An Account Control Agreement is utilized in secured lending transactions where deposit accounts serve as collateral security. This document becomes necessary when a lender requires control over the borrower's bank accounts as part of its security package. The agreement, governed by Indian law, establishes the mechanism through which the secured party can exercise control over the specified accounts, while defining the roles and responsibilities of all parties involved. It includes detailed provisions regarding account operation, control rights, instruction protocols, and the depositary bank's obligations. The document must comply with Indian banking regulations, particularly the Banking Regulation Act, 1949, and the SARFAESI Act, 2002, while also adhering to general principles under the Indian Contract Act, 1872.
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1. Parties: Identifies and provides details of the Account Holder, Secured Party, and Depositary Bank
2. Background: Explains the context of the agreement, including reference to any related security agreements or credit facilities
3. Definitions: Defines key terms used throughout the agreement
4. Establishment of Account Control: Core section establishing secured party's control over the deposit account
5. Rights and Duties of Depositary Bank: Outlines the bank's obligations regarding account maintenance and control instructions
6. Account Operations: Details day-to-day operation of the account, including processing of instructions and authorizations
7. Security Interest and Control: Specifics of the security interest and control mechanisms
8. Instructions and Notices: Procedures for giving and acting on instructions regarding the account
9. Representations and Warranties: Standard representations and warranties from all parties
10. Fees and Expenses: Details of fees payable to the depositary bank and allocation of expenses
11. Indemnification: Indemnification obligations of the parties
12. Term and Termination: Duration of the agreement and termination provisions
13. Governing Law and Jurisdiction: Specifies Indian law as governing law and jurisdiction for disputes
14. Miscellaneous: Standard boilerplate provisions including amendments, notices, severability
1. Electronic Communications: Required when parties agree to use electronic means for communications and instructions
2. Multiple Accounts: Needed when agreement covers multiple deposit accounts
3. Reporting Requirements: Optional section detailing any special reporting obligations of the depositary bank
4. Foreign Currency Accounts: Required when agreement covers accounts in multiple currencies
5. Special Instructions: For any unique operational requirements or procedures
6. Force Majeure: Optional provision for circumstances beyond parties' control
7. Regulatory Compliance: Additional section when specific regulatory requirements need addressing
1. Schedule 1 - Account Details: Lists all accounts covered by the agreement including account numbers and types
2. Schedule 2 - Authorized Signatories: List of persons authorized to give instructions on behalf of each party
3. Schedule 3 - Fee Schedule: Detailed breakdown of all applicable fees and charges
4. Schedule 4 - Form of Notice: Standard forms for various notices under the agreement
5. Schedule 5 - Operating Procedures: Detailed procedures for account operation and instruction processing
6. Appendix A - Specimen Signatures: Specimen signatures of authorized signatories
7. Appendix B - Communication Protocols: Details of agreed communication methods and protocols
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