The Collateral Account Agreement is a fundamental document in secured financing transactions under Canadian law, used when a lender requires security over bank accounts as part of its collateral package. This agreement becomes necessary in various scenarios, including project financing, corporate lending, and structured finance transactions where control over cash flows is crucial. It operates within the framework of the Bank Act (Canada) and provincial personal property security legislation, establishing the mechanisms for control over accounts, defining the rights and obligations of all parties, and setting out procedures for operation and enforcement. The agreement typically covers account maintenance, control rights, permitted withdrawals, and enforcement procedures, while ensuring compliance with Canadian banking regulations and security laws. It's particularly important in transactions where cash management and account control are critical components of the security package.
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1. Parties: Identifies all parties to the agreement including the account holder, secured party, and account bank
2. Background: Explains the context of the agreement and references any related credit or security agreements
3. Definitions: Defines key terms used throughout the agreement, including types of accounts, security interest, and relevant banking terms
4. Grant of Security Interest: Establishes the security interest in the collateral account(s) and related assets
5. Account Control: Specifies the control arrangements and authority over the account(s), including operational controls and signing authorities
6. Rights and Obligations of the Account Bank: Details the account bank's responsibilities, including handling instructions and maintaining the account
7. Representations and Warranties: Contains standard representations regarding authority, ownership, and account status
8. Covenants: Specifies ongoing obligations regarding account maintenance, reporting, and permitted activities
9. Events of Default: Lists circumstances constituting default and triggering enforcement rights
10. Enforcement Rights: Details the secured party's rights upon default, including account access and disposition of funds
11. Fees and Expenses: Addresses payment of bank fees and other costs related to the account
12. Notices: Specifies how and where notices must be delivered
13. Term and Termination: Sets out the duration of the agreement and termination procedures
14. General Provisions: Contains standard boilerplate provisions including governing law, amendments, and assignment
1. Securities Account Provisions: Additional provisions for accounts holding securities or investment property, used when the collateral includes securities accounts
2. Foreign Currency Accounts: Special provisions for accounts in multiple currencies, included when foreign currency accounts are part of the collateral
3. Subsidiary Accounts: Provisions for handling multiple sub-accounts or subsidiary account structures, used in complex account arrangements
4. Internet Banking Services: Provisions regarding online access and electronic banking services, included when online banking access is required
5. Set-off Rights: Specific provisions regarding set-off rights among parties, included when set-off is a material consideration
6. Third Party Agreements: Provisions regarding relationships with other creditors or third parties, used when there are intercreditor arrangements
7. Tax Provisions: Special tax-related provisions, included when tax implications are material to the arrangement
1. Schedule of Accounts: Lists all accounts covered by the agreement, including account numbers and types
2. Authorized Signatories: Lists individuals authorized to give instructions regarding the accounts
3. Form of Notice of Exclusive Control: Template notice to be used when secured party assumes exclusive control of accounts
4. Fee Schedule: Details of bank fees and charges applicable to the accounts
5. Form of Account Statement: Template for required account reporting and statements
6. Operating Procedures: Detailed procedures for account operation and instruction delivery
7. Form of Amendment: Template for adding or removing accounts from the agreement
Relevant legal definitions
Account
Account Bank
Account Holder
Account Statement
Affiliate
Authorized Person
Banking Day
Business Day
Charged Property
Collateral
Control
Default
Default Notice
Disposition
Effective Date
Encumbrance
Enforcement Event
Event of Default
Excluded Amounts
Financial Institution
Fixed Charge
Floating Charge
Governmental Authority
Instruction
Interest
Law
Lien
Loss
Notice of Exclusive Control
Obligations
Operating Procedures
Permitted Investments
Permitted Withdrawal
Person
PPSA
Proceeds
Secured Obligations
Secured Party
Security
Security Interest
Security Period
Settlement Day
Subsidiary
Tax
Transaction Documents
Transfer
Withdrawal
Writing
Account Bank
Account Holder
Account Statement
Affiliate
Authorized Person
Banking Day
Business Day
Charged Property
Collateral
Control
Default
Default Notice
Disposition
Effective Date
Encumbrance
Enforcement Event
Event of Default
Excluded Amounts
Financial Institution
Fixed Charge
Floating Charge
Governmental Authority
Instruction
Interest
Law
Lien
Loss
Notice of Exclusive Control
Obligations
Operating Procedures
Permitted Investments
Permitted Withdrawal
Person
PPSA
Proceeds
Secured Obligations
Secured Party
Security
Security Interest
Security Period
Settlement Day
Subsidiary
Tax
Transaction Documents
Transfer
Withdrawal
Writing
Clauses
Definitions
Grant of Security
Account Control
Security Interest
Authority and Rights
Representations and Warranties
Operational Procedures
Instructions and Notices
Access Rights
Default
Enforcement
Bank Rights and Obligations
Set-off
Fees and Expenses
Indemnification
Confidentiality
Assignment
Amendment
Termination
Governing Law
Jurisdiction
Notices
Severability
Third Party Rights
Entire Agreement
Counterparts
Force Majeure
Waiver
Further Assurance
Remedies and Waivers
Grant of Security
Account Control
Security Interest
Authority and Rights
Representations and Warranties
Operational Procedures
Instructions and Notices
Access Rights
Default
Enforcement
Bank Rights and Obligations
Set-off
Fees and Expenses
Indemnification
Confidentiality
Assignment
Amendment
Termination
Governing Law
Jurisdiction
Notices
Severability
Third Party Rights
Entire Agreement
Counterparts
Force Majeure
Waiver
Further Assurance
Remedies and Waivers
Relevant Industries
Banking
Financial Services
Investment Management
Commercial Lending
Corporate Finance
Asset Management
Private Equity
Real Estate
Infrastructure
Manufacturing
Retail
Energy
Mining
Technology
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Operations
Credit
Corporate Banking
Transaction Management
Account Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Corporate Lawyer
Banking Lawyer
Relationship Manager
Credit Manager
Risk Manager
Compliance Officer
Account Manager
Security Trustee
Transaction Manager
Corporate Secretary
Financial Controller
Operations Manager
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