The Deposit Account Control Agreement (DACA) is a critical document used in secured financing transactions under Irish law where deposit accounts serve as collateral. It is typically required when a lender takes security over bank accounts as part of a larger financing arrangement. The agreement establishes the mechanism by which the secured party can exercise control over the account(s), which is crucial for perfecting their security interest under Irish law. The document details the operational procedures for account management, including how and when the secured party can give instructions to the deposit bank, the bank's obligations in following such instructions, and the account holder's residual rights. It must comply with Irish banking regulations, including the Central Bank Act and relevant EU directives, and is commonly used in corporate lending, project finance, and other secured lending transactions in Ireland.
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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 credit facility and security arrangement
3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Instructions, Notice, etc.
4. Account Control: Establishes the secured party's control over the deposit account and the nature of that control
5. Bank's Rights and Obligations: Details the deposit bank's duties, including following instructions, maintaining the account, and compliance requirements
6. Secured Party's Rights and Authority: Specifies the secured party's rights to give instructions and access account information
7. Account Holder's Rights and Restrictions: Outlines what the account holder can and cannot do with respect to the controlled account
8. Instructions and Notices: Details how instructions should be given and acted upon, including format and timing requirements
9. Fees and Expenses: Specifies fees payable to the deposit bank and allocation of expenses
10. Representations and Warranties: Contains basic representations from each party regarding authority and capacity
11. Bank's Liability and Indemnification: Limits the deposit bank's liability and provides for indemnification
12. Term and Termination: Specifies the duration of the agreement and termination procedures
13. Miscellaneous: Contains standard boilerplate provisions including governing law, jurisdiction, amendments, etc.
1. Security Interest Provisions: Additional provisions regarding the creation and perfection of security interests - include when the DACA is part of a broader security package
2. Regulatory Compliance: Specific provisions addressing compliance with banking or securities regulations - include when dealing with regulated entities or specific regulatory requirements
3. Multi-Currency Provisions: Provisions dealing with multiple currencies - include when the controlled account holds multiple currencies
4. Electronic Communications: Detailed provisions for electronic instruction and communication procedures - include when parties agree to use electronic systems
5. Dispute Resolution: Alternative dispute resolution procedures - include when parties prefer arbitration or mediation over court proceedings
1. Account Details Schedule: Lists the specific accounts covered by the agreement, including account numbers and types
2. Authorized Persons Schedule: Lists individuals authorized to give instructions on behalf of the secured party and account holder
3. Fee Schedule: Details the fees payable to the deposit bank for its services
4. Notice Details: Contains contact details and notice requirements for all parties
5. Form of Instructions: Standard forms for giving instructions regarding the account
6. Form of Termination Notice: Standard form for terminating the agreement
7. Operating Procedures: Detailed procedures for day-to-day operation of the account control arrangement
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