A Deposit Account Control Agreement is essential in secured lending transactions where deposit accounts serve as collateral. It provides the legal framework for perfecting security interests in deposit accounts under English and Welsh law, establishing the rights and obligations of the depositary bank, account holder, and secured party. The agreement typically includes provisions for account operation, control mechanisms, notice requirements, and enforcement rights. DACAs are particularly important in corporate lending, structured finance, and other transactions requiring robust security arrangements over deposit accounts.
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1. Parties: Identifies the account holder, secured party, and depositary 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 deposit account
5. Security Interest: Provisions regarding the security interest in the account
6. Rights and Obligations: Duties and responsibilities of each party
7. Account Operation: Procedures for operating the controlled account
8. Termination: Conditions and process for terminating the agreement
1. Foreign Currency Accounts: Additional provisions for accounts held in foreign currencies
2. Multiple Accounts: Provisions for controlling multiple accounts
3. Electronic Communications: Provisions for electronic notices and instructions
1. Account Details Schedule: Lists all controlled accounts and their details
2. Notice Forms: Template forms for various notices under the agreement
3. Operating Procedures: Detailed procedures for account operation and control
4. Fee Schedule: Details of any fees payable to the depositary bank
5. Authorized Persons: List of persons authorized to give instructions
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