Deposit Account Control Agreement

Deposit Account Control Agreement Template for Indonesia

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Key Requirements PROMPT example:

"I need a Deposit Account Control Agreement under Indonesian law for a renewable energy project financing, where multiple project accounts will be controlled by a syndicate of international lenders, with the agreement to be effective from March 1, 2025."

Document background

The Deposit Account Control Agreement (DACA) is a critical document in secured financing transactions under Indonesian law, typically used when a lender requires control over a borrower's deposit accounts as collateral security. The agreement is essential in project finance, corporate lending, and structured finance transactions where cash collateral is a key component of the security package. It establishes the mechanism by which a secured party can exercise control over deposit accounts maintained by the account holder with the depository bank, complying with Indonesian banking regulations and OJK requirements. The document details the rights and obligations of all parties, including operational procedures for account access, instruction protocols, and the process for exercising exclusive control. This agreement is particularly important in the Indonesian context due to specific local law requirements regarding security over bank accounts and the need to establish clear control mechanisms that comply with both banking and secured transactions regulations.

Suggested Sections

1. Parties: Identifies the three key parties: (1) the account holder/depositor, (2) the secured party/lender, and (3) the depository bank

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

3. Definitions: Defines key terms used throughout the agreement, including 'Deposit Account', 'Control', 'Notice of Exclusive Control', and 'Instructions'

4. Account Control: Establishes the secured party's control rights over the deposit account and the bank's obligations regarding account access

5. Bank's Rights and Responsibilities: Details the bank's obligations, including following instructions, maintaining the account, and rights regarding fees and indemnification

6. Account Holder's Rights and Obligations: Specifies what the account holder can and cannot do with respect to the controlled account

7. Secured Party's Rights and Obligations: Outlines the secured party's authority to give instructions and exercise control over the account

8. Representations and Warranties: Contains basic representations from all parties regarding authority, binding effect, and account status

9. Fees and Expenses: Addresses the bank's fees for maintaining the account and providing DACA services

10. Indemnification: Sets forth indemnification obligations of the parties, particularly regarding the bank's actions in following instructions

11. Termination: Specifies how and when the agreement can be terminated and the consequences of termination

12. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, and dispute resolution

Optional Sections

1. Electronic Records and Signatures: Optional section for agreements where electronic banking and digital signatures will be used extensively

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

3. Multiple Account Provisions: Used when the agreement covers multiple deposit accounts

4. Subsidiary Account Holder Provisions: Needed when the account holder has subsidiary companies with accounts under the agreement

5. Special Instructions Procedures: Required for accounts with complex operational requirements or special instruction protocols

Suggested Schedules

1. Schedule 1 - Account Details: Lists all deposit accounts covered by the agreement, including account numbers and types

2. Schedule 2 - Authorized Representatives: Identifies individuals authorized to give instructions on behalf of the secured party and account holder

3. Schedule 3 - Form of Notice of Exclusive Control: Standard form for the secured party to exercise exclusive control over the account

4. Schedule 4 - Bank's Fee Schedule: Details the fees charged by the bank for DACA services

5. Appendix A - Operating Procedures: Details day-to-day operational procedures, including instruction formats and processing times

6. Appendix B - Notice Details: Contains contact information and notice requirements for all parties

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Manufacturing

Real Estate & Construction

Infrastructure

Energy & Resources

Technology

Retail & Consumer Goods

Agriculture

Healthcare

Transportation & Logistics

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Transaction Banking

Credit Administration

Operations

Account Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Compliance Officer

Credit Risk Manager

Account Relationship Manager

Security Trustee

Collateral Manager

Transaction Banking Manager

Corporate Banking Officer

Senior Legal Manager

Finance Operations Manager

Credit Administrator

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Authors

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