The Account Control Agreement Collateral is a critical security document used in German financing transactions where bank accounts serve as collateral. It is typically required in project financings, secured lending transactions, and structured financial arrangements where a lender or security holder needs to establish control over the borrower's accounts. The agreement complies with German law requirements for creating and perfecting security interests over bank accounts, incorporating specific provisions required under the German Civil Code (BGB) and Banking Act (KWG). It establishes the mechanism for controlling account operations, defines the rights and obligations of all parties, and includes provisions for enforcement in accordance with German law and EU financial collateral regulations. The document is essential for securing the position of lenders and creating effective security over German bank accounts.
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1. Parties: Identifies the three key parties: Account Holder (Kontoinhaber), Secured Party (Sicherungsnehmer), and Account Bank (Kontoführende Bank)
2. Background: Explains the underlying security arrangement and purpose of the account control agreement
3. Definitions: Defines key terms used throughout the agreement, including Account, Security Interest, Control Rights, and Notice requirements
4. Account Control Arrangements: Details the mechanism for control over the account, including operational procedures and authority levels
5. Security Interest Confirmation: Confirms the creation and perfection of the security interest under German law
6. Bank's Rights and Obligations: Specifies the account bank's duties, including following instructions and maintaining the account
7. Account Holder's Rights and Obligations: Details the account holder's permitted activities and restrictions regarding the account
8. Secured Party's Rights and Obligations: Outlines the secured party's control rights and responsibilities
9. Instructions and Notices: Procedures for giving and acting on instructions, including format requirements and timing
10. Representations and Warranties: Standard representations from all parties regarding authority, capacity, and account status
11. Events of Default: Defines triggering events that allow enforcement of control rights
12. Enforcement: Procedures for exercising control rights following an event of default
13. Fees and Expenses: Details of bank fees and allocation of costs
14. Term and Termination: Duration of the agreement and termination provisions
15. Governing Law and Jurisdiction: Confirms German law governance and jurisdiction for disputes
1. Multi-Currency Provisions: Required if the controlled account can hold multiple currencies
2. Securities Account Provisions: Required if the agreement covers securities accounts in addition to cash accounts
3. Set-off Rights: Optional provisions addressing the bank's set-off rights and their subordination
4. Electronic Banking Arrangements: Required if online banking access needs to be regulated
5. Know Your Customer Requirements: Additional provisions required for high-risk customers or specific regulatory requirements
6. Tax Provisions: Required if specific tax considerations need to be addressed
7. Data Protection: Extended provisions required if special data protection arrangements are needed beyond standard requirements
1. Notice of Exclusive Control: Form of notice to be sent by secured party to exercise exclusive control
2. Account Details: Schedule listing all accounts covered by the agreement
3. Authorized Signatories: List of persons authorized to give instructions for each party
4. Fee Schedule: Detailed breakdown of bank's fees and charges
5. Form of Instructions: Template forms for standard instructions and notices
6. Operating Procedures: Detailed procedures for day-to-day operation of the account control arrangement
7. Specimen Signatures: Specimen signatures of authorized signatories for verification purposes
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