The Collateral Account Agreement is a crucial security document used in financing transactions in the Philippines where a lender requires security over a borrower's bank account. It is commonly used in project finance, corporate lending, and structured finance transactions where cash flows need to be secured. The agreement must comply with Philippine banking regulations, particularly the Personal Property Security Act (Republic Act No. 11057) and Bangko Sentral ng Pilipinas (BSP) requirements. This document establishes the security interest over the account, defines control mechanisms, and sets out the rights of the secured party to access and control the account upon default. It includes specific provisions required under Philippine law for creating and perfecting security interests over bank accounts, and typically works in conjunction with other security documents in a broader financing structure.
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1. Parties: Identification of the Account Bank, Account Holder, and Secured Party
2. Background: Context of the agreement, reference to related agreements (e.g., credit facility, security agreement)
3. Definitions: Key terms used throughout the agreement including Account, Collateral, Security Interest, Secured Obligations
4. Establishment and Maintenance of Account: Details of the collateral account setup, maintenance requirements, and operational parameters
5. Security Interest: Creation and perfection of security interest over the account and related assets
6. Control and Operation of Account: Rights and restrictions regarding account operation, including control rights of the Secured Party
7. Representations and Warranties: Standard declarations by the Account Holder regarding authority, ownership, and absence of encumbrances
8. Covenants: Ongoing obligations of the Account Holder regarding the account and collateral
9. Events of Default: Circumstances constituting default and triggering enforcement rights
10. Rights and Remedies: Actions the Secured Party can take upon default
11. Notices: Communication requirements and contact details
12. Governing Law and Jurisdiction: Choice of Philippine law and jurisdiction details
13. Miscellaneous: Standard boilerplate provisions including amendments, assignments, severability
1. Account Bank Rights and Obligations: Additional section when the Account Bank is a direct party to the agreement rather than through a separate acknowledgment
2. Investment and Interest: Optional section for arrangements allowing investment of account funds and treatment of interest
3. Tax Provisions: Detailed tax provisions where significant tax implications exist or cross-border elements are involved
4. Multiple Account Provisions: Additional provisions when multiple accounts are being secured
5. Currency Provisions: Special provisions for accounts holding multiple currencies or requiring currency conversion
1. Account Details: Schedule listing the specific details of the collateral account(s)
2. Authorized Signatories: List of persons authorized to operate the account under different circumstances
3. Form of Notice of Exclusive Control: Template notice to be used when Secured Party exercises exclusive control
4. Form of Account Bank Acknowledgment: Standard form for Account Bank's acknowledgment if not a direct party
5. Permitted Investments: If applicable, schedule detailing permitted investments for account funds
Relevant legal definitions
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Relevant Industries
Banking
Financial Services
Investment Management
Corporate Lending
Project Finance
Infrastructure
Real Estate
Manufacturing
Energy
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Finance
Project Finance
Banking Operations
Security Administration
Relevant Roles
Legal Counsel
Finance Manager
Treasury Manager
Chief Financial Officer
Banking Relationship Manager
Security Trustee
Loan Officer
Compliance Officer
Project Finance Manager
Corporate Finance Manager
Risk Manager
Transaction Manager
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