The Global Collateral Account Control Agreement is utilized when parties need to establish security arrangements over financial accounts maintained across multiple jurisdictions under English and Welsh law. This document is particularly crucial in secured financing transactions where lenders require control over collateral accounts as security. It addresses the complexities of cross-border financial arrangements while ensuring compliance with UK financial regulations and international banking standards. The agreement typically includes detailed provisions for account operation, security enforcement, and the rights and obligations of all parties involved.
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1. Parties: Identifies all parties to the agreement (typically Account Owner, Secured Party, and Account Bank)
2. Background: Sets out the context and purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement
4. Account Control: Core provisions regarding control over the collateral account
5. Security Interest: Provisions establishing and maintaining the security interest
6. Instructions and Notices: Procedures for giving instructions regarding the account
7. Rights and Obligations: Duties of each party regarding the account
8. Events of Default: Circumstances triggering enforcement rights
9. Termination: Provisions for ending the agreement
1. Multi-currency Provisions: Additional provisions for accounts holding multiple currencies, typically used in international arrangements
2. Inter-creditor Provisions: Provisions regulating relationship between multiple secured parties when more than one secured party exists
3. Securities Account Provisions: Additional provisions specific to securities accounts when agreement covers both cash and securities accounts
1. Account Details Schedule: Lists all relevant account information and numbers
2. Notice and Acknowledgment Forms: Standard forms for account control notices
3. Authorized Signatories: List of persons authorized to give instructions
4. Fee Schedule: Details of account bank's fees and charges
5. Form of Instructions: Standard forms for giving account instructions
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