Account Control Agreement Collateral

Account Control Agreement Collateral Template for England and Wales

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Key Requirements PROMPT example:

"I need an Account Control Agreement Collateral to be drafted under English law for a USD deposit account held with HSBC Bank, where the secured party is a syndicate of lenders represented by Barclays as security agent, to be effective from March 2025."

Document background

The Account Control Agreement Collateral is utilized when a party requires security over a deposit account under English and Welsh law. This agreement is commonly implemented in financing transactions where cash accounts serve as collateral. It establishes the mechanism for control over the account, defines the rights of each party, and sets out the procedures for exercising control rights. The agreement is particularly important for ensuring the secured party's security interest is properly perfected under applicable law and provides certainty regarding the bank's obligations in administering the account.

Suggested Sections

1. Parties: Identifies the account holder, secured party, and account bank

2. Background: Sets out the context of the agreement and references related agreements

3. Definitions: Defines key terms used throughout the agreement

4. Account Control: Core provisions regarding control over the account

5. Security Interest: Provisions regarding the security interest in the account

6. Bank's Rights and Obligations: Details the rights and obligations of the account bank

7. Notice Requirements: Procedures for serving notices and communications

8. Termination: Provisions regarding termination of the agreement

Optional Sections

1. Investment Property: Additional provisions required when the controlled account contains securities or investment assets

2. Foreign Currency Provisions: Additional provisions required when the controlled account contains foreign currency

3. Internet Banking: Provisions regarding online access to accounts when relevant to the arrangement

Suggested Schedules

1. Form of Notice of Exclusive Control: Template notice to be used when secured party assumes exclusive control

2. Account Details: Details of the controlled account(s)

3. Authorized Persons: List of persons authorized to give instructions

4. Fee Schedule: Schedule of bank's fees for services under the agreement

Authors

Alex Denne

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

alex.den.21@genieai.co

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Account Control Agreement Collateral Template for England and Wales

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