Deposit Account Control Agreement Template for Australia

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Key Requirements PROMPT example:

Deposit Account Control Agreement Template

"I need a Deposit Account Control Agreement Template under Australian law for a mining project financing, where multiple foreign currency accounts will be involved and the secured party requires daily reporting of account balances."

Document background

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.

Suggested Sections

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.

Optional Sections

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

Suggested Schedules

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

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 | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

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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