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The Blocked Account Agreement serves as a crucial document in Dutch banking and financial transactions where funds need to be held securely with restricted access. This agreement type is commonly used in various scenarios including corporate transactions, escrow arrangements, project finance, and regulatory compliance requirements. The document establishes the framework for operating a blocked account, specifying the conditions under which funds can be deposited, held, and released, while ensuring compliance with Dutch banking regulations and financial supervision laws. It is particularly valuable in situations requiring third-party oversight of funds, security arrangements, or when regulatory requirements mandate specific fund management structures. The agreement addresses key aspects such as account operation, signatory rights, release mechanisms, and the respective obligations of the bank, account holder, and any other relevant parties.

1. Parties: Identification of all parties to the agreement: typically the account holder, the bank, and any beneficiary or security agent

2. Background: Context of the agreement, including the purpose of the blocked account arrangement

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

4. Account Establishment: Details of the blocked account, including account number and currency

5. Blocking Mechanism: Specific provisions regarding how the account is blocked and the nature of restrictions

6. Rights and Obligations of the Bank: Bank's responsibilities regarding account management and compliance with instructions

7. Rights and Obligations of the Account Holder: Account holder's commitments and restrictions regarding the blocked account

8. Release Conditions: Specific conditions under which funds can be released from the blocked account

9. Instructions and Communications: Procedures for giving and receiving instructions regarding the account

10. Fees and Costs: Bank charges and allocation of costs related to the account

11. Term and Termination: Duration of the agreement and circumstances for termination

12. Representations and Warranties: Standard declarations by the parties regarding their capacity and authority

13. Governing Law and Jurisdiction: Application of Dutch law and jurisdiction for disputes

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