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The Security Account Control Agreement is a fundamental document in Malaysian secured lending transactions where bank accounts serve as collateral. It is typically used in conjunction with facility agreements and security documents, establishing the mechanism by which a secured party obtains and maintains control over the account holder's bank accounts. The agreement ensures compliance with Malaysian banking regulations, particularly the Financial Services Act 2013, while providing the secured party with the necessary rights to perfect their security interest. This document is essential in project finance, corporate lending, and other secured transactions in Malaysia where account control is a key element of the security package. The agreement addresses operational aspects such as instruction rights, account access, and the bank's obligations, while also incorporating Malaysian electronic banking regulations where relevant.

1. Parties: Identifies the three key parties: Account Holder, Secured Party, and Account Bank

2. Background: Sets out the context of the security arrangement and references to related agreements

3. Definitions: Defines key terms used throughout the agreement, including Account, Control, Instructions, Security Interest

4. Account Control Arrangements: Core section establishing the control rights over the account and how they operate

5. Security Interest: Confirms the grant and nature of the security interest over the account

6. Operating Procedures: Details the procedures for giving instructions and operating the account

7. Account Bank's Rights and Obligations: Sets out the duties, responsibilities and protections of the Account Bank

8. Representations and Warranties: Standard representations from all parties regarding authority, capacity and account ownership

9. Fees and Expenses: Details the fees payable to the Account Bank and expense allocation

10. Termination: Procedures and circumstances for terminating the agreement

11. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law