The Deposit Control Agreement is a crucial document in secured financing transactions under Australian law, particularly where deposit accounts form part of the collateral package. This agreement is typically used in conjunction with broader security arrangements and is essential for perfecting security interests over deposit accounts under the Personal Property Securities Act 2009 (Cth). The agreement establishes the mechanism for control over deposit accounts, which is particularly important in project finance, corporate lending, and structured finance transactions. It details the operational procedures for account management, sets out the rights and obligations of all parties, and specifies the circumstances under which the secured party can exercise control over the accounts. The document must comply with Australian banking regulations and security laws while addressing practical operational requirements for all parties involved.
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1. Parties: Identifies the three main parties: the Depositor, the Secured Party, and the Bank
2. Background: Explains the context of the agreement, including the existing security arrangement between Depositor and Secured Party
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation principles
4. Account Control and Security Interest: Establishes the control arrangement and confirms the security interest over the deposit account
5. Bank's Rights and Obligations: Details the bank's obligations regarding account operation and following instructions
6. Secured Party's Rights and Instructions: Specifies the secured party's rights to give instructions and control the account
7. Depositor's Rights and Restrictions: Outlines the depositor's limited rights to access the account and restrictions on operations
8. Account Operations: Describes operational procedures, including processing of instructions and timing
9. Fees and Expenses: Sets out fees payable to the bank and allocation of expenses
10. Representations and Warranties: Contains standard representations and warranties from all parties
11. Bank's Liability and Indemnification: Limits bank's liability and provides for indemnification of the bank
12. Term and Termination: Specifies duration of agreement and termination circumstances
13. Notices: Details how formal notices must be given between parties
14. General Provisions: Contains standard boilerplate provisions including governing law, jurisdiction, and amendments
1. Multiple Accounts: Required when the control arrangement covers multiple deposit accounts
2. Foreign Currency Provisions: Needed when the controlled accounts include foreign currency deposits
3. Electronic Banking Arrangements: Include when parties will use electronic banking systems for account access
4. Intermediary Bank Provisions: Required when transactions involve correspondent or intermediary banks
5. Set-off Rights: Include when parties negotiate specific set-off arrangements
6. Regulatory Compliance: Add detailed compliance provisions for highly regulated parties
7. Alternative Dispute Resolution: Optional section for specific dispute resolution procedures beyond court jurisdiction
1. Schedule 1 - Controlled Accounts: Lists all deposit accounts subject to the control arrangement, including account numbers and types
2. Schedule 2 - Authorized Representatives: Lists individuals authorized to give instructions on behalf of each party
3. Schedule 3 - Fee Schedule: Details the fees payable to the bank for maintaining the control arrangement
4. Schedule 4 - Form of Instructions: Contains template forms for standard instructions under the agreement
5. Schedule 5 - Notice Details: Contains detailed contact information for notices to all parties
6. Appendix A - Operating Procedures: Details specific procedures for account operation and instruction processing
7. Appendix B - Security Procedures: Specifies security procedures for verifying instructions and accessing accounts
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Lending
Asset Finance
Project Finance
Real Estate Finance
Infrastructure
Private Equity
Commercial Banking
Investment Banking
Corporate Treasury Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Credit Risk
Operations
Corporate Banking
Transaction Management
Security Administration
Account Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Banking Relationship Manager
Security Trustee
Loan Officer
Compliance Officer
Account Manager
Credit Risk Manager
Corporate Finance Manager
Transaction Manager
Security Administrator
Project Finance Manager
Treasury Operations Manager
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