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Pledged Collateral Account Control Agreement for Singapore

Pledged Collateral Account Control Agreement Template for Singapore

A Pledged Collateral Account Control Agreement under Singapore law is a tripartite agreement that establishes control over a pledged account as collateral security. It governs the rights and obligations of the account bank, secured party, and account holder regarding the pledged account, ensuring the secured party's security interest is properly perfected under Singapore law. The agreement complies with Singapore's Securities and Futures Act and related regulations.

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What is a Pledged Collateral Account Control Agreement?

The Pledged Collateral Account Control Agreement is essential in secured financing transactions under Singapore law where accounts are used as collateral. It enables lenders to perfect their security interest over deposit accounts by establishing control, a key requirement under Singapore's security interest laws. The agreement details the mechanisms for controlling the account, procedures for enforcement, and the respective rights and obligations of all parties involved. It is commonly used in conjunction with other security documents in corporate lending, structured finance, and other secured transactions.

What sections should be included in a Pledged Collateral Account Control Agreement?

1. Parties: Identifies all parties: Account Bank, Secured Party, and Account Holder

2. Background: Explains the context of the agreement and relationship between parties

3. Definitions: Defines key terms used throughout the agreement

4. Account Control: Details the control mechanisms over the pledged account

5. Security Interest: Establishes the security interest over the account

6. Rights and Obligations: Outlines responsibilities of each party

7. Events of Default: Defines triggering events for enforcement

What sections are optional to include in a Pledged Collateral Account Control Agreement?

1. Foreign Law Considerations: Required if any party or assets are in foreign jurisdictions

2. Additional Secured Parties: Provisions for multiple secured parties when involving syndicated facilities

3. Intermediary Provisions: Required when involving securities intermediaries for securities accounts

What schedules should be included in a Pledged Collateral Account Control Agreement?

1. Account Details Schedule: Lists all controlled accounts and their details

2. Notice Forms: Template notices for account control activation

3. Authorized Persons: List of persons authorized to give instructions

4. Fee Schedule: Details of bank fees and charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Singapore

Publisher

Genie AI

Document Type

Account Agreement

Sector

Banking

Cost

Free to use

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