Deposit Account Control Agreement

Deposit Account Control Agreement Template for Denmark

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Document background

The Deposit Account Control Agreement is a crucial document in secured financing arrangements under Danish law, typically used when a lender requires security over a borrower's bank accounts. This agreement is essential in project finance, acquisition finance, and general corporate lending scenarios where deposit accounts serve as collateral. The agreement complies with Danish financial regulations, particularly the Financial Business Act and the Act on Financial Collateral Arrangements, while establishing the mechanism for perfecting security interests in deposit accounts. It details the operational procedures for account control, the conditions under which the secured party can take exclusive control, and the bank's obligations regarding account operation and compliance with instructions. The document is particularly important in cross-border transactions involving Danish accounts and forms part of the broader security package in financing transactions.

Suggested Sections

1. Parties: Identification of the Account Holder, Secured Party, and Deposit Bank

2. Background: Context of the agreement, including reference to related security agreements

3. Definitions: Definitions of key terms used throughout the agreement

4. Account Control: Core provisions establishing control over the deposit account

5. Security Interest: Confirmation and acknowledgment of the security interest

6. Bank's Rights and Obligations: Detailed obligations of the deposit bank including compliance with instructions

7. Account Holder's Rights and Obligations: Restrictions and permissions regarding account access and operations

8. Secured Party's Rights: Rights to give instructions and control the account

9. Instructions and Notices: Procedures for giving and acting on instructions regarding the account

10. Fees and Expenses: Bank's fees and allocation of expenses

11. Representations and Warranties: Basic representations by all parties

12. Indemnification: Indemnification obligations of the parties

13. Term and Termination: Duration of agreement and termination provisions

14. Governing Law and Jurisdiction: Choice of Danish law and jurisdiction provisions

15. Miscellaneous: Standard boilerplate provisions including amendments, notices, and severability

Optional Sections

1. Electronic Banking Provisions: Additional provisions for electronic banking access and controls, used when online banking is part of the arrangement

2. Foreign Currency Accounts: Special provisions for accounts held in non-Danish currency, used when foreign currency accounts are included

3. Multiple Account Provisions: Additional provisions for controlling multiple accounts, used when agreement covers more than one account

4. Subsidiary Account Holder Provisions: Additional provisions when the account holder is part of a corporate group, used for group structures

5. Set-off Rights: Specific provisions regarding set-off rights, used when parties want to explicitly address set-off

6. Data Protection: Specific GDPR compliance provisions, used when personal data processing is significant

Suggested Schedules

1. Schedule 1 - Account Details: List and details of all controlled accounts

2. Schedule 2 - Authorized Persons: List of persons authorized to give instructions on behalf of each party

3. Schedule 3 - Form of Notice of Exclusive Control: Template for secured party to exercise exclusive control

4. Schedule 4 - Form of Bank Fee Schedule: Details of bank's fees and charges

5. Schedule 5 - Operating Procedures: Detailed procedures for account operation and instruction processing

6. Appendix A - Form of Amendment: Template for future amendments to the agreement

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Deposit Account Control Agreement Template for Denmark

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