A Deposit Control Agreement is crucial in secured lending transactions where deposit accounts serve as collateral. This agreement, governed by U.S. law and particularly UCC Article 9, provides the legal framework for a secured party to perfect its security interest in deposit accounts through control. The agreement typically arises in connection with credit facilities, securing loans, or other financial arrangements where a lender requires certainty over its rights to deposit account collateral. It establishes the mechanics for control, defines the rights and obligations of all parties, and outlines procedures for exercising control rights.
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1. Parties: Identification of account owner, secured party, and depository bank
2. Background: Context of the agreement and reference to related security agreements
3. Definitions: Key terms including Deposit Account, Control, Security Interest, and Notice
4. Control of Deposit Account: Terms establishing secured party's control over the account
5. Rights and Duties of Depository Bank: Bank's obligations regarding account access and instructions
6. Secured Party's Rights: Rights to give instructions and access account information
7. Termination: Conditions and process for ending the agreement
1. Account Services: Additional banking services, used when specific services need to be maintained
2. Fees and Expenses: Bank's compensation for maintaining control arrangement
3. Subordination of Security Interest: Bank's rights regarding setoff and fees
1. Schedule A - Deposit Account Details: List of controlled accounts and account numbers
2. Schedule B - Authorized Representatives: List of persons authorized to give instructions
3. Schedule C - Form of Notice: Template for notices of exclusive control
4. Schedule D - Fee Schedule: Bank's fees for maintaining the control arrangement
Relevant legal definitions
Account Owner
Account Services
Agreement
Authorized Representatives
Banking Day
Business Day
Collateral
Control
Control Notice
Deposit Account
Depository Bank
Event of Default
Governmental Authority
Instructions
Law
Lien
Loan Agreement
Notice of Exclusive Control
Obligations
Party/Parties
Person
Secured Party
Security Agreement
Security Interest
Subsidiary
UCC
Account Services
Agreement
Authorized Representatives
Banking Day
Business Day
Collateral
Control
Control Notice
Deposit Account
Depository Bank
Event of Default
Governmental Authority
Instructions
Law
Lien
Loan Agreement
Notice of Exclusive Control
Obligations
Party/Parties
Person
Secured Party
Security Agreement
Security Interest
Subsidiary
UCC
Clauses
Control Rights
Security Interest
Account Access
Bank's Rights and Duties
Instructions and Notices
Representations and Warranties
Subordination
Set-off Rights
Account Statements
Fees and Expenses
Indemnification
Amendments
Termination
Governing Law
Jurisdiction
Notices
Assignment
Severability
Entire Agreement
Counterparts
Force Majeure
Waiver
Confidentiality
Regulatory Compliance
Security Interest
Account Access
Bank's Rights and Duties
Instructions and Notices
Representations and Warranties
Subordination
Set-off Rights
Account Statements
Fees and Expenses
Indemnification
Amendments
Termination
Governing Law
Jurisdiction
Notices
Assignment
Severability
Entire Agreement
Counterparts
Force Majeure
Waiver
Confidentiality
Regulatory Compliance
Relevant Industries
Relevant Teams
Relevant Roles
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