A Blocked Account Control Agreement is commonly used in secured financing transactions where control over cash flows is essential for security purposes. The agreement, governed by English and Welsh law, establishes the rights and obligations of all parties regarding the operation of the blocked account, including access rights, instruction procedures, and the bank's duties. This document is crucial in project finance, real estate transactions, and other scenarios where secured parties require control over cash collections or specific payment streams.
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1. Parties: Identification of Account Owner, Security Agent/Beneficiary, and Account Bank
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Account Control: Core provisions regarding control over the blocked account
5. Security Interest: Details of security interest over the account
6. Operating Procedures: Procedures for account operation and instructions
7. Bank's Rights and Obligations: Rights and duties of the Account Bank
8. Representations and Warranties: Standard representations by all parties
9. Termination: Provisions for ending the agreement
1. International Provisions: Required when parties are in different jurisdictions or for cross-border arrangements
2. Digital Banking Provisions: Electronic access and security measures for when online banking access is required
3. Multiple Account Provisions: Provisions for when agreement covers multiple blocked accounts
1. Account Details Schedule: Details of the blocked account(s)
2. Authorized Signatories: List of persons authorized to give instructions
3. Notice Forms: Standard forms for various notices under the agreement
4. Fee Schedule: Bank's fees for maintaining the blocked account
5. Operating Procedures: Detailed procedures for account operation
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