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The Blocked Account Control Agreement (BACA) is a crucial security document used in Australian financing transactions where a lender requires control over a borrower's bank account as part of its security package. This agreement is commonly used in project financing, secured lending, and structured finance transactions, particularly where cash flow control is essential for risk management. The document complies with Australian banking and securities laws, particularly the Personal Property Securities Act 2009 (Cth), and establishes the mechanisms for account control, operating procedures, and the respective rights and obligations of the account holder, secured party, and account bank. It is typically implemented alongside other security documents and is essential for perfecting security interests in deposit accounts under Australian law.

1. Parties: Identifies the Account Holder, Secured Party, and Account Bank as parties to the agreement

2. Background: Sets out the context of the agreement, including reference to related security agreements and the purpose of the blocked account arrangement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles

4. Account Control and Security: Establishes the security interest and control rights over the blocked account

5. Bank's Rights and Responsibilities: Details the Account Bank's obligations, including handling of instructions and maintaining the account

6. Account Operation: Specifies how the account will be operated, including restrictions on withdrawals and transfers

7. Instructions and Notices: Establishes procedures for giving and acting on instructions regarding the account

8. Representations and Warranties: Contains standard representations and warranties from all parties

9. Fees and Expenses: Sets out the fee structure and responsibility for expenses

10. Term and Termination: Specifies the duration of the agreement and termination procedures

11. General Provisions: Contains standard boilerplate provisions including governing law, jurisdiction, and amendments