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The Deposit Account Control Agreement (DACA) is a critical document used in secured financing transactions under Irish law where deposit accounts serve as collateral. It is typically required when a lender takes security over bank accounts as part of a larger financing arrangement. The agreement establishes the mechanism by which the secured party can exercise control over the account(s), which is crucial for perfecting their security interest under Irish law. The document details the operational procedures for account management, including how and when the secured party can give instructions to the deposit bank, the bank's obligations in following such instructions, and the account holder's residual rights. It must comply with Irish banking regulations, including the Central Bank Act and relevant EU directives, and is commonly used in corporate lending, project finance, and other secured lending transactions in Ireland.

1. Parties: Identifies the three main parties: Account Holder, Secured Party, and Deposit Bank

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

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

4. Account Control: Establishes the secured party's control over the deposit account and the nature of that control

5. Bank's Rights and Obligations: Details the deposit bank's duties, including following instructions, maintaining the account, and compliance requirements

6. Secured Party's Rights and Authority: Specifies the secured party's rights to give instructions and access account information

7. Account Holder's Rights and Restrictions: Outlines what the account holder can and cannot do with respect to the controlled account

8. Instructions and Notices: Details how instructions should be given and acted upon, including format and timing requirements

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

10. Representations and Warranties: Contains basic representations from each party regarding authority and capacity

11. Bank's Liability and Indemnification: Limits the deposit bank's liability and provides for indemnification

12. Term and Termination: Specifies the duration of the agreement and termination procedures

13. Miscellaneous: Contains standard boilerplate provisions including governing law, jurisdiction, amendments, etc.