Global Collateral Account Control Agreement for the United States

Global Collateral Account Control Agreement Template for United States

A Global Collateral Account Control Agreement is a tri-party agreement governed by U.S. law that establishes control over collateral accounts maintained across multiple jurisdictions. It creates a security interest in favor of a secured party over financial assets held in designated accounts, complying with UCC Articles 8 and 9 requirements while accommodating international banking regulations and cross-border security interests.

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What is a Global Collateral Account Control Agreement?

The Global Collateral Account Control Agreement (GCACA) is essential in secured financing transactions where collateral is held in accounts across multiple jurisdictions. This agreement, primarily governed by U.S. law, particularly UCC Articles 8 and 9, establishes the secured party's control over collateral accounts, defining rights and obligations of all parties involved. It's commonly used in international financing arrangements, syndicated lending, and complex security structures where assets are held globally but need to be subject to U.S. security interest provisions.

What sections should be included in a Global Collateral Account Control Agreement?

1. Parties: Identification of secured party, debtor, and account bank

2. Background: Context of the agreement and relationship between parties

3. Definitions: Key terms used throughout the agreement including UCC and securities regulations references

4. Account Control: Terms of control over the collateral account, including security interest and operational procedures

5. Security Interest: Declaration and scope of security interest in accordance with UCC Articles 8 and 9

6. Rights and Obligations: Duties and responsibilities of each party regarding the account

7. Instructions and Notices: Procedures for giving instructions and notices regarding the account

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

9. Events of Default: Circumstances constituting default and resulting rights

10. Termination: Terms and process for terminating the agreement

What sections are optional to include in a Global Collateral Account Control Agreement?

1. Foreign Account Provisions: Additional provisions required when account includes foreign assets or is subject to foreign jurisdiction

2. Multiple Currency Provisions: Specific provisions for handling multiple currencies and currency conversion

3. Electronic Trading Provisions: Specific provisions governing electronic trading access and security measures

4. FATCA Compliance: Provisions ensuring compliance with Foreign Account Tax Compliance Act requirements

What schedules should be included in a Global Collateral Account Control Agreement?

1. Schedule 1 - Account Details: Detailed information about the controlled accounts including account numbers and types

2. Schedule 2 - Notice Forms: Standard forms for various notices including Notice of Exclusive Control and Notice of Release

3. Schedule 3 - Authorized Persons: List of persons authorized to give instructions on behalf of each party

4. Schedule 4 - Fee Schedule: Account bank's fees and charges for maintaining the account and processing instructions

5. Schedule 5 - Operating Procedures: Detailed procedures for account operation, including cut-off times and processing requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking
Financial Services
Asset Management
Corporate Finance

Relevant Teams

Treasury
Legal
Finance
Risk Management
Operations

Relevant Roles

Chief Financial Officer
Treasury Manager
Legal Counsel
Collateral Manager
Risk Manager
Compliance Officer

Industries

UCC Article 8: Uniform Commercial Code Article 8 governing investment securities, which provides rules for securities and financial assets held in accounts

UCC Article 9: Uniform Commercial Code Article 9 governing secured transactions, providing framework for creation and perfection of security interests

Securities Exchange Act 1934: Federal law governing securities trading and establishing SEC, relevant for securities held as collateral

Investment Company Act 1940: Federal law regulating investment companies and their activities, including custody of securities

Securities Act 1933: Federal law governing securities issuance and registration, relevant for securitized collateral

Federal Reserve Regulations: Central bank regulations affecting banking operations and account management

Bank Secrecy Act: Federal law requiring financial institutions to assist government agencies in detecting and preventing money laundering

USA PATRIOT Act: Federal law including provisions for enhanced scrutiny of financial transactions and account relationships

Dodd-Frank Act: Comprehensive financial reform legislation affecting financial institutions and their operations

FATCA: Foreign Account Tax Compliance Act requiring foreign financial institutions to report on U.S. account holders

Hague Securities Convention: International treaty governing law applicable to securities held with intermediaries in cross-border contexts

State UCC Provisions: State-specific adoptions and modifications of the Uniform Commercial Code

FDIC Regulations: Federal Deposit Insurance Corporation rules governing insured depository institutions

OCC Guidelines: Office of the Comptroller of the Currency guidance for national banks and federal savings associations

SEC Requirements: Securities and Exchange Commission rules and regulations affecting securities transactions and custody

Bankruptcy Code: Federal bankruptcy laws affecting security interests and creditor rights in bankruptcy scenarios

AML Regulations: Anti-Money Laundering regulations requiring financial institutions to maintain programs to detect and report suspicious activity

KYC Requirements: Know Your Customer regulations requiring financial institutions to verify customer identity and assess risk

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What is a Global Collateral Account Control Agreement?

What sections should be included in a Global Collateral Account Control Agreement?

What sections are optional to include in a Global Collateral Account Control Agreement?

What schedules should be included in a Global Collateral Account Control Agreement?

Authors

Alex Denne

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