A Deposit Control Agreement is commonly used in secured financing transactions where control over bank accounts is required as part of the security package. This document, governed by Austrian law, establishes the legal framework for controlling deposit accounts, typically in the context of project finance, real estate finance, or general corporate lending. The agreement details the mechanism by which the security holder can implement control over the account(s), the operational procedures for account management, and the rights and obligations of all parties involved. It must comply with Austrian banking regulations, particularly the Austrian Banking Act (BWG) and relevant security laws. The document is essential when lenders require direct control over a borrower's cash flows or when accounts serve as collateral for financing arrangements.
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1. Parties: Identification of all parties to the agreement: Depositor, Account Bank, and Security Agent/Beneficiary
2. Background: Context of the agreement, including reference to any related facility agreements or security arrangements
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Account Establishment and Operation: Details of the controlled account(s) and basic operational parameters
5. Control Mechanics: Specific mechanisms for controlling the deposit account, including signing rights and authorization procedures
6. Blocked Account Provisions: Provisions regarding the blocking of the account and restrictions on withdrawals
7. Rights and Obligations of the Account Bank: Detailed responsibilities and duties of the Account Bank
8. Representations and Warranties: Standard representations and warranties from each party
9. Security Interest: Provisions regarding the security interest over the deposit account
10. Fees and Expenses: Provisions regarding bank charges and costs
11. Liability and Indemnity: Limitation of liability and indemnification provisions
12. Termination: Terms for termination of the agreement
13. Miscellaneous: Standard boilerplate provisions
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Specification of Austrian law as governing law and jurisdiction provisions
1. Multi-Currency Provisions: Optional section for accounts holding multiple currencies
2. Interest Provisions: Details about interest accrual and payment if relevant
3. Online Banking Arrangements: Provisions regarding online banking access and security if electronic access is required
4. Tax Provisions: Specific tax-related provisions if necessary for the transaction structure
5. Agent Provisions: Additional provisions if multiple beneficiaries are involved requiring agent coordination
6. Step-In Rights: Provisions allowing direct control by the Security Agent in specific circumstances
1. Account Details: Schedule containing the specific details of the controlled account(s)
2. Authorized Signatories: List of authorized signatories and their signing rights
3. Form of Notice of Charge: Standard form for notifying the account bank of the security interest
4. Operating Procedures: Detailed procedures for account operation and control mechanisms
5. Fee Schedule: Details of bank fees and charges
6. Form of Payment Instruction: Standard form for payment instructions
7. Notice Details: Contact details for all parties for notice purposes
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Infrastructure
Real Estate
Energy
Construction
Manufacturing
Telecommunications
Healthcare
Retail
Transportation
Mining
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Banking Operations
Corporate Finance
Project Finance
Transaction Management
Security Administration
Account Management
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
Security Trustee
Facility Agent
Project Finance Manager
Corporate Finance Manager
Risk Manager
Compliance Officer
Account Manager
Transaction Manager
Senior Banker
Credit Officer
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