An Irrevocable Pledge Agreement is utilized when parties need to establish a secure and unchangeable interest in specific assets as collateral. Common in the United States financial sector, this document details the pledge of assets (such as securities, accounts, or other property), the obligations being secured, and the rights and responsibilities of all parties. The agreement's irrevocable nature means it cannot be unilaterally modified or terminated, providing strong protection for the pledgee. It must comply with UCC Article 9 requirements and applicable state laws for enforceability.
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1. Parties: Identification of pledgor and pledgee, including full legal names and addresses
2. Background: Context of the pledge arrangement and description of underlying obligations being secured
3. Definitions: Key terms used throughout the agreement including Pledged Assets, Secured Obligations, and Event of Default
4. Pledge and Security Interest: Core provisions establishing the pledge and grant of security interest in the pledged assets
5. Representations and Warranties: Pledgor's statements regarding ownership, authority, and status of pledged assets
6. Covenants: Ongoing obligations of the pledgor regarding maintenance and preservation of pledged assets
7. Events of Default: Circumstances constituting default under the agreement
8. Remedies: Rights and actions available to pledgee upon occurrence of an Event of Default
1. Voting Rights: Provisions governing voting rights for pledged securities or ownership interests
2. Income and Distributions: Treatment of dividends, interest, or other distributions on pledged assets
3. Insurance: Requirements for insurance coverage on physical pledged assets
1. Schedule A - Pledged Assets: Detailed description and inventory of all assets subject to the pledge
2. Schedule B - UCC Financing Statement: Form UCC-1 financing statement for perfecting security interest
3. Schedule C - Control Agreements: Account control agreements for financial accounts or securities accounts
Relevant legal definitions
Agreement
Applicable Law
Business Day
Collateral
Control
Default
Event of Default
Governmental Authority
Lien
Obligations
Permitted Liens
Person
Pledge
Pledged Assets
Pledged Securities
Pledgee
Pledgor
Proceeds
Secured Obligations
Security Interest
UCC
Voting Rights
Distribution Rights
Effective Date
Termination Date
Related Documents
Security Documents
Enforcement Event
Control Agreement
Custodian
Securities Account
Securities Intermediary
Perfection
Priority
Secured Party
Applicable Law
Business Day
Collateral
Control
Default
Event of Default
Governmental Authority
Lien
Obligations
Permitted Liens
Person
Pledge
Pledged Assets
Pledged Securities
Pledgee
Pledgor
Proceeds
Secured Obligations
Security Interest
UCC
Voting Rights
Distribution Rights
Effective Date
Termination Date
Related Documents
Security Documents
Enforcement Event
Control Agreement
Custodian
Securities Account
Securities Intermediary
Perfection
Priority
Secured Party
Clauses
Pledge and Grant of Security Interest
Delivery and Control
Representations and Warranties
Covenants
Voting Rights
Distribution Rights
Events of Default
Remedies
Power of Attorney
Perfection
Further Assurance
Indemnification
Notices
Assignment
Amendment
Governing Law
Jurisdiction
Severability
Waiver
Entire Agreement
Counterparts
No Modification
Survival
Registration Rights
Costs and Expenses
Term and Termination
Security Interest Absolute
Release of Collateral
Reinstatement
No Waiver of Rights
Delivery and Control
Representations and Warranties
Covenants
Voting Rights
Distribution Rights
Events of Default
Remedies
Power of Attorney
Perfection
Further Assurance
Indemnification
Notices
Assignment
Amendment
Governing Law
Jurisdiction
Severability
Waiver
Entire Agreement
Counterparts
No Modification
Survival
Registration Rights
Costs and Expenses
Term and Termination
Security Interest Absolute
Release of Collateral
Reinstatement
No Waiver of Rights
Relevant Industries
Relevant Teams
Relevant Roles
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