The Collateral Account Control Agreement is a fundamental document in secured financing transactions under Danish law, implementing both local regulations and EU directives. It is used when a lender or security holder requires control over bank accounts as collateral security, typically in project finance, acquisition finance, or general corporate lending scenarios. The agreement ensures that the security interest in the accounts is properly perfected under Danish law and provides the secured party with the necessary control rights. The document establishes clear procedures for account operation, including how and when the secured party can take exclusive control, the account bank's obligations to follow instructions, and the account holder's permitted activities. This type of agreement is particularly important in Denmark due to specific requirements under the Danish Act on Financial Collateral Arrangements and the Danish Securities Trading Act.
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Key Requirements PROMPT example:
Collateral Account Control Agreement
I need a Danish law Collateral Account Control Agreement for a single EUR account held by our corporate borrower with Danske Bank, to be signed by March 2025; this is part of a standard corporate loan facility and should include basic account monitoring rights with the ability to take control upon default.
1. Parties: Identifies the account holder (pledgor), secured party, and account bank as parties to the agreement
2. Background: Sets out the context of the agreement, including reference to the underlying security arrangement and the purpose of the account control agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Account Control and Security Interest: Establishes the secured party's control over the account and confirms the security interest
5. Account Bank's Rights and Obligations: Details the account bank's obligations regarding account maintenance and following instructions
6. Secured Party's Rights and Instructions: Specifies the secured party's rights to give instructions and control the account
7. Account Holder's Rights and Obligations: Defines the account holder's limited rights to access the account and their ongoing obligations
8. Notice of Exclusive Control: Procedures for the secured party to exercise exclusive control over the account
9. Fees and Expenses: Sets out the fee arrangement and responsibility for expenses
10. Representations and Warranties: Standard representations and warranties from all parties
11. Account Bank's Liability and Indemnification: Limits on account bank's liability and indemnification provisions
12. Termination: Circumstances and procedures for terminating the agreement
13. Notices: Procedures for giving notices under the agreement
14. Governing Law and Jurisdiction: Specifies Danish law as governing law and jurisdiction for disputes
15. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Multiple Accounts: Additional provisions for when the agreement covers multiple accounts - include when more than one account is subject to control
2. Foreign Law Security: Additional provisions when the underlying security agreement is governed by foreign law - include when applicable
3. Regulatory Compliance: Specific provisions addressing regulatory requirements - include when parties are regulated entities
4. Electronic Communications: Provisions for electronic instruction and communication systems - include when parties agree to use electronic systems
5. Standing Instructions: Provisions for handling standing or recurring instructions - include when regular transfers are contemplated
6. Currency Provisions: Special provisions for handling multiple currencies - include when account may hold multiple currencies
1. Schedule 1 - Account Details: Details of the controlled account(s) including account numbers and account bank branch information
2. Schedule 2 - Authorized Persons: List of persons authorized to give instructions on behalf of the secured party and account holder
3. Schedule 3 - Form of Notice of Exclusive Control: Template notice to be used by secured party to exercise exclusive control
4. Schedule 4 - Operating Procedures: Detailed procedures for account operation, including cut-off times and processing requirements
5. Schedule 5 - Fee Schedule: Details of the account bank's fees and charges
6. Schedule 6 - Form of Release Notice: Template notice for releasing control over the account upon termination
7. Appendix A - Specimen Signatures: Specimen signatures of authorized signatories for all parties
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Corporate Lending
Asset Management
Private Equity
Insurance
Capital Markets
Commercial Real Estate
Infrastructure
Energy
Manufacturing
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Banking Operations
Corporate Banking
Transaction Management
Securities Services
Client Services
Documentation
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Relationship Manager
Credit Officer
Security Agent
Collateral Manager
Account Manager
Risk Manager
Compliance Officer
Transaction Manager
Corporate Banker
Investment Manager
Chief Financial Officer
Legal Director
Banking Operations Manager
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