Deposit Control Agreement Template for England and Wales

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Key Requirements PROMPT example:

Deposit Control Agreement

"Need a Deposit Control Agreement for a new project finance deal closing in March 2025, where multiple lenders require security over a EUR-denominated offshore account, with specific provisions for quarterly distributions subject to financial covenants."

Document background

A Deposit Control Agreement is essential in secured financing transactions where control over deposit accounts forms part of the security package. Used extensively in project finance, corporate lending, and structured finance transactions under English and Welsh law, it ensures that secured parties have effective control over and security in the deposited funds. The agreement details the mechanism for operating the account, rights of various parties, and enforcement procedures. It's particularly crucial where perfection of security interests requires control over financial collateral.

Suggested Sections

1. Parties: Identification and details of all parties to the agreement (typically the Depositor, Account Bank, and Security Trustee/Beneficiary)

2. Background: Context and purpose of the agreement, including reference to any related transactions or agreements

3. Definitions: Key terms used throughout the agreement, including specific banking, security and operational terms

4. Deposit Arrangements: Core terms regarding the deposit account, control mechanisms, and operation of the account

5. Bank's Rights and Obligations: Specific provisions regarding the deposit bank's role, responsibilities, and limitations of liability

6. Security Interest: Details of security interests over the deposit, including perfection requirements

7. Operating Procedures: Mechanics of operating the controlled account, including instructions, timing, and authentication

8. Representations and Warranties: Standard and specific representations and warranties from each party

9. Termination: Circumstances and process for termination of the agreement

10. Miscellaneous: Standard boilerplate provisions including governing law, jurisdiction, and notices

Optional Sections

1. Tax Provisions: Required if tax implications need specific addressing, including withholding tax provisions

2. Foreign Currency Provisions: Provisions dealing with deposits in multiple currencies and exchange rate mechanisms

3. Additional Security Provisions: Extra security arrangements for complex security structures or multiple beneficiaries

4. Service Level Requirements: Specific service levels required from the Account Bank for account operation

Suggested Schedules

1. Notice Forms: Standard forms for various notices under the agreement including blocking notices and release notices

2. Operating Procedures: Detailed procedures for account operation, including timing, cut-off times, and authentication procedures

3. Authorized Signatories: List of persons authorized to give instructions under the agreement

4. Fee Schedule: Details of any fees payable to the Account Bank for maintaining and operating the account

5. Form of Account Details: Specific details of the controlled account(s) including account numbers and branch details

Authors

Alex Denne

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

alex.den.21@genieai.co

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Authors

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