A Bank Account Control Agreement is essential in secured financing transactions under English and Welsh law where control over cash flows is required as security. The agreement is typically used in project finance, acquisition finance, and general corporate lending scenarios where lenders require certainty over cash control. It establishes the mechanism by which the security agent can implement control over the account, defines the bank's obligations to comply with instructions, and sets out the account holder's permitted access to funds. The agreement is a crucial component of the security package in English law financings, particularly where cash is a key asset.
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1. Parties: Identifies the Account Bank, Security Agent/Secured Party, and Account Holder
2. Background: Sets out the context of the agreement and relationship between parties
3. Definitions and Interpretation: Defines key terms and interpretation rules
4. Account Control: Core provisions regarding control over the account
5. Security Interest: Provisions regarding the security interest over the account
6. Instructions and Notice Requirements: Process for giving instructions regarding the account
7. Bank's Rights and Obligations: Specific rights and obligations of the Account Bank
8. Termination: Provisions for terminating the agreement
1. Permitted Investments: Used when account funds can be invested in specified instruments
2. Foreign Currency Provisions: Provisions dealing with multiple currencies
3. Additional Account Provisions: Provisions for additional accounts added later
1. Form of Notice: Standard form for notices under the agreement
2. Account Details: Details of controlled accounts
3. Authorized Signatories: List of persons authorized to give instructions
4. Fee Schedule: Schedule of bank's fees and charges
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