Deposit Account Control Agreement

Deposit Account Control Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need a Deposit Account Control Agreement under Philippine law for a renewable energy project financing, covering multiple USD and PHP accounts, with scheduled completion by March 2025; the agreement needs to accommodate multiple lenders and include provisions for project completion accounts."

Document background

The Deposit Account Control Agreement (DACA) is a crucial document in secured financing transactions under Philippine law, commonly used when a lender requires security over a borrower's deposit accounts. It creates a three-way relationship between the account holder (typically a borrower), a secured party (usually a lender), and a depository bank, establishing the secured party's control over the specified deposit accounts as collateral. The agreement operates within the framework of the Philippines' General Banking Law of 2000 (Republic Act No. 8791) and Personal Property Security Act (Republic Act No. 11057), addressing aspects such as account access, control rights, operational procedures, and regulatory compliance requirements. This document is particularly important in project finance, corporate lending, and other secured transactions where deposit accounts form part of the collateral package. The DACA ensures the secured party's ability to control the account upon specified events while providing clear guidelines for the bank's role and responsibilities.

Suggested Sections

1. Parties: Identifies the three main parties: (1) Depositor/Account Holder, (2) Secured Party/Lender, and (3) Depository Bank

2. Background: Explains the context of the agreement, including reference to the underlying security agreement and the purpose of the control arrangement

3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Notice of Exclusive Control, etc.

4. Deposit Account: Identifies and describes the controlled account(s) and their nature

5. Control of Deposit Account: Establishes the mechanism of control and rights of the secured party over the deposit account

6. Bank's Rights and Responsibilities: Details the obligations and rights of the depository bank in maintaining and operating the controlled account

7. Representations and Warranties: Contains statements of fact and assurances from all parties

8. Security Interest and Rights: Describes the secured party's security interest in the account and related rights

9. Instructions and Notices: Procedures for giving instructions regarding the account and sending notices between parties

10. Fees and Expenses: Specifies fees payable to the bank and allocation of expenses

11. Indemnification: Provisions for indemnifying the bank and other parties as applicable

12. Term and Termination: Duration of the agreement and circumstances/procedures for termination

13. Miscellaneous: Standard boilerplate provisions including governing law, amendments, counterparts, etc.

Optional Sections

1. Regulatory Compliance: Additional section when specific regulatory requirements need to be addressed, such as AMLA compliance or BSP regulations

2. Foreign Currency Provisions: Required when the controlled account contains foreign currency deposits

3. Electronic Banking Provisions: Include when online banking access and controls need to be addressed

4. Multiple Account Provisions: Required when the agreement covers multiple deposit accounts

5. Intercreditor Provisions: Include when there are multiple secured parties with interests in the account

6. Force Majeure: Optional section addressing circumstances beyond parties' control, particularly relevant in jurisdictions prone to natural disasters

Suggested Schedules

1. Schedule 1 - Account Details: Detailed information about the controlled account(s), including account numbers and types

2. Schedule 2 - Authorized Representatives: List of persons authorized to give instructions on behalf of each party

3. Schedule 3 - Fee Schedule: Detailed breakdown of bank's fees and charges

4. Schedule 4 - Notice Forms: Template forms for various notices including Notice of Exclusive Control

5. Schedule 5 - Operating Procedures: Detailed procedures for account operation and control mechanisms

6. Appendix A - Required Documentation: List of documents required from each party for compliance purposes

Authors

Alex Denne

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

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking

Financial Services

Corporate Lending

Asset Management

Manufacturing

Real Estate

Infrastructure

Energy

Telecommunications

Retail

Healthcare

Technology

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Banking Operations

Credit Administration

Corporate Secretariat

Account Management

Transaction Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Corporate Lawyer

Banking Lawyer

Compliance Officer

Credit Risk Manager

Account Relationship Manager

Security Trustee

Corporate Secretary

Finance Manager

Banking Operations Manager

Collateral Manager

Transaction Manager

Legal Counsel

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Authors

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