A Securities Account Control Agreement is essential in secured lending transactions where securities serve as collateral. This agreement, governed by Indian law, establishes the secured party's control over the securities account, which is crucial for perfecting the security interest under Indian law. It is typically used in conjunction with a security agreement or pledge agreement and complies with requirements under the Securities Contracts (Regulation) Act, 1956, the Depositories Act, 1996, and relevant SEBI regulations. The agreement details the operational mechanics for controlling the account, including the securities intermediary's obligations to follow the secured party's instructions, the account holder's restricted rights, and the procedures for enforcement. It's particularly important in structured finance transactions, secured lending, and other financial arrangements where securities collateral is involved.
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1. Parties: Identifies and provides details of the Account Holder, Secured Party, and Securities Intermediary
2. Background: Explains the context of the agreement, including reference to any underlying security agreement
3. Definitions: Defines key terms used throughout the agreement
4. Account Control and Security Interest: Establishes the security interest and control rights over the securities account
5. Securities Intermediary's Rights and Obligations: Details the duties and responsibilities of the securities intermediary
6. Account Holder's Rights and Obligations: Specifies permitted activities and restrictions on the account holder
7. Secured Party's Rights and Instructions: Outlines the secured party's control rights and instruction authority
8. Representations and Warranties: Contains standard representations from all parties
9. Notice Requirements: Specifies requirements for valid notices and communications
10. Fees and Expenses: Details fees payable to the securities intermediary and expense allocation
11. Term and Termination: Specifies duration and termination provisions
12. General Provisions: Contains standard boilerplate clauses including governing law, jurisdiction, etc.
1. Foreign Entity Provisions: Additional provisions required when any party is a foreign entity, including FEMA compliance
2. Multiple Account Provisions: Additional provisions for agreements covering multiple securities accounts
3. Electronic Instructions Protocol: Specific procedures for electronic communications and instructions
4. Priority Arrangements: Provisions dealing with multiple secured parties and priority rights
5. Tax Provisions: Specific tax-related provisions and withholding requirements
6. Force Majeure: Provisions dealing with extraordinary events affecting account operations
7. Special Voting Rights: Provisions regarding voting rights for securities in the account
1. Schedule 1 - Account Details: Details of the securities account(s) covered by the agreement
2. Schedule 2 - Authorized Persons: List of persons authorized to give instructions on behalf of each party
3. Schedule 3 - Form of Instructions: Standard forms for various types of instructions under the agreement
4. Schedule 4 - Fee Schedule: Detailed breakdown of fees and charges
5. Schedule 5 - Notice Details: Contact information for notices to all parties
6. Appendix A - Operating Procedures: Detailed procedures for account operations and control mechanisms
7. Appendix B - Regulatory Confirmations: Required regulatory acknowledgments and confirmations
8. Appendix C - Form of Account Statement: Template for periodic account statements
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Securities Trading
Corporate Finance
Private Equity
Asset Management
Investment Banking
Corporate Banking
Institutional Lending
Relevant Teams
Legal
Finance
Treasury
Compliance
Operations
Risk Management
Credit
Securities Operations
Relationship Management
Transaction Management
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Manager
Treasury Manager
Compliance Officer
Security Trustee
Collateral Manager
Operations Manager
Account Manager
Risk Manager
Transaction Manager
Securities Operations Officer
Relationship Manager
Credit Officer
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