The Deposit Control Agreement is a crucial security document used in Philippine financing transactions where a lender requires control over a borrower's deposit accounts as collateral. This agreement is typically executed alongside credit facilities, security agreements, or other financing arrangements. It establishes the mechanisms by which a secured party can exercise control over deposit accounts, including the right to give instructions to the bank and restrict the depositor's access under specified circumstances. The agreement must comply with Philippine banking regulations and security laws, including requirements under the New Central Bank Act and General Banking Law of 2000. It contains detailed provisions on operating procedures, bank's obligations, and termination rights, making it essential for secured lending transactions in the Philippines where deposit accounts serve as collateral.
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1. Parties: Identifies the three main parties: Account Holder (Depositor), Bank (Depository Bank), and Secured Party (typically a lender)
2. Background: Sets out the context of the agreement, including reference to any related credit facility or security arrangement
3. Definitions: Defines key terms used throughout the agreement, including 'Deposit Account', 'Control Instructions', 'Notice of Exclusive Control'
4. Account Control: Core section establishing the control rights over the deposit account and the bank's agreement to comply with secured party's instructions
5. Operating Procedures: Details the mechanics of how control will be exercised, including instruction formats and timing
6. Bank's Rights and Responsibilities: Outlines the bank's obligations, including following instructions and maintaining the account
7. Representations and Warranties: Contains statements from all parties about their authority and capacity to enter into the agreement
8. Fees and Expenses: Sets out any fees payable to the bank and allocation of expenses
9. Indemnification: Provides for indemnification of the bank for acting on instructions
10. Term and Termination: Specifies duration of the agreement and circumstances for termination
11. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, etc.
1. Security Interest Provisions: Include when the deposit control agreement is part of a broader security arrangement and needs to explicitly address creation/perfection of security interests
2. Regulatory Compliance: Add when additional provisions are needed to comply with specific Philippine banking regulations or anti-money laundering requirements
3. Subordination Provisions: Include when there are multiple secured parties with different priority rights to the account
4. Foreign Currency Provisions: Add when the deposit account may contain foreign currency and specific rules apply
5. Electronic Instructions: Include when parties want to allow for electronic transmission of control instructions
1. Deposit Account Details: Schedule listing all deposit accounts covered by the agreement, including account numbers and types
2. Authorized Persons: List of individuals authorized to give instructions on behalf of the secured party
3. Form of Notice of Exclusive Control: Standard form to be used when secured party exercises exclusive control
4. Fee Schedule: Details of any fees payable to the bank for maintaining the control arrangement
5. Operating Procedures Manual: Detailed procedures for implementing account control, including technical specifications if electronic instructions are permitted
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate Lending
Asset Management
Investment Banking
Commercial Banking
Manufacturing
Real Estate
Infrastructure
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Banking Operations
Credit Administration
Corporate Banking
Transaction Management
Collateral Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Bank Relationship Manager
Credit Officer
Compliance Officer
Legal Counsel
Corporate Lawyer
Security Trustee
Account Manager
Risk Manager
Banking Operations Manager
Transaction Manager
Collateral Manager
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