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Deposit Control Agreement

Deposit Control Agreement Template for New Zealand

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Key Requirements PROMPT example:

Deposit Control Agreement

"I need a Deposit Control Agreement for a renewable energy project in New Zealand where ABC Bank will be the deposit bank and XYZ Renewables Trust will be the secured party, with control over three project accounts holding both NZD and USD funds."

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Document background
The Deposit Control Agreement is a crucial document in secured financing transactions under New Zealand law, typically used when a lender requires control over a borrower's deposit accounts as part of its security package. This agreement is essential in establishing "control" for the purposes of the Personal Property Securities Act 1999 and creates a robust security interest in deposit accounts. The document details the mechanisms by which the Secured Party can exercise control over the accounts, the Deposit Bank's obligations to comply with instructions, and the Account Holder's rights and restrictions regarding account access. It's commonly used in corporate lending, project finance, and other secured transactions where deposit accounts form part of the collateral package. The agreement must comply with New Zealand banking regulations, securities laws, and general contract law principles.
Suggested Sections

1. Parties: Identifies and defines the Account Holder, Secured Party, and Deposit Bank as parties to the agreement

2. Background: Explains the context of the agreement, including reference to any security agreement between the Account Holder and Secured Party

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

4. Establishment of Control: Establishes the Secured Party's control over the specified deposit accounts

5. Bank's Rights and Obligations: Details the Deposit Bank's obligations regarding account access, instructions, and notifications

6. Security Interest: Confirms the security interest and its relationship to the main security agreement

7. Operating Instructions: Specifies how and when instructions can be given regarding the controlled accounts

8. Account Information and Statements: Details requirements for providing account information and statements to parties

9. Fees and Expenses: Outlines fees payable to the Deposit Bank and allocation of expenses

10. Representations and Warranties: Contains basic representations and warranties from each party

11. Term and Termination: Specifies the duration of the agreement and termination procedures

12. General Provisions: Includes standard boilerplate provisions such as notices, amendments, and governing law

Optional Sections

1. Multiple Account Provisions: Additional provisions for when multiple deposit accounts are subject to control

2. Foreign Currency Accounts: Special provisions for accounts held in currencies other than New Zealand dollars

3. Electronic Communications: Specific provisions for electronic instruction methods and security procedures

4. Reporting Requirements: Additional reporting obligations beyond standard account statements

5. Set-off Rights: Specific provisions regarding the bank's set-off rights

6. Force Majeure: Provisions dealing with circumstances beyond parties' control

7. Third Party Rights: Provisions addressing rights of parties not directly party to the agreement

Suggested Schedules

1. Schedule 1 - Controlled Accounts: Lists all deposit accounts subject to the control agreement, including account numbers and types

2. Schedule 2 - Authorized Representatives: Lists individuals authorized to give instructions on behalf of the Secured Party and Account Holder

3. Schedule 3 - Operating Procedures: Detailed procedures for giving and acting on instructions regarding the controlled accounts

4. Schedule 4 - Fee Schedule: Detailed breakdown of fees payable to the Deposit Bank

5. Schedule 5 - Notice Details: Contact details and notice requirements for all parties

6. Appendix A - Form of Instructions: Standard forms for giving instructions regarding the controlled accounts

7. Appendix B - Form of Notice of Exclusive Control: Standard form for the Secured Party to exercise exclusive control over the accounts

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Commercial Real Estate

Infrastructure Finance

Project Finance

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Operations

Corporate Banking

Credit Administration

Transaction Management

Security Administration

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Corporate Lawyer

Banking Relationship Manager

Security Trustee

Compliance Officer

Credit Risk Manager

Account Manager

Transaction Manager

Operations Manager

Portfolio Manager

Corporate Banking Officer

Security Administrator

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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