The Account Control Agreement is a crucial document in secured financing transactions under Dutch law, used when a lender requires security over bank accounts as collateral. This agreement creates a control mechanism that enables the secured party to take control of the account(s) upon specified events, typically following a default under the related financing arrangements. The document complies with Dutch civil law requirements, particularly the Dutch Civil Code (Burgerlijk Wetboek) and Financial Supervision Act (Wet op het financieel toezicht), while also considering EU regulations. It sets out detailed operational procedures, including instruction rights, notification requirements, and the specific circumstances under which control can be exercised. The agreement is particularly important in project finance, corporate lending, and other secured financing transactions where cash control is a key element of the security package.
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1. Parties: Identifies and defines the three main parties: Account Holder, Secured Party, and Account Bank
2. Background: Explains the context of the agreement, including reference to any related security agreements and the purpose of the account control arrangement
3. Definitions: Defines key terms used throughout the agreement, including Account, Control Notice, Instructions, Security Interest, etc.
4. Account Control and Security: Establishes the security interest and control rights over the account, including the mechanism for implementing control
5. Operating Procedures: Details the day-to-day operation of the account, including instruction procedures and authority levels
6. Rights and Obligations of the Account Bank: Specifies the Account Bank's duties, standards of care, and limitations of liability
7. Rights and Obligations of the Secured Party: Details the Secured Party's rights to give instructions and exercise control
8. Rights and Obligations of the Account Holder: Outlines the Account Holder's retained rights and restrictions
9. Representations and Warranties: Contains standard representations and warranties from all parties
10. Fees and Expenses: Details the fee structure and responsibility for expenses
11. Term and Termination: Specifies the duration of the agreement and termination procedures
12. Notices: Provides for the method and addresses for formal communications between parties
13. Governing Law and Jurisdiction: Specifies Dutch law as governing law and jurisdiction for disputes
14. Miscellaneous: Contains standard boilerplate provisions including amendments, assignments, and severability
1. Multi-Currency Provisions: Include when the controlled account may hold multiple currencies
2. Securities Account Provisions: Include when the agreement covers both cash and securities accounts
3. Special Instructions: Include when specific standing instructions or unusual operational requirements exist
4. Data Protection: Include detailed GDPR compliance section when personal data processing is significant
5. Internet Banking: Include when online banking access needs to be regulated
6. Force Majeure: Include detailed force majeure provisions when required by specific circumstances or party requirements
1. Account Details: Lists all accounts covered by the agreement, including account numbers and types
2. Authorized Persons: Lists individuals authorized to give instructions on behalf of each party
3. Form of Notice of Exclusive Control: Template for the Secured Party to exercise exclusive control
4. Form of Termination Notice: Template for terminating exclusive control or the agreement
5. Fee Schedule: Details of the Account Bank's fees and charges
6. Operating Procedures: Detailed procedures for account operation, including cut-off times and special instructions
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