An Account Control Agreement is a crucial document in secured financing transactions in the Philippines, used when a lender requires control over a borrower's deposit accounts as collateral security. This agreement is particularly important under Philippine law as it provides a means of perfecting a security interest in deposit accounts under the Personal Property Security Act. The document establishes the rights and obligations of the account holder (typically a borrower), the secured party (usually a lender), and the deposit bank maintaining the accounts. It includes specific provisions for account access, control mechanisms, operational procedures, and compliance with Philippine banking regulations. The agreement is commonly used in project financing, corporate lending, and other secured transactions where deposit accounts serve as collateral. It must comply with local banking regulations, including requirements set by the Bangko Sentral ng Pilipinas.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
Your data doesn't train Genie's AI
You keep IP ownership of your docs
Alternatively...
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 security agreement
3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Instructions, etc.
4. Account Control: Establishes the fundamental control rights over the account and the hierarchy of authority
5. Security Interest: Acknowledges and confirms the security interest of the Secured Party in the account
6. Bank's Rights and Responsibilities: Details the obligations and rights of the Deposit Bank regarding account operation
7. Instructions and Notifications: Specifies how instructions are to be given and acted upon, including format and timing
8. Representations and Warranties: Contains basic representations from all parties regarding authority and capacity
9. Fees and Expenses: Outlines the fees payable to the Deposit Bank and responsibility for expenses
10. Indemnification: Sets forth indemnification obligations among the parties
11. Term and Termination: Specifies duration of agreement and circumstances for termination
12. Governing Law and Jurisdiction: Establishes Philippine law as governing law and specifies jurisdiction for disputes
13. Miscellaneous: Contains standard boilerplate provisions including notices, amendments, and counterparts
1. Electronic Banking Provisions: Additional provisions for electronic banking access and controls, required if online banking services are part of the arrangement
2. Foreign Currency Provisions: Required if the controlled account may contain foreign currency
3. Multiple Account Provisions: Required if the agreement covers multiple accounts
4. Regulatory Compliance: Additional section for specific regulatory requirements, particularly relevant for regulated entities
5. Internal Controls and Audit Rights: Optional section providing for audit rights and internal control requirements, often included for institutional clients
6. Force Majeure: Optional section dealing with circumstances beyond parties' control, particularly relevant in jurisdictions prone to natural disasters
1. Schedule 1 - Account Details: Lists all accounts covered by the agreement, including account numbers and types
2. Schedule 2 - Authorized Signatories: Lists all authorized signatories and their signing authorities
3. Schedule 3 - Form of Instructions: Contains template forms for standard instructions under the agreement
4. Schedule 4 - Fee Schedule: Details the fees payable to the Deposit Bank
5. Schedule 5 - Notice Details: Contains contact details and notice requirements for all parties
6. Appendix A - Operational Procedures: Details day-to-day operational procedures and requirements
7. Appendix B - Electronic Banking Procedures: If applicable, contains procedures for electronic banking services
Authors
Find the document you need
Bookkeeping Agreement
A Philippine law-governed agreement establishing terms and conditions for professional bookkeeping services, including scope, fees, and compliance requirements.
Download
Rental Agreement For Bank Account Opening
A Philippine-compliant rental agreement template specifically designed to meet both residential leasing requirements and bank account opening documentation needs.
Download
Bookkeeping Confidentiality Agreement
A confidentiality agreement for bookkeeping services in the Philippines, ensuring protection of financial information under Philippine law.
Download
Account Control Agreement
A Philippine law-governed agreement establishing control rights over deposit accounts between an account holder, secured party, and deposit bank.
Download
Time Deposit Agreement
A Philippine law-governed agreement establishing terms for fixed-term deposits between a bank and depositor, including interest rates and maturity conditions.
Download
Savings Account Agreement
A Philippine law-governed agreement establishing terms and conditions between a bank and customer for savings account services, compliant with BSP regulations.
Download
Deposit Account Agreement
A Philippine law-governed agreement establishing the terms and conditions between a bank and its deposit account holders, compliant with BSP regulations.
Download
Account Receivable Purchase Agreement
Philippine law-governed agreement for the sale and transfer of accounts receivable, establishing terms for purchase, pricing, and operational procedures.
Download
Accounts Receivable Assignment Agreement
A Philippine law-governed agreement for the transfer of accounts receivable from an assignor to an assignee, detailing terms, conditions, and regulatory compliance requirements.
Download
Deed Of Assignment Of Shares Of Stock
A Philippine law-governed document that legally transfers ownership of shares of stock from one party to another, including all essential transfer terms and regulatory compliance requirements.
Download
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your data is private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
