Blocked Account Control Agreement

Blocked Account Control Agreement Template for England and Wales

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Key Requirements PROMPT example:

"Need a Blocked Account Control Agreement to secure project revenues for a new wind farm development, where the Security Agent will be Deutsche Bank and the Account Bank will be Barclays, with full operational control to transfer to the Security Agent upon event of default."

Document background

A Blocked Account Control Agreement is commonly used in secured financing transactions where control over cash flows is essential for security purposes. The agreement, governed by English and Welsh law, establishes the rights and obligations of all parties regarding the operation of the blocked account, including access rights, instruction procedures, and the bank's duties. This document is crucial in project finance, real estate transactions, and other scenarios where secured parties require control over cash collections or specific payment streams.

Suggested Sections

1. Parties: Identification of Account Owner, Security Agent/Beneficiary, and Account Bank

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement

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

5. Security Interest: Details of security interest over the account

6. Operating Procedures: Procedures for account operation and instructions

7. Bank's Rights and Obligations: Rights and duties of the Account Bank

8. Representations and Warranties: Standard representations by all parties

9. Termination: Provisions for ending the agreement

Optional Sections

1. International Provisions: Required when parties are in different jurisdictions or for cross-border arrangements

2. Digital Banking Provisions: Electronic access and security measures for when online banking access is required

3. Multiple Account Provisions: Provisions for when agreement covers multiple blocked accounts

Suggested Schedules

1. Account Details Schedule: Details of the blocked account(s)

2. Authorized Signatories: List of persons authorized to give instructions

3. Notice Forms: Standard forms for various notices under the agreement

4. Fee Schedule: Bank's fees for maintaining the blocked account

5. Operating Procedures: Detailed procedures for account operation

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

Relevant legal definitions

Clauses

Relevant Industries

Relevant Teams

Relevant Roles

Industries

Financial Services and Markets Act 2000: Primary legislation governing financial services regulation in the UK, establishing regulatory framework and authorities (FCA/PRA)

Companies Act 2006: Core company law legislation affecting corporate entities' operations, including registration, administration, and directors' duties

Banking Act 2009: Legislation governing banking operations and regulation in the UK, including special resolution regime for banks

Insolvency Act 1986: Legal framework for corporate insolvency and restructuring, crucial for understanding creditor rights and priorities

Enterprise Act 2002: Legislation affecting corporate insolvency and enforcement of security, including amendments to Insolvency Act

Payment Services Regulations 2017: Regulations governing payment services and payment service providers in the UK

Financial Collateral Arrangements (No.2) Regulations 2003: Specific regulations governing financial collateral arrangements and security interests

Law of Property Act 1925: Fundamental legislation governing property rights and security interests in England and Wales

Money Laundering Regulations 2017: Anti-money laundering and counter-terrorist financing regulations affecting financial institutions and transactions

Proceeds of Crime Act 2002: Legislation dealing with money laundering and proceeds of crime, affecting financial institutions' obligations

UK GDPR: Post-Brexit data protection regulation implementing GDPR principles in UK law

Data Protection Act 2018: UK's implementation of data protection requirements, working alongside UK GDPR

Common Law Contract Principles: Fundamental principles of contract law developed through case law, including formation, consideration, and enforcement

Equity and Trust Law: Legal principles governing trusts and equitable interests, relevant for account control and security arrangements

Agency Law: Legal principles governing relationships where one party acts on behalf of another, crucial for account control arrangements

Conflicts of Laws Rules: Principles determining which jurisdiction's laws apply in cross-border transactions

International Sanctions Regulations: Regulations implementing international sanctions affecting financial transactions and account relationships

Cross-border Banking Regulations: Regulations governing international banking operations and transactions across jurisdictions

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Blocked Account Control Agreement Template for England and Wales

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