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Blocked Account Agreement

Blocked Account Agreement Template for India

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Key Requirements PROMPT example:

Blocked Account Agreement

"I need a Blocked Account Agreement under Indian law for a renewable energy project in Gujarat, where project revenues will be deposited and controlled by the lender bank until January 2025, with specific release conditions tied to debt service coverage ratios."

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Document background
The Blocked Account Agreement is a crucial banking document used in India when parties need to establish a bank account with restricted access and specific release conditions. This agreement is commonly utilized in project financing, escrow arrangements, security structures, and other scenarios requiring controlled fund management. The document, governed by Indian law, particularly the Banking Regulation Act, 1949 and related regulations, details the establishment and operation of a blocked account, specifying the rights and obligations of all parties involved. It's essential in transactions where funds need to be ring-fenced or managed under specific conditions, such as construction projects, acquisition transactions, or secure lending arrangements. The agreement incorporates necessary compliance requirements under Indian banking and foreign exchange regulations, making it suitable for both domestic and cross-border transactions requiring controlled fund management.
Suggested Sections

1. Parties: Identification of all parties: Account Holder, Bank, and Beneficiary(ies)

2. Background: Context of the agreement, purpose of the blocked account, and relationship between parties

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

4. Account Establishment: Terms for establishing the blocked account, including account details and initial deposit requirements

5. Purpose and Nature of the Account: Specific purpose of the blocked account and its operational characteristics

6. Blocking Mechanism: Details of how the account is blocked, restrictions on transactions, and conditions for releases

7. Rights and Obligations of the Bank: Bank's responsibilities in maintaining and operating the blocked account

8. Rights and Obligations of the Account Holder: Account holder's rights, restrictions, and responsibilities

9. Rights of the Beneficiary: Beneficiary's rights regarding the blocked funds

10. Account Operations: Procedures for authorized transactions, statements, and account maintenance

11. Fees and Charges: Details of banking charges, maintenance fees, and payment responsibilities

12. Term and Termination: Duration of the agreement and conditions for termination

13. Governing Law and Jurisdiction: Applicable law and courts having jurisdiction

14. Notices: Process for sending and receiving formal communications between parties

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

Optional Sections

1. Foreign Exchange Provisions: Required when the blocked account involves foreign currency or cross-border transactions

2. Electronic Banking Services: Include when online banking access or electronic transaction facilities are provided

3. Security Interest: Include when the blocked account serves as security for another transaction

4. Multiple Beneficiaries: Required when there are multiple beneficiaries with different rights or priorities

5. Escrow Provisions: Include when the blocked account serves an escrow function

6. Force Majeure: Optional clause for circumstances preventing performance of obligations

7. Anti-Money Laundering Compliance: Detailed AML provisions when required by the nature of transactions or parties involved

Suggested Schedules

1. Schedule 1 - Account Details: Specific details of the blocked account including account number, branch, and currency

2. Schedule 2 - Authorized Signatories: List of authorized signatories and their specimen signatures

3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges

4. Schedule 4 - Operating Procedures: Detailed procedures for account operations, including forms and documentation requirements

5. Appendix A - Required Documents: List of KYC and other documents required from each party

6. Appendix B - Transaction Authorization Matrix: Matrix showing authorization levels for different types of transactions

7. Appendix C - Compliance Requirements: Specific regulatory compliance requirements applicable to the account

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions














































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Relevant Industries

Banking & Financial Services

Real Estate

Infrastructure

Manufacturing

International Trade

Construction

Energy

Technology

Telecommunications

Healthcare

Education

Retail

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Finance

Project Finance

Banking Operations

Account Management

Transaction Banking

Corporate Secretarial

International Banking

Relevant Roles

Legal Counsel

Finance Manager

Treasury Manager

Compliance Officer

Banking Relationship Manager

Project Finance Manager

Corporate Finance Director

Chief Financial Officer

Risk Manager

Transaction Banking Officer

Company Secretary

Account Manager

Security Trustee Officer

Contract Administrator

Financial Controller

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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