The Account Control Agreement is a crucial document in secured lending transactions under Nigerian law, commonly used when a lender requires security over the borrower's bank accounts. It complements other security documents by providing the secured party with control over the specified accounts, which is essential for perfecting security interests under the Secured Transactions in Movable Assets Act 2017. The agreement is particularly important in project finance, corporate lending, and structured finance transactions where cash flow control is critical. It details the operational mechanics of account control, including the circumstances triggering exclusive control rights, the process for giving instructions, and the bank's obligations regarding account operation. The document must comply with Nigerian banking regulations, particularly BOFIA 2020, and considers Central Bank of Nigeria requirements regarding account control arrangements.
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1. Parties: Identifies the contracting parties: typically the Depositary Bank, Account Holder, and Secured Party
2. Background: Explains the context of the agreement, including reference to any underlying credit facility or security agreement
3. Definitions: Defines key terms used throughout the agreement
4. Account Control and Security: Establishes the secured party's control over the account and the nature of the security interest
5. Bank's Rights and Obligations: Details the bank's responsibilities regarding account operation and following instructions
6. Control and Instructions: Specifies who can give instructions regarding the account and under what circumstances
7. Account Holder's Rights and Obligations: Outlines the account holder's permitted activities and restrictions
8. Secured Party's Rights: Details the secured party's rights regarding the account, including during enforcement
9. Representations and Warranties: Contains standard representations and warranties from all parties
10. Fees and Expenses: Addresses bank fees and expense reimbursement
11. Indemnification: Sets forth indemnification obligations of the parties
12. Term and Termination: Specifies the duration of the agreement and termination procedures
13. Notices: Describes how formal notices must be given between parties
14. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
15. Miscellaneous: Contains standard boilerplate provisions
1. Foreign Currency Accounts: Required when the controlled account includes foreign currency deposits
2. Multiple Account Provisions: Required when the agreement covers multiple accounts
3. Electronic Banking Arrangements: Include when electronic banking services are part of the arrangement
4. Subsidiary Account Holder Provisions: Include when account holder has subsidiary companies with related accounts
5. Agent Provisions: Required when the secured party is acting as agent for multiple lenders
6. Special Instructions Procedure: Include when parties require specific procedures for certain types of instructions
1. Schedule 1 - Account Details: Lists all accounts covered by the agreement, including account numbers and types
2. Schedule 2 - Authorized Signatories: Lists persons authorized to give instructions on behalf of each party
3. Schedule 3 - Form of Notice of Exclusive Control: Template for secured party to assume exclusive control of the account
4. Schedule 4 - Form of Termination Notice: Template for terminating the agreement
5. Schedule 5 - Bank's Fee Schedule: Details of the bank's fees for services under the agreement
6. Appendix A - Operating Procedures: Detailed procedures for account operation and instruction processing
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