The Collateral Account Control Agreement is essential in secured financing transactions under Swiss law where a party pledges or assigns rights over a bank account as collateral. This three-party agreement establishes the framework for controlling the pledged account, ensuring the secured party's security interest is properly perfected while allowing the account holder continued access under specified conditions. The agreement complies with Swiss banking regulations, financial market infrastructure requirements, and security interest provisions. It's commonly used in lending transactions, structured finance deals, and other financial arrangements where account-based collateral needs to be secured. The document details operational procedures, control mechanisms, and the process for transitioning to exclusive control upon specified events.
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1. Parties: Identifies the key parties: Account Holder, Secured Party, and Account Bank
2. Background: Explains the context of the agreement, referring to the underlying security arrangement and purpose of the account control agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Account Control and Security: Establishes the control arrangement over the account and confirms the security interest
5. Account Bank's Rights and Obligations: Details the responsibilities and duties of the Account Bank regarding the controlled account
6. Operation of the Account: Specifies how the account will be operated, including transaction restrictions and approval requirements
7. Notice of Exclusive Control: Describes the process and effect of the Secured Party exercising exclusive control over the account
8. Representations and Warranties: Standard representations from each party regarding capacity, authority, and enforceability
9. Instructions and Notices: Procedures for giving and receiving instructions and notices regarding the account
10. Fees and Expenses: Details of the Account Bank's fees and expense reimbursement rights
11. Liability and Indemnification: Limitations on Account Bank's liability and indemnification provisions
12. Term and Termination: Duration of the agreement and circumstances allowing termination
13. Governing Law and Jurisdiction: Confirms Swiss law as governing law and establishes jurisdiction for disputes
14. Miscellaneous: Standard boilerplate provisions including amendments, assignments, and severability
1. Security Account Statements: Required when regular reporting on account status and activities is needed
2. Foreign Law Considerations: Needed when collateral includes foreign assets or parties are subject to foreign jurisdictions
3. Tax Provisions: Required when specific tax implications need to be addressed, particularly for international arrangements
4. Electronic Communications: Optional section for agreements where parties agree to use electronic methods for instructions and notices
5. Force Majeure: May be included to address circumstances preventing performance, particularly relevant for international arrangements
6. Regulatory Compliance: Required when specific regulatory requirements need detailed coverage beyond standard provisions
1. Account Details: Schedule specifying the controlled account details and initial account balance
2. Authorized Persons: List of persons authorized to give instructions on behalf of each party
3. Form of Notice of Exclusive Control: Template for the notice to be used when Secured Party exercises exclusive control
4. Fee Schedule: Detailed breakdown of Account Bank's fees and charges
5. Operating Procedures: Detailed procedures for account operation, including approval processes and timing
6. Form of Instructions: Templates for standard instructions and notices under the agreement
7. Eligible Investments: If applicable, list of permitted investments for account balances
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Securities and Trading
Private Equity
Asset Management
Corporate Lending
Investment Banking
Insurance
Wealth Management
Relevant Teams
Legal
Treasury
Risk Management
Collateral Management
Securities Operations
Compliance
Credit Risk
Corporate Banking
Structured Finance
Transaction Management
Relevant Roles
Legal Counsel
Treasury Manager
Risk Manager
Collateral Manager
Transaction Manager
Security Trustee
Account Relationship Manager
Compliance Officer
Credit Risk Officer
Securities Operations Manager
Financial Controller
Corporate Banking Manager
Structured Finance Manager
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