A Collateral Account Control Agreement is a crucial security document used in secured financing transactions in India where bank accounts serve as collateral. This agreement is typically executed alongside primary financing documents and creates a security interest in favor of the lender over specified bank accounts. It's particularly important in project finance, working capital facilities, and structured finance transactions where cash flow control is essential for security. The agreement must comply with Indian banking regulations, the SARFAESI Act, and related financial laws. It establishes the mechanism for the secured party to take control of the accounts upon specified triggers, while balancing the operational needs of the account holder during normal business operations. The document includes detailed provisions for account operation, control rights, and the procedure for implementing exclusive control.
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1. Parties: Identifies and defines the three main parties: Account Holder, Secured Party, and Account Bank
2. Background: Explains the context of the agreement, including reference to any underlying credit facility and security arrangements
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. Account Control and Security: Establishes the control arrangement over the account and confirms the security interest
5. Rights and Obligations of Account Bank: Details the Account Bank's duties, including handling of instructions and maintaining the account
6. Rights and Obligations of Secured Party: Specifies the Secured Party's rights to give instructions and exercise control
7. Rights and Obligations of Account Holder: Outlines the Account Holder's rights and restrictions regarding the account
8. Notice of Exclusive Control: Procedures for implementing exclusive control by the Secured Party upon specified events
9. Representations and Warranties: Standard representations and warranties from all parties
10. Account Operations: Detailed procedures for operating the account, including instructions and confirmations
11. Fees and Expenses: Details of fees payable to the Account Bank and allocation of expenses
12. Indemnification: Indemnification obligations of the parties, particularly to the Account Bank
13. Term and Termination: Duration of the agreement and circumstances for termination
14. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law, etc.
1. Foreign Exchange Provisions: Required when the account may hold foreign currency or involve cross-border transactions
2. Electronic Banking Arrangements: Needed when parties will use electronic banking systems for account access and operations
3. Multiple Account Provisions: Required when the control arrangement covers multiple accounts
4. Regulatory Compliance: Specific provisions required for regulated entities or specialized industries
5. Investment Provisions: Needed when the account may hold investments or securities
6. Subordination Provisions: Required when there are multiple secured parties with different priorities
1. Account Details: List and details of all controlled accounts
2. Authorized Signatories: List of authorized persons who can give instructions for each party
3. Form of Notice of Exclusive Control: Template for the notice triggering exclusive control
4. Operating Procedures: Detailed procedures for account operations and instructions
5. Fee Schedule: Detailed breakdown of Account Bank's fees and charges
6. Form of Amendments: Standard forms for adding or removing accounts from the agreement
7. Notice Details: Contact details and notice requirements for all parties
Relevant legal definitions
Account
Account Bank
Account Holder
Account Management Services
Account Statements
Affiliate
Authorized Person
Banking Day
Business Day
Charged Assets
Collateral
Control Notice
Default Notice
Disposal Proceeds
Effective Date
Enforcement Event
Event of Default
Facility Agreement
Finance Documents
Financial Indebtedness
Governmental Authority
Instruction
Law
Lender
Notice of Exclusive Control
Operating Procedures
Permitted Investments
Regulatory Authority
Relevant Account
Required Balance
RBI
Secured Obligations
Secured Party
Security
Security Documents
Security Interest
Security Period
Security Provider
SEBI
Specified Account
Standing Instructions
Subsidiary
Tax
Transaction Documents
Trigger Event
Withdrawal
Working Day
Account Bank
Account Holder
Account Management Services
Account Statements
Affiliate
Authorized Person
Banking Day
Business Day
Charged Assets
Collateral
Control Notice
Default Notice
Disposal Proceeds
Effective Date
Enforcement Event
Event of Default
Facility Agreement
Finance Documents
Financial Indebtedness
Governmental Authority
Instruction
Law
Lender
Notice of Exclusive Control
Operating Procedures
Permitted Investments
Regulatory Authority
Relevant Account
Required Balance
RBI
Secured Obligations
Secured Party
Security
Security Documents
Security Interest
Security Period
Security Provider
SEBI
Specified Account
Standing Instructions
Subsidiary
Tax
Transaction Documents
Trigger Event
Withdrawal
Working Day
Clauses
Interpretation
Appointment
Security Creation
Account Control
Notice Requirements
Operating Procedures
Instructions and Authority
Bank Rights and Obligations
Account Holder Covenants
Secured Party Rights
Representations and Warranties
Fees and Expenses
Payment Provisions
Set-off Rights
Security Enforcement
Default Provisions
Regulatory Compliance
Confidentiality
Data Protection
Indemnification
Liability Limitation
Force Majeure
Assignment and Transfer
Amendment and Modification
Termination
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Appointment
Security Creation
Account Control
Notice Requirements
Operating Procedures
Instructions and Authority
Bank Rights and Obligations
Account Holder Covenants
Secured Party Rights
Representations and Warranties
Fees and Expenses
Payment Provisions
Set-off Rights
Security Enforcement
Default Provisions
Regulatory Compliance
Confidentiality
Data Protection
Indemnification
Liability Limitation
Force Majeure
Assignment and Transfer
Amendment and Modification
Termination
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Counterparts
Relevant Industries
Banking
Financial Services
Infrastructure
Manufacturing
Real Estate
Energy
Telecommunications
Healthcare
Information Technology
Retail
Logistics
Mining
Agriculture
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Operations
Transaction Management
Project Finance
Structured Finance
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Security Trustee
Facility Agent
Account Manager
Transaction Manager
Corporate Banking Officer
Project Finance Manager
Structured Finance Manager
Risk Management Officer
Operations Manager
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