The Bank Account Control Agreement is essential in secured financing transactions where bank accounts serve as collateral. This document, governed by Singapore law, establishes the rights and obligations of the account bank, secured party, and account holder. It typically arises in project finance, corporate lending, and structured finance transactions where lenders require control over cash flows. The agreement details operational procedures, control mechanisms, and compliance requirements under Singapore's regulatory framework, including MAS guidelines and the Banking Act.
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1. Parties: Identifies the account bank, secured party/lender, and account holder/borrower
2. Background: Sets out the context of the underlying credit facility and purpose of the control agreement
3. Definitions: Defines key terms used throughout the agreement, including Account, Control Event, Instructions, etc.
4. Account Control: Core provisions regarding control over the account and operating procedures
5. Rights and Obligations of the Bank: Details the bank's responsibilities, limitations, and protections
6. Security Interest: Provisions regarding the secured party's security interest in the account
7. Instructions and Notices: Procedures for giving instructions and notices regarding the account
1. Electronic Banking: Provisions for electronic access and operations when electronic banking services are part of the arrangement
2. Foreign Currency Accounts: Specific provisions for non-SGD accounts when the controlled account includes foreign currency accounts
3. Multiple Account Provisions: Provisions for handling multiple accounts when agreement covers more than one account
1. Account Details Schedule: Lists all accounts covered by the agreement including account numbers and types
2. Authorized Signatories: List of persons authorized to give instructions on behalf of the parties
3. Notice Forms: Standard forms for various notices including Control Notices and Release Notices
4. Fee Schedule: Details of bank fees and charges for maintaining the control arrangement
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