The Pledged Collateral Account Control Agreement is a critical document in Australian secured financing arrangements, used to perfect security interests in deposit accounts under the Personal Property Securities Act 2009 (PPSA). This agreement is typically required when a lender takes security over bank accounts as part of a broader security package. It establishes the rights and obligations of the account holder (Pledgor), the party taking security (Secured Party), and the bank maintaining the account (Depositary Bank). The agreement includes mechanisms for implementing control over the account, procedures for giving instructions, and circumstances under which the Secured Party can take exclusive control. It's particularly relevant in project finance, structured lending, and corporate finance transactions where account security is a key component of the security package.
Pledged Collateral Account Control Agreement Template for Australia
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Key Requirements PROMPT example:
Pledged Collateral Account Control Agreement
"Need a Pledged Collateral Account Control Agreement for a syndicated loan facility closing March 2025, where multiple USD and AUD accounts held with ANZ Bank will be secured in favor of a syndicate of Australian banks, with Bank of Queensland acting as security trustee."
1. Parties: Identifies the Pledgor, Secured Party, and Depositary Bank as parties to the agreement
2. Background: Recitals explaining the context of the agreement, including reference to any underlying security arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Account Control and Security: Establishes the control arrangement and confirms the security interest
5. Control of the Account: Details the mechanism for controlling the account, including instruction rights and the role of the Depositary Bank
6. Rights and Duties of Depositary Bank: Sets out the obligations and protections of the Depositary Bank
7. Representations and Warranties: Standard representations from all parties regarding capacity and authority
8. Instructions and Notice of Exclusive Control: Procedures for giving instructions and implementing exclusive control
9. Fees and Expenses: Details of fees payable to the Depositary Bank and expense allocation
10. Indemnification: Indemnification obligations of the parties, particularly to the Depositary Bank
11. Termination: Circumstances and process for terminating the agreement
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law
1. Security Interest Provisions: Additional provisions regarding the security interest when the agreement needs to establish rather than just perfect the security
2. Multi-Currency Provisions: Special provisions for accounts holding multiple currencies
3. Electronic Communications: Specific provisions for electronic instruction methods and security procedures
4. Standing Instructions: Provisions for handling regular or standing instructions if permitted
5. Intermediary Arrangements: Additional provisions when involving sub-custodians or intermediaries
6. Tax Provisions: Specific tax-related provisions if required by the jurisdiction or transaction structure
1. Account Details: Details of the pledged account(s) including account numbers and types
2. Authorized Persons: List of persons authorized to give instructions on behalf of each party
3. Form of Notice of Exclusive Control: Template notice to be used when implementing exclusive control
4. Operating Procedures: Detailed procedures for account operation and instruction processing
5. Fee Schedule: Detailed breakdown of Depositary Bank's fees and charges
6. Form of Termination Notice: Template notice for terminating the agreement
7. Electronic Communications Protocol: Technical requirements and security procedures for electronic communications if applicable
Authors
Relevant legal definitions
Account
Account Bank
Account Control Notice
Account Mandate
Authorized Person
Banking Day
Business Day
Collateral
Control
Default
Default Notice
Depositary Bank
Designated Office
Effective Date
Electronic Communications
Encumbrance
Event of Default
Execution Date
Financial Institution
Insolvency Event
Instructions
Law
Losses
Notice of Exclusive Control
Operating Procedures
PPSA
PPS Register
PPS Regulations
Permitted Investments
Pledge
Pledged Account
Pledgor
Relevant Interest
Secured Obligations
Secured Party
Security Interest
Security Trust
Security Trustee
Secured Property
Standing Instructions
Subsidiary
Tax
Termination Date
Termination Notice
Transaction Documents
Trust
Withdrawal
Written Notice
Account Bank
Account Control Notice
Account Mandate
Authorized Person
Banking Day
Business Day
Collateral
Control
Default
Default Notice
Depositary Bank
Designated Office
Effective Date
Electronic Communications
Encumbrance
Event of Default
Execution Date
Financial Institution
Insolvency Event
Instructions
Law
Losses
Notice of Exclusive Control
Operating Procedures
PPSA
PPS Register
PPS Regulations
Permitted Investments
Pledge
Pledged Account
Pledgor
Relevant Interest
Secured Obligations
Secured Party
Security Interest
Security Trust
Security Trustee
Secured Property
Standing Instructions
Subsidiary
Tax
Termination Date
Termination Notice
Transaction Documents
Trust
Withdrawal
Written Notice
Clauses
Parties
Interpretation
Definitions
Account Control
Security Interest
Operating Procedures
Instructions
Authority
Representations and Warranties
Covenants
Notice Provisions
Control Rights
Bank's Rights and Duties
Fees and Expenses
Indemnification
Limitation of Liability
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Termination
Assignment
Amendment
Severability
Entire Agreement
Counterparts
Notices
Governing Law
Jurisdiction
Dispute Resolution
Third Party Rights
Electronic Communications
Set-Off Rights
Tax Provisions
Interpretation
Definitions
Account Control
Security Interest
Operating Procedures
Instructions
Authority
Representations and Warranties
Covenants
Notice Provisions
Control Rights
Bank's Rights and Duties
Fees and Expenses
Indemnification
Limitation of Liability
Force Majeure
Confidentiality
Data Protection
Anti-Money Laundering
Termination
Assignment
Amendment
Severability
Entire Agreement
Counterparts
Notices
Governing Law
Jurisdiction
Dispute Resolution
Third Party Rights
Electronic Communications
Set-Off Rights
Tax Provisions
Relevant Industries
Banking
Financial Services
Investment Management
Corporate Lending
Structured Finance
Asset Management
Private Equity
Infrastructure
Commercial Real Estate
Insurance
Relevant Teams
Legal
Treasury
Finance
Risk Management
Operations
Compliance
Credit
Corporate Banking
Transaction Management
Account Services
Securities Services
Relevant Roles
Treasury Manager
Finance Director
Legal Counsel
Security Trustee
Relationship Manager
Credit Risk Manager
Operations Manager
Compliance Officer
Account Manager
Transaction Manager
Chief Financial Officer
Corporate Lawyer
Banking Operations Officer
Risk Manager
Portfolio Manager
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