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Bank Account Control Agreement
"I need a Bank Account Control Agreement under Australian law for a renewable energy project in Queensland, where multiple project accounts will be controlled by a syndicate of lenders, with the agreement to take effect from March 2025."
1. Parties: Identifies the three key parties: Account Holder, Secured Party, and Bank
2. Background: Sets out the context of the agreement, including the existence of the account and security arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Account Control: Establishes the control arrangement and rights over the account
5. Bank's Rights and Obligations: Details the bank's roles, responsibilities, and limitations
6. Instructions and Operations: Procedures for giving and acting on instructions regarding the account
7. Security Interest and Priority: Confirms the security interest and establishes priority arrangements
8. Fees and Expenses: Sets out the fee structure and responsibility for expenses
9. Representations and Warranties: Standard representations and warranties from all parties
10. Liability and Indemnity: Addresses limitation of liability and indemnification obligations
11. Term and Termination: Duration of the agreement and termination provisions
12. General Provisions: Standard boilerplate clauses including notices, amendments, governing law
1. Multi-Currency Provisions: Required when the account can hold multiple currencies
2. Electronic Banking Arrangements: Needed when electronic banking services are part of the arrangement
3. Disputes and Competing Claims: Additional provisions for handling disputes when higher risk of competing claims exists
4. Foreign Law Recognition: Required when parties are in different jurisdictions or foreign law security interests are involved
5. Tax Provisions: Specific tax-related provisions when tax implications are significant
6. Additional Security Arrangements: Required when the account control agreement is part of a broader security package
7. Force Majeure: Detailed force majeure provisions when specifically requested by parties
1. Account Details: Specific details of the controlled account(s) including account numbers and types
2. Authorized Persons: List of persons authorized to give instructions for each party
3. Notice Details: Contact information and notice requirements for all parties
4. Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Operational Procedures: Detailed procedures for account operation, including forms and timing requirements
6. Form of Instructions: Standard forms for various types of instructions under the agreement
7. Security Procedures: Details of security and verification procedures for instructions
Authors
Banking and Financial Services
Commercial Lending
Corporate Finance
Investment Management
Private Equity
Infrastructure
Real Estate
Mining and Resources
Agriculture
Manufacturing
Retail
Healthcare
Technology
Legal
Treasury
Finance
Compliance
Risk Management
Operations
Credit
Corporate Banking
Security Operations
Transaction Management
Account Management
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Compliance Officer
Risk Manager
Account Manager
Security Trustee
Relationship Manager
Credit Manager
Transaction Manager
Corporate Banking Manager
Security Operations Manager
Financial Controller
Project Finance Manager
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