A Securities Account Control Agreement is essential in secured financing transactions where securities accounts serve as collateral. Under English and Welsh law, this agreement provides the legal framework for perfecting security interests in financial assets and establishes the mechanisms for control over the account. It is commonly used in lending arrangements, structured finance transactions, and other financial dealings where securities serve as collateral. The agreement details the rights and obligations of all parties, including operational procedures, voting rights, and enforcement mechanisms.
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1. Parties: Identifies the account holder, secured party, and securities intermediary
2. Background: Sets out the context of the agreement and underlying security arrangement
3. Definitions: Defines key terms used throughout the agreement including account, securities, control, and relevant regulations
4. Account Control: Core provisions regarding control over the securities account and the secured party's rights
5. Security Interest: Provisions regarding the creation and maintenance of the security interest over the account
6. Rights and Obligations of Securities Intermediary: Duties and responsibilities of the securities intermediary including compliance with instructions
7. Instructions and Notice: Procedures for giving instructions and notices regarding the account
8. Representations and Warranties: Standard representations and warranties from all parties
9. Term and Termination: Duration of agreement and termination provisions
1. Intermediary's Fees: Optional section covering the intermediary's fees and payment terms when not covered in a separate agreement
2. Foreign Law Securities: Additional provisions for securities governed by foreign law when the portfolio includes non-UK securities
3. Multiple Secured Parties: Provisions governing the rights and priorities of multiple secured parties when applicable
1. Account Details Schedule: Details and specifications of the securities account(s) subject to control
2. Form of Notice: Standard form templates for notices and instructions to be used by the parties
3. Authorized Persons: List of persons authorized to give instructions regarding the account
4. Fee Schedule: Schedule detailing the intermediary's fees and charges when applicable
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