The Deposit Account Control Agreement is a crucial document in secured financing arrangements under Danish law, typically used when a lender requires security over a borrower's bank accounts. This agreement is essential in project finance, acquisition finance, and general corporate lending scenarios where deposit accounts serve as collateral. The agreement complies with Danish financial regulations, particularly the Financial Business Act and the Act on Financial Collateral Arrangements, while establishing the mechanism for perfecting security interests in deposit accounts. It details the operational procedures for account control, the conditions under which the secured party can take exclusive control, and the bank's obligations regarding account operation and compliance with instructions. The document is particularly important in cross-border transactions involving Danish accounts and forms part of the broader security package in financing transactions.
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Key Requirements PROMPT example:
Deposit Account Control Agreement
Need a Danish law Deposit Account Control Agreement for a renewable energy project, where multiple EUR and DKK accounts at Danske Bank will be controlled by a syndicate of lenders, with the security agent being Nordic Trustee, to be effective from March 1, 2025.
1. Parties: Identification of the Account Holder, Secured Party, and Deposit Bank
2. Background: Context of the agreement, including reference to related security agreements
3. Definitions: Definitions of key terms used throughout the agreement
4. Account Control: Core provisions establishing control over the deposit account
5. Security Interest: Confirmation and acknowledgment of the security interest
6. Bank's Rights and Obligations: Detailed obligations of the deposit bank including compliance with instructions
7. Account Holder's Rights and Obligations: Restrictions and permissions regarding account access and operations
8. Secured Party's Rights: Rights to give instructions and control the account
9. Instructions and Notices: Procedures for giving and acting on instructions regarding the account
10. Fees and Expenses: Bank's fees and allocation of expenses
11. Representations and Warranties: Basic representations by all parties
12. Indemnification: Indemnification obligations of the parties
13. Term and Termination: Duration of agreement and termination provisions
14. Governing Law and Jurisdiction: Choice of Danish law and jurisdiction provisions
15. Miscellaneous: Standard boilerplate provisions including amendments, notices, and severability
1. Electronic Banking Provisions: Additional provisions for electronic banking access and controls, used when online banking is part of the arrangement
2. Foreign Currency Accounts: Special provisions for accounts held in non-Danish currency, used when foreign currency accounts are included
3. Multiple Account Provisions: Additional provisions for controlling multiple accounts, used when agreement covers more than one account
4. Subsidiary Account Holder Provisions: Additional provisions when the account holder is part of a corporate group, used for group structures
5. Set-off Rights: Specific provisions regarding set-off rights, used when parties want to explicitly address set-off
6. Data Protection: Specific GDPR compliance provisions, used when personal data processing is significant
1. Schedule 1 - Account Details: List and details of all controlled accounts
2. Schedule 2 - Authorized Persons: List of persons authorized to give instructions on behalf of each party
3. Schedule 3 - Form of Notice of Exclusive Control: Template for secured party to exercise exclusive control
4. Schedule 4 - Form of Bank Fee Schedule: Details of bank's fees and charges
5. Schedule 5 - Operating Procedures: Detailed procedures for account operation and instruction processing
6. Appendix A - Form of Amendment: Template for future amendments to the agreement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Commercial Lending
Project Finance
Infrastructure
Real Estate
Manufacturing
Energy
Private Equity
Asset Management
Corporate Finance
Relevant Teams
Legal
Treasury
Finance
Compliance
Credit Risk
Corporate Banking
Operations
Transaction Management
Security and Collateral
Documentation
Relationship Management
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Chief Financial Officer
Account Relationship Manager
Security Trustee
Compliance Officer
Credit Risk Manager
Corporate Banking Manager
Transaction Manager
Security Agent
Project Finance Manager
Senior Loan Officer
Documentation Manager
Operations Manager
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