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Deposit Control Agreement

Deposit Control Agreement Template for South Africa

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Key Requirements PROMPT example:

Deposit Control Agreement

"I need a Deposit Control Agreement under South African law for a mining project, where multiple USD accounts will be controlled by a security agent, with the agreement starting from March 2025 and including specific provisions for electronic banking and foreign currency transactions."

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Document background
The Deposit Control Agreement is a critical financial document used in South African banking and corporate transactions where controlled access to deposit accounts is required. This agreement is particularly relevant in project finance, secured lending arrangements, and corporate transactions where parties need to establish clear control mechanisms over bank accounts. The document details the rights and obligations of all parties regarding the operation of specified accounts, including deposit and withdrawal procedures, authorization requirements, and security arrangements. It ensures compliance with South African banking regulations, including the Banks Act and FICA requirements, while providing a practical framework for account control. The agreement is commonly used in conjunction with facility agreements, security documents, and other financial instruments to create a comprehensive security package.
Suggested Sections

1. Parties: Identification of all parties to the agreement including the depositor, deposit-taking institution, and any security agent or beneficiary

2. Background: Context of the agreement, including the purpose of the deposit control arrangement and reference to any related agreements

3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation

4. Appointment and Authority: Appointment of the deposit-taking institution and scope of its authority

5. Operation of the Account: Rules and procedures for operating the deposit account, including deposits, withdrawals, and authorizations

6. Security Arrangements: Details of security interests and control mechanisms over the deposit account

7. Instructions and Communications: Procedures for giving and acting on instructions regarding the account

8. Fees and Charges: Details of all fees, charges, and expenses related to the account and services

9. Representations and Warranties: Standard representations and warranties from all parties

10. Compliance and Anti-Money Laundering: FICA compliance requirements and anti-money laundering provisions

11. Term and Termination: Duration of the agreement and circumstances for termination

12. General Provisions: Standard legal provisions including notices, amendments, governing law, and jurisdiction

Optional Sections

1. Electronic Banking Arrangements: Additional provisions for electronic banking services and online account access - include when electronic banking services are required

2. Multiple Account Provisions: Provisions for handling multiple accounts under the agreement - include when more than one account is involved

3. Foreign Currency Provisions: Provisions for handling foreign currency deposits - include when foreign currency transactions are contemplated

4. Interest and Investment: Provisions regarding interest earning and investment of deposits - include when interest-bearing accounts are involved

5. Agent Provisions: Additional provisions when a security agent is involved - include when there is a security agent structure

6. Set-off Rights: Provisions regarding rights of set-off - include when set-off rights are required

Suggested Schedules

1. Account Details: Schedule containing specific details of the deposit account(s)

2. Authorized Signatories: List of authorized signatories and their signing powers

3. Operating Procedures: Detailed procedures for account operation and instruction processing

4. Fee Schedule: Detailed breakdown of all applicable fees and charges

5. Form of Instructions: Standard forms for giving various types of instructions

6. FICA Requirements: Checklist and requirements for FICA compliance

7. Specimen Signatures: Specimen signatures of authorized signatories

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Banking

Financial Services

Project Finance

Infrastructure Development

Mining

Real Estate Development

Construction

Energy

Corporate Finance

Investment Banking

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Project Finance

Transaction Banking

Account Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Compliance Officer

Account Manager

Project Finance Manager

Corporate Banking Officer

Security Trustee Officer

Financial Controller

Risk Manager

Transaction Banking Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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