The Deposit Account Control Agreement Template is a fundamental document in Australian secured lending transactions, designed to comply with the Personal Property Securities Act 2009 (Cth) and relevant banking regulations. It is typically used when a lender requires security over a borrower's deposit accounts as part of a larger financing arrangement. The agreement establishes the mechanism by which the secured party can perfect its security interest through control and sets out the circumstances under which it can exercise exclusive control over the accounts. This template includes provisions for notices, operational procedures, and the rights and obligations of all parties, making it suitable for various commercial lending scenarios, from simple bilateral loans to complex structured finance transactions. It addresses key requirements under Australian law while maintaining flexibility to accommodate different commercial arrangements and banking relationships.
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1. Parties: Identifies the three main parties: Depositor, Secured Party, and Bank
2. Background: Explains the context of the agreement, including the existence of a security agreement between Depositor and Secured Party
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Security Interest and Control: Establishes the security interest and control arrangements over the deposit account
5. Bank's Rights and Obligations: Sets out the Bank's duties, including following instructions and maintaining the account
6. Control and Instructions: Details who can give instructions and when, including the shift from Depositor to Secured Party control
7. Secured Party's Rights: Specifies the Secured Party's rights regarding account access and control
8. Depositor's Rights and Restrictions: Outlines what the Depositor can and cannot do with the account
9. Fees and Expenses: Details the fees payable to the Bank and expense allocation
10. Representations and Warranties: Contains basic representations from all parties
11. Communications and Notice: Specifies how parties must communicate and give notices
12. Term and Termination: Sets out the duration and termination provisions
13. General Provisions: Contains standard boilerplate clauses including governing law, jurisdiction, amendments, etc.
1. Multiple Accounts: Required when the agreement covers multiple deposit accounts
2. Foreign Currency Accounts: Needed when the deposit account includes foreign currency holdings
3. Electronic Banking Arrangements: Required when specific online banking or electronic access provisions are needed
4. Reporting Requirements: Optional section for specific reporting obligations of the Bank to the Secured Party
5. Intermediary Bank Provisions: Required when an intermediary bank is involved in the arrangement
6. Special Instructions: Needed when there are specific operational requirements or instructions
7. Standing Instructions: Required when certain recurring transactions need to be maintained
1. Schedule 1 - Deposit Account Details: Lists all relevant deposit accounts covered by the agreement
2. Schedule 2 - Authorized Representatives: Lists authorized signatories and representatives for each party
3. Schedule 3 - Notice Details: Contains detailed contact information for all parties
4. Schedule 4 - Fee Schedule: Details the Bank's fees and charges
5. Schedule 5 - Form of Notice of Exclusive Control: Template notice for Secured Party to assume exclusive control
6. Schedule 6 - Form of Termination Notice: Template notice for terminating the agreement
7. Schedule 7 - Operating Procedures: Detailed procedures for account operation and control mechanisms
Relevant legal definitions
Account Bank
Account Control Notice
Account Details
Account Holder
Authorized Representative
Banking Day
Business Day
Control Event
Deposit Account
Deposit Account Records
Default Notice
Effective Date
Electronic Instructions
Encumbrance
Event of Default
Excluded Amounts
Fees
Financial Institution
Governing Law
Insolvency Event
Instructions
Law
Notice of Exclusive Control
Notice Details
Operating Procedures
Permitted Investments
PPSA
Priority Agreement
Release Notice
Relevant Interest
Required Balance
Secured Liabilities
Secured Party
Security Agreement
Security Interest
Security Trust
Security Trustee
Specified Account
Standing Instructions
Termination Date
Termination Notice
Transaction Documents
Withdrawal
Writing
Account Control Notice
Account Details
Account Holder
Authorized Representative
Banking Day
Business Day
Control Event
Deposit Account
Deposit Account Records
Default Notice
Effective Date
Electronic Instructions
Encumbrance
Event of Default
Excluded Amounts
Fees
Financial Institution
Governing Law
Insolvency Event
Instructions
Law
Notice of Exclusive Control
Notice Details
Operating Procedures
Permitted Investments
PPSA
Priority Agreement
Release Notice
Relevant Interest
Required Balance
Secured Liabilities
Secured Party
Security Agreement
Security Interest
Security Trust
Security Trustee
Specified Account
Standing Instructions
Termination Date
Termination Notice
Transaction Documents
Withdrawal
Writing
Clauses
Appointment
Authority
Bank Rights and Duties
Charge
Communications
Compliance with Laws
Confidentiality
Conflicts
Control Rights
Costs and Expenses
Default
Delegation
Deposit Account Operation
Dispute Resolution
Electronic Banking
Entire Agreement
Force Majeure
Further Assurance
Governing Law
Indemnification
Instructions
Interest
Jurisdiction
Liability Limitation
Notices
Payment Obligations
Priority
Representations and Warranties
Security Interest
Severability
Set-Off Rights
Standard of Care
Subordination
Survival
Tax
Term and Termination
Third Party Rights
Time of Essence
Undertakings
Variation
Waiver
Authority
Bank Rights and Duties
Charge
Communications
Compliance with Laws
Confidentiality
Conflicts
Control Rights
Costs and Expenses
Default
Delegation
Deposit Account Operation
Dispute Resolution
Electronic Banking
Entire Agreement
Force Majeure
Further Assurance
Governing Law
Indemnification
Instructions
Interest
Jurisdiction
Liability Limitation
Notices
Payment Obligations
Priority
Representations and Warranties
Security Interest
Severability
Set-Off Rights
Standard of Care
Subordination
Survival
Tax
Term and Termination
Third Party Rights
Time of Essence
Undertakings
Variation
Waiver
Relevant Industries
Banking & Financial Services
Commercial Lending
Corporate Finance
Investment Banking
Asset Management
Private Equity
Infrastructure & Project Finance
Real Estate Finance
Trade Finance
Manufacturing
Retail
Energy & Resources
Technology
Relevant Teams
Legal
Finance
Treasury
Operations
Compliance
Risk Management
Credit
Transaction Management
Client Services
Account Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Banking Relationship Manager
Security Trustee
Compliance Officer
Credit Manager
Account Manager
Transaction Manager
Corporate Lawyer
Banking & Finance Lawyer
Risk Manager
Operations Manager
Portfolio Manager
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