The Account Bank Agreement is a crucial document in South African banking and finance transactions, particularly in project finance and corporate banking arrangements. It is used when parties need to establish formal banking arrangements with specific controls, monitoring, and security features. The agreement details the establishment and operation of bank accounts, including payment mechanics, account management procedures, and security arrangements. It must comply with South African banking regulations, including the Banks Act 94 of 1990, FICA, and other relevant financial sector legislation. The document is particularly important in project finance transactions where lenders require control over project cash flows, but it's also used in other corporate contexts where structured banking arrangements are needed. The Account Bank Agreement typically works in conjunction with other finance documents and security arrangements to create a comprehensive banking and security structure.
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1. Parties: Identifies all parties to the agreement including the Account Bank, Account Holder(s), and Security Trustee
2. Background: Sets out the context of the agreement, including reference to any related project finance or facility agreements
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Appointment and Duration: Covers the appointment of the Account Bank and term of the agreement
5. Account Establishment and Operation: Details the accounts to be established and their operational parameters
6. Bank's Rights and Obligations: Specifies the Account Bank's duties, responsibilities, and rights
7. Account Holder's Rights and Obligations: Outlines the Account Holder's responsibilities and permitted actions
8. Security and Payments: Addresses security interests over accounts and payment procedures
9. Instructions and Communications: Details how instructions should be given and communications made
10. Fees and Expenses: Specifies the bank's fees and cost recovery rights
11. Representations and Warranties: Contains standard representations and warranties from all parties
12. Limited Recourse and Non-Petition: Limits the recourse against the Account Bank and includes non-petition provisions
13. Termination: Sets out termination events and procedures
14. Governing Law and Jurisdiction: Specifies South African law as governing law and jurisdiction for disputes
1. Electronic Banking Services: Include when online banking services are part of the arrangement
2. Foreign Currency Accounts: Required when foreign currency accounts are to be maintained
3. Investment and Interest Provisions: Include when accounts may hold investments or earn interest
4. FICA Compliance: Detailed section on FICA compliance requirements if not covered in main obligations
5. Force Majeure: Optional provisions for force majeure events affecting banking services
6. Tax Provisions: Detailed tax provisions when complex tax arrangements apply
7. Bank Product Specific Terms: Include when specific banking products or services are part of the arrangement
1. Account Details: Lists all accounts to be established with their specifications
2. Authorized Signatories: Contains the list of authorized signatories and signing requirements
3. Fee Schedule: Details of all applicable fees and charges
4. Form of Instructions: Standard forms for giving instructions to the Account Bank
5. Notice Details: Contact details for all parties for formal notices
6. Form of Bank Mandate: Standard bank mandate forms and requirements
7. Operating Procedures: Detailed procedures for account operation and management
8. Security Requirements: Specific security requirements and procedures
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Infrastructure Development
Energy and Resources
Real Estate and Construction
Manufacturing
Mining
Telecommunications
Healthcare
Transportation and Logistics
Agriculture
Renewable Energy
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Project Finance
Banking Operations
Corporate Finance
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Project Finance Manager
Legal Counsel
Corporate Banker
Relationship Manager
Compliance Officer
Financial Controller
Account Manager
Project Manager
Risk Manager
Transaction Manager
Security Trustee Representative
Banking Operations Manager
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