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The Blocked Account Control Agreement is a crucial security document in Irish financing transactions, particularly in secured lending arrangements where control over cash collateral is required. This agreement is typically used when a lender needs to secure its position over a borrower's bank account as part of a broader security package. The document establishes the mechanism through which the secured party can take control of the account following specified trigger events, while allowing the account holder to continue using the account for permitted transactions during normal operations. It addresses requirements under Irish banking regulations and financial services legislation, particularly the European Communities (Financial Collateral Arrangements) Regulations 2010. The agreement is commonly used in project finance, corporate lending, and other structured finance transactions where account control is a key element of the security package.

1. Parties: Identifies the three main parties: Account Holder (Depositor), Secured Party (Lender), and Account Bank

2. Background: Explains the context of the agreement, including reference to any underlying credit facility or security arrangement

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation principles

4. Account Control and Security: Establishes the security interest and control rights over the blocked account

5. Bank's Rights and Obligations: Details the Account Bank's responsibilities, including following instructions and maintaining the account

6. Control Rights and Instructions: Specifies who can give instructions regarding the account and under what circumstances

7. Account Operations: Sets out how the account will be operated, including processing of instructions and permitted transactions

8. Fees and Expenses: Details the fees payable to the Account Bank and responsibility for expenses

9. Representations and Warranties: Standard representations from each party regarding their capacity and authority

10. Bank's Liability and Indemnification: Limits on the Account Bank's liability and indemnification provisions

11. Term and Termination: Duration of the agreement and circumstances for termination

12. Notices: Procedures for giving notices under the agreement

13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, amendments, etc.