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Security Account Control Agreement
"I need a Security Account Control Agreement under Irish law for a renewable energy project financing, where multiple project accounts at Bank of Ireland need to be secured in favor of a syndicate of lenders, with the security to become effective from March 1, 2025."
1. Parties: Identification of the Account Holder, Secured Party, and Deposit Bank
2. Background: Context of the agreement, reference to related credit facility and security arrangements
3. Definitions: Definitions of key terms including Account, Control, Instructions, Notice, Security Interest
4. Account Control and Security Interest: Establishment of security interest and control rights over the account
5. Deposit Bank's Rights and Obligations: Bank's obligations regarding account maintenance and instructions
6. Operating Procedures: Procedures for account operation, instructions, and confirmations
7. Control and Instructions: Mechanism for giving instructions and hierarchy of control rights
8. Representations and Warranties: Parties' representations regarding authority, binding obligations, and account status
9. Bank's Responsibility and Indemnification: Scope of bank's duties and protection from liability
10. Fees and Expenses: Bank's compensation and expense reimbursement
11. Termination: Conditions and process for agreement termination
12. Miscellaneous: Standard provisions including notices, amendments, governing law, jurisdiction
1. Security Interest in Additional Accounts: Used when multiple accounts need to be covered by the agreement
2. Foreign Currency Accounts: Required when the controlled accounts include non-Euro denominated accounts
3. Electronic Communications: Optional section for detailed procedures on electronic instruction mechanisms
4. Subsidiary Accounts: Required when agreement covers accounts of subsidiary companies
5. Investment Property: Required when agreement covers securities accounts or investment property
6. Data Protection: Enhanced data protection provisions when handling personal data
7. Multi-Branch Provisions: Required when agreement covers accounts at multiple branches of the bank
1. Schedule 1 - Account Details: List and details of all controlled accounts
2. Schedule 2 - Authorized Persons: List of persons authorized to give instructions for each party
3. Schedule 3 - Form of Notice: Standard forms for notices and instructions
4. Schedule 4 - Operating Procedures: Detailed procedures for account operation and control
5. Schedule 5 - Fee Schedule: Bank's fees and charges for services under the agreement
6. Appendix A - Specimen Signatures: Specimen signatures of authorized signatories
7. Appendix B - Notice Details: Contact details for notices to all parties
Authors
Banking
Financial Services
Corporate Lending
Asset Management
Investment Banking
Private Equity
Insurance
Real Estate Finance
Infrastructure Finance
Technology Finance
Legal
Treasury
Finance
Compliance
Credit Risk
Corporate Banking
Documentation
Transaction Management
Security and Collateral Management
Account Operations
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Account Manager
Security Trustee
Relationship Manager
Transaction Manager
Corporate Banking Officer
Security Agent
Documentation Manager
Legal Operations Manager
Treasury Operations Officer
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