parallel Debt: Required when the pledge secures obligations owed to multiple creditors or in syndicated facilities
5. Notice and Communications: Detailed provisions on how notices should be given between parties
6. Miscellaneous: Additional standard clauses like severability, amendments, and counterparts
1. Schedule 1 - Account Details: List of pledged accounts including account numbers and account bank details
2. Schedule 2 - Form of Notice to Account Bank: Template notice to be sent to the account bank to perfect the pledge
3. Schedule 3 - Form of Account Bank Acknowledgment: Template acknowledgment to be signed by the account bank
4. Schedule 4 - Secured Obligations: Detailed description of secured obligations if complex or referring to multiple agreements
5. Schedule 5 - Powers of Attorney: Specific powers granted to the pledgee for perfection and enforcement
Relevant legal definitions
Account
Account Bank
Account Bank Notice
Account Bank Rights
Account Pledge
Additional Account
Banking Day
Default
Discharge Date
Enforcement Event
Existing Account
Finance Document
Finance Parties
Financial Collateral
Further Security
Lending Office
Notice of Pledge
Parallel Debt
Parties
Pledge
Pledged Assets
Pledged Deposits
Pledgee
Pledgor
Principal
Secured Obligations
Secured Parties
Security
Security Assets
Security Document
Security Period
Security Rights
Subsidiary
Tax
Transaction Document
Account Bank
Account Bank Notice
Account Bank Rights
Account Pledge
Additional Account
Banking Day
Default
Discharge Date
Enforcement Event
Existing Account
Finance Document
Finance Parties
Financial Collateral
Further Security
Lending Office
Notice of Pledge
Parallel Debt
Parties
Pledge
Pledged Assets
Pledged Deposits
Pledgee
Pledgor
Principal
Secured Obligations
Secured Parties
Security
Security Assets
Security Document
Security Period
Security Rights
Subsidiary
Tax
Transaction Document
Clauses
Interpretation
Creation of Security
Perfection
Representations and Warranties
Undertakings
Power of Attorney
Further Assurance
Enforcement
Application of Proceeds
Release and Discharge
Set-off
Costs and Expenses
Indemnities
Duration
Assignment and Transfer
Notices
Severability
Amendments
Counterparts
Governing Law
Jurisdiction
Service of Process
Parallel Debt
No Rescission
Waiver
Confidentiality
Creation of Security
Perfection
Representations and Warranties
Undertakings
Power of Attorney
Further Assurance
Enforcement
Application of Proceeds
Release and Discharge
Set-off
Costs and Expenses
Indemnities
Duration
Assignment and Transfer
Notices
Severability
Amendments
Counterparts
Governing Law
Jurisdiction
Service of Process
Parallel Debt
No Rescission
Waiver
Confidentiality
Relevant Industries
Banking
Financial Services
Corporate Lending
Investment Management
Private Equity
Real Estate
Infrastructure
Energy
Manufacturing
Technology
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Transaction Management
Securities Services
Operations
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Chief Financial Officer
Banking Lawyer
Security Trustee
Facility Agent
Transaction Manager
Corporate Lawyer
Finance Manager
Risk Manager
Compliance Officer
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