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The Deposit Control Agreement is a crucial document used in Saudi Arabian banking and finance transactions to establish formal control over specified deposit accounts. This agreement is typically implemented when parties need to create security interests over bank accounts or when specific control mechanisms are required for project finance, corporate lending, or other structured finance arrangements. The document addresses the unique requirements of Saudi Arabian law, including compliance with Sharia principles and SAMA regulations. It sets out the framework for managing deposit accounts, including operational procedures, authorization requirements, and the rights and obligations of all parties involved. The agreement is particularly important in securing financing arrangements and ensuring proper control over cash flows in commercial transactions within the Saudi Arabian jurisdiction.

1. Parties: Identification of all parties to the agreement including the depositor, bank/financial institution, and any controlling parties

2. Background: Context of the agreement and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Deposit Control Arrangements: Core provisions regarding the control and management of deposits

5. Bank's Rights and Obligations: Detailed description of the bank's responsibilities and authority regarding the deposits

6. Depositor's Rights and Obligations: Obligations and rights of the depositor regarding the controlled accounts

7. Operating Procedures: Specific procedures for deposit management, withdrawals, and transfers

8. Sharia Compliance: Provisions ensuring compliance with Islamic banking principles

9. Representations and Warranties: Standard representations and warranties from all parties

10. Security Provisions: Security measures and controls for account access and management

11. Fees and Charges: Details of any applicable fees, charges, and payment terms

12. Term and Termination: Duration of the agreement and termination provisions

13. Governing Law and Jurisdiction: Specification of Saudi law as governing law and jurisdiction details

14. General Provisions: Standard boilerplate provisions including notices, amendments, and assignment