A Security Account Control Agreement (SACA) is essential in U.S. secured lending transactions where securities accounts serve as collateral. It complies with UCC requirements for perfecting security interests through control, which provides stronger rights than mere filing. The agreement is typically used in conjunction with security agreements and credit facilities, establishing the secured party's rights over the account while defining the securities intermediary's obligations. SACAs are particularly crucial in structured finance, leveraged lending, and investment management contexts.
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1. Parties: Identifies the secured party, debtor, and securities intermediary as the three main parties to the agreement
2. Background: Explains the underlying security agreement, purpose of control agreement, and relationship between parties
3. Definitions: Defines key terms including Account, Security Interest, Control, Financial Assets, and other relevant terminology
4. Account Control: Establishes secured party's control over the account and the securities intermediary's acknowledgment of such control
5. Securities Intermediary's Agreements: Sets forth obligations of securities intermediary including compliance with instructions and maintaining the account
6. Priority of Security Interest: Establishes priority and subordination of interests, including securities intermediary's liens and rights of setoff
7. Representations and Warranties: Standard representations from all parties regarding authority, enforceability, and account status
8. Miscellaneous: Standard boilerplate provisions including governing law, jurisdiction, notices, amendments, and termination
1. Account Management: Details specific operating procedures for account management, including trading authorization and reporting requirements
2. Rights to Withdraw: Specifies conditions under which the debtor may withdraw assets or give instructions regarding the account
3. Foreign Law Provisions: Additional provisions dealing with foreign securities or cross-border issues when account contains international assets
1. Schedule A - Account Details: Comprehensive list of all accounts covered by the agreement, including account numbers and types
2. Schedule B - Authorized Persons: List of individuals authorized to give instructions regarding the account on behalf of each party
3. Schedule C - Notice Information: Contact details and procedures for notices under the agreement for all parties
4. Schedule D - Operating Procedures: Detailed procedures for account operations, including forms of instructions and security procedures
Relevant legal definitions
Account
Account Documents
Account Property
Agreement
Authorized Person
Business Day
Control
Default
Effective Date
Entitlement Holder
Entitlement Order
Event of Default
Financial Asset
Governing Law
Instructions
Law
Lien
Notice
Obligations
Person
Proceeding
Securities
Securities Account
Securities Entitlement
Securities Intermediary
Security Interest
Secured Party
Secured Obligations
Security Agreement
Subsidiary
UCC
Uniform Commercial Code
Account Documents
Account Property
Agreement
Authorized Person
Business Day
Control
Default
Effective Date
Entitlement Holder
Entitlement Order
Event of Default
Financial Asset
Governing Law
Instructions
Law
Lien
Notice
Obligations
Person
Proceeding
Securities
Securities Account
Securities Entitlement
Securities Intermediary
Security Interest
Secured Party
Secured Obligations
Security Agreement
Subsidiary
UCC
Uniform Commercial Code
Clauses
Acknowledgment of Security Interest
Control Agreement
Securities Intermediary Rights and Duties
Account Access and Control
Representations and Warranties
Secured Party Rights
Notice Requirements
Account Statements
Compliance with Instructions
Subordination
Set-off Rights
Account Maintenance
Fees and Expenses
Indemnification
Amendments
Assignment
Termination
Governing Law
Jurisdiction
Notices
Entire Agreement
Severability
Counterparts
No Third-Party Beneficiaries
Force Majeure
Confidentiality
Waiver
Further Assurances
Control Agreement
Securities Intermediary Rights and Duties
Account Access and Control
Representations and Warranties
Secured Party Rights
Notice Requirements
Account Statements
Compliance with Instructions
Subordination
Set-off Rights
Account Maintenance
Fees and Expenses
Indemnification
Amendments
Assignment
Termination
Governing Law
Jurisdiction
Notices
Entire Agreement
Severability
Counterparts
No Third-Party Beneficiaries
Force Majeure
Confidentiality
Waiver
Further Assurances
Relevant Industries
Relevant Teams
Relevant Roles
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