Account Control Agreement
An Account Control Agreement (ACA) is a legal contract or arrangement between a borrower, a lender, and a third-party financial institution (usually a bank). It is designed to establish and secure the lender's control over a specific account held by the borrower at the financial institution. The ACA outlines the terms and conditions under which the lender has the right to control and access funds within the specified account. It serves as a form of collateral and risk mitigation for the lender, ensuring that they have priority and control over the account's funds in case of default or other specified events.