The Blocked Account Control Agreement (BACA) is a crucial document in secured financing transactions in the United States. It is used when a lender requires control over a borrower's deposit account as collateral. The agreement complies with UCC Article 9 requirements for perfecting security interests in deposit accounts and establishes the mechanism through which the secured party can exercise control over the account. BACAs are commonly used in project finance, asset-based lending, and other secured transactions where cash collateral is a key component of the security package.
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1. Parties: Identification of Account Bank, Secured Party, and Account Holder
2. Background: Context of the agreement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Account Control: Terms of control over the blocked account
5. Security Interest: Establishment and acknowledgment of security interest
6. Account Operations: Rules for operating the blocked account
7. Bank's Rights and Responsibilities: Obligations and rights of the account bank
8. Termination: Conditions and process for terminating the agreement
1. Foreign Currency Provisions: Special provisions required when the account holds foreign currency or involves international transactions
2. Securities Account Provisions: Additional terms and conditions applicable when the blocked account contains securities
3. Electronic Access: Terms governing electronic account access and online banking functionality
1. Account Details Schedule: Comprehensive list of all accounts covered by the agreement
2. Authorized Persons Schedule: List of individuals authorized to give instructions regarding the account
3. Notice Details Schedule: Contact information and procedures for notices under the agreement
4. Fee Schedule: Bank's fees for maintaining and servicing the blocked account
5. Form of Notice of Exclusive Control: Template document for implementing exclusive control over the account
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