An Account Control Agreement Collateral under Philippine law is utilized in secured financing transactions where deposit accounts serve as collateral. This document becomes necessary when lenders require direct control over a borrower's bank accounts as part of their security package. The agreement establishes the mechanisms by which the secured party can exercise control over the accounts, typically including rights to give instructions to the deposit bank and restrict the account holder's access upon specified events of default. It must comply with Philippine banking regulations, particularly the General Banking Law and Bank Secrecy Law, while also addressing requirements under the National Payment Systems Act and Anti-Money Laundering Act. The document is commonly used in project finance, corporate lending, and other secured transactions where cash collateral is a crucial component of the security structure.
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1. Parties: Identifies the three main parties: Account Holder, Secured Party, and Deposit Bank
2. Background: Explains the context of the agreement, including reference to related security agreements and the purpose of establishing control over the accounts
3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Security Interest, and Secured Obligations
4. Account Control Arrangements: Core section detailing the control mechanisms, rights of the secured party, and operational procedures for the account
5. Bank's Rights and Responsibilities: Outlines the deposit bank's obligations, limitations of liability, and rights regarding the controlled account
6. Security Interest: Confirms and details the security interest granted over the account and related assets
7. Instructions and Notice Requirements: Specifies procedures for giving instructions regarding the account and required notices between parties
8. Fees and Expenses: Details the fees payable to the bank and allocation of expenses
9. Representations and Warranties: Standard representations from all parties regarding authority, binding obligations, and no conflicts
10. Termination: Conditions and process for terminating the agreement
11. Miscellaneous: Standard boilerplate provisions including governing law, jurisdiction, amendments, and notices
1. Electronic Communications: Optional section for agreements where parties agree to use electronic means for communications and instructions
2. Foreign Currency Accounts: Required when the controlled accounts include foreign currency deposits
3. Multiple Secured Parties: Required when there is more than one secured party, establishing priorities and coordination
4. Sweep Arrangements: Needed when the account has automated sweep features to other accounts
5. Internet Banking Access: Optional section governing online access rights and restrictions
6. Force Majeure: Optional detailed force majeure provisions beyond standard miscellaneous clauses
1. Schedule 1 - Controlled Accounts: Lists all accounts subject to the control agreement, including account numbers and types
2. Schedule 2 - Authorized Signatories: Lists individuals authorized to give instructions on behalf of each party
3. Schedule 3 - Fee Schedule: Details of all fees and charges payable under the agreement
4. Schedule 4 - Form of Notice of Exclusive Control: Template for secured party to exercise exclusive control rights
5. Schedule 5 - Operating Procedures: Detailed procedures for account operation, including timing of instructions and processing
6. Appendix A - Form of Amendment: Standard form for making amendments to the agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate Lending
Project Finance
Asset Management
Investment Banking
Commercial Banking
Infrastructure
Real Estate
Energy
Manufacturing
Relevant Teams
Legal
Finance
Treasury
Compliance
Credit Risk
Corporate Banking
Project Finance
Transaction Management
Security Administration
Account Management
Banking Operations
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Compliance Officer
Security Trustee
Relationship Manager
Credit Risk Manager
Corporate Banking Officer
Project Finance Manager
Transaction Manager
Security Agent
Account Manager
Chief Financial Officer
General Counsel
Banking Operations Manager
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