The Global Collateral Account Control Agreement is a critical document used in secured financing arrangements where control over financial accounts is required as part of a security package. This agreement is particularly relevant in Australia where it must comply with the Personal Property Securities Act 2009 and Banking Act 1959. It is commonly used in syndicated lending, structured finance, and international trading relationships where parties need to establish control over accounts containing collateral. The agreement details the mechanism by which the Secured Party can take control of the accounts upon specified events, while also setting out the Account Bank's obligations and protections. It includes provisions for day-to-day operation of the accounts, notice requirements, and enforcement procedures, making it essential for any significant secured financing arrangement involving Australian accounts.
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1. Parties: Identifies and defines all parties to the agreement: Account Holder, Secured Party, and Account Bank
2. Background: Sets out the context of the agreement, including reference to any related security agreements and the purpose of the account control arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including treatment of foreign currency and time zones
4. Account Control and Security: Establishes the control mechanism over the accounts and confirms the security interest
5. Account Bank's Rights and Obligations: Details the responsibilities and limitations of the Account Bank's role
6. Notice of Exclusive Control: Procedures for implementing exclusive control following specified events
7. Operating Procedures: Day-to-day operation of the accounts, including instructions and authorizations
8. Representations and Warranties: Standard representations and specific ones related to account control
9. Fees and Expenses: Account Bank's fees and expense reimbursement provisions
10. Indemnification: Indemnities provided to the Account Bank and other parties
11. Termination: Circumstances and procedures for terminating the agreement
12. Governing Law and Jurisdiction: Specifies Australian law as governing law and jurisdiction for disputes
13. General Provisions: Standard boilerplate provisions including notices, amendments, and severability
1. Foreign Currency Provisions: Required when accounts may hold multiple currencies or foreign currency transactions are contemplated
2. Electronic Banking Arrangements: Required when electronic banking services are used for account access and operations
3. FATCA Compliance: Required when any party is a US person or when US-source payments may be involved
4. Security Interest Subordination: Required when there are multiple secured parties with different priorities
5. Inter-creditor Provisions: Required when multiple secured parties have interests in the same accounts
6. Cross-Border Provisions: Required when accounts are maintained in multiple jurisdictions
1. Schedule 1 - Designated Account Details: Lists all accounts subject to the agreement, including account numbers and currencies
2. Schedule 2 - Authorized Persons: Lists individuals authorized to give instructions on behalf of each party
3. Schedule 3 - Notice Forms: Standard forms for various notices including Notice of Exclusive Control
4. Schedule 4 - Operating Procedures: Detailed procedures for account operation, including cut-off times and special instructions
5. Schedule 5 - Fee Schedule: Details of Account Bank's fees and charging methodology
6. Appendix A - Account Bank's Standard Terms: Standard terms and conditions of the Account Bank that apply to the accounts
7. Appendix B - Security Interest Perfection Requirements: Specific requirements for perfecting security interests under Australian law
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Investment Banking
Corporate Finance
Asset Management
Insurance
Private Equity
Commercial Lending
Securities and Investments
Commodities Trading
International Trade Finance
Relevant Teams
Legal
Treasury
Finance
Compliance
Risk Management
Operations
Corporate Banking
Securities Operations
Credit Administration
Transaction Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Credit Risk Manager
Security Trustee
Collateral Manager
Legal Counsel
Compliance Officer
Account Relationship Manager
Transaction Manager
Securities Operations Manager
Financial Controller
Corporate Banking Manager
Structured Finance Manager
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