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Security Account Control Agreement Template for Ireland

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Key Requirements PROMPT example:

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."

Document background
A Security Account Control Agreement is a crucial document in secured financing transactions under Irish law, used when a lender requires security over bank accounts as collateral. The agreement establishes the secured party's control over the specified accounts while allowing the account holder to continue operating them under agreed conditions. It complies with Irish financial collateral regulations and EU directives, addressing perfection requirements for security over financial collateral. The document is typically used alongside credit facilities, security agreements, or broader financing arrangements, particularly in corporate lending, project finance, and structured finance transactions. It includes detailed provisions on operational procedures, control mechanisms, and enforcement rights, ensuring the security interest is both legally robust and practically workable.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions














































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Relevant Industries

Banking

Financial Services

Corporate Lending

Asset Management

Investment Banking

Private Equity

Insurance

Real Estate Finance

Infrastructure Finance

Technology Finance

Relevant Teams

Legal

Treasury

Finance

Compliance

Credit Risk

Corporate Banking

Documentation

Transaction Management

Security and Collateral Management

Account Operations

Relevant Roles

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

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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