Document background
A Deposit Control Agreement is a crucial security document used in Irish financing transactions where deposit accounts serve as collateral. This agreement is typically employed when a lender or security holder requires direct control over a borrower's bank accounts, either for general security purposes or in specific project finance scenarios. The document establishes the mechanism by which the Control Agent can exercise control over the deposit accounts, details the operational procedures for account management, and sets out the rights and obligations of all parties involved. It must comply with Irish banking regulations, financial services laws, and consumer protection requirements where applicable. The agreement is particularly important in structured finance transactions, project financings, and other secured lending arrangements where account control is a key element of the security package.
