The Securities Account Control Agreement (SACA) is a critical document in secured financing transactions under U.S. law where securities accounts serve as collateral. It is required to perfect a security interest in a securities account under the UCC by establishing 'control,' which provides the secured party with priority over other creditors. The agreement defines the rights and obligations of all parties, including the securities intermediary's agreement to comply with the secured party's instructions without further consent from the debtor. SACAs are commonly used in lending transactions, margin accounts, and other financial arrangements where securities serve as collateral.
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1. Parties: Identification of secured party, debtor, and securities intermediary
2. Background: Context of the security arrangement and related agreements
3. Definitions: Key terms including Securities Account, Collateral, Control, etc.
4. Securities Account: Description and identification of the relevant securities account(s)
5. Control of Securities Account: Terms establishing secured party's control over the account
6. Security Interest: Provisions regarding the security interest in the account
7. Rights and Duties of Securities Intermediary: Obligations and responsibilities of the securities intermediary
8. Representations and Warranties: Standard representations by all parties
9. Miscellaneous: Standard boilerplate provisions including governing law, notices, amendments, and termination
1. Trading Authorization: Terms governing trading rights in the account when debtor retains trading rights
2. Income and Distributions: Treatment of dividends and other distributions when specific arrangements are needed
3. Foreign Securities: Special provisions for non-U.S. securities when account contains foreign securities
1. Schedule A - Account Details: Specific identification of securities account(s)
2. Schedule B - Authorized Persons: List of persons authorized to give instructions
3. Schedule C - Notice Information: Contact details for notices under the agreement
4. Exhibit A - Form of Notice of Exclusive Control: Template for secured party to exercise exclusive control
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