The Global Collateral Account Control Agreement is a critical document used in secured financing transactions where a secured party requires control over collateral held in accounts, particularly in cross-border scenarios. This agreement becomes necessary when parties need to establish clear rights and procedures for controlling accounts that may hold various types of collateral, including cash and securities, across multiple jurisdictions while maintaining compliance with Canadian law. The document typically forms part of a broader security package and is especially important in structured finance, syndicated lending, and other complex financial transactions where account control is a key component of the security arrangement. It addresses operational procedures, account management, security interests, and the interplay between different jurisdictional requirements, while ensuring alignment with Canadian federal and provincial legislation.

1. Parties: Identification of all parties: Account Holder, Secured Party, Account Bank, and any additional parties

2. Background: Context of the agreement, reference to related security agreements, and purpose of the control arrangement

3. Definitions: Definitions of key terms used throughout the agreement, including Account, Control, Instructions, and Secured Obligations

4. Account Control: Core provisions establishing control over the account(s) and the nature of the security interest

5. Account Bank's Rights and Responsibilities: Duties, obligations, and rights of the Account Bank regarding the controlled account

6. Instructions and Control Rights: Procedures for giving instructions regarding the account and hierarchy of control rights

7. Security Interest and Secured Party Rights: Confirmation of security interest and rights of the Secured Party over the account

8. Account Holder Agreements and Restrictions: Account Holder's obligations, restrictions, and permitted activities

9. Representations and Warranties: Standard representations and warranties from all parties

10. Fees and Expenses: Provisions regarding fees payable to Account Bank and allocation of expenses

11. Indemnification: Indemnification obligations of parties, particularly towards the Account Bank

12. Term and Termination: Duration of agreement and circumstances for termination

13. Notices: Procedures and requirements for giving notices under the agreement

14. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions

15. General Provisions: Standard boilerplate provisions including amendments, assignments, and severability