> For the complete documentation index, see [llms.txt](https://docs.cinelaunch.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.cinelaunch.io/film-financing-fundamentals/collection-account-management-agreement-cama.md).

# Collection Account Management Agreement (CAMA)

**CAMA (Collection Account Management Agreement)**

A CAMA is the agreement that sets up an independent collection account for a film. All revenues from sales, distribution and other exploitation go into that account, and a neutral third party called the Collection Account Manager (CAM) pays them out to everyone entitled to them, in the order set out in the waterfall. Fintage House and Freeway Entertainment are two of the best-known CAMs.

The CAMA exists to stop the money from passing through anyone’s hands who has an interest in it, including the producer and the sales agent. Without one, investors and talent have to trust the sales agent’s or producer’s accounting. With one, there is a single source of truth, and money is distributed automatically according to rules everyone signed off on in advance.

The parties to a CAMA usually include:

* the production company (SPV)
* the sales agent
* financiers, including equity investors, gap and bridge lenders, and sometimes the completion guarantor
* talent or producers with backend participations (sometimes)
* the CAM

The key terms are:

* **Waterfall schedule.** This sets out exactly who gets paid, in what order, in what percentages and up to what amounts: commissions, expense caps, debt repayment, equity recoupment plus premium, deferments and profit splits. It’s the heart of the document and is negotiated hard.
* **Payment instructions.** Distributors are directed to pay straight into the collection account. This is often done through Notices of Assignment signed with each distribution agreement.
* **CAM fees.** Usually a setup fee plus about 1% of gross receipts, often with a cap. The CAM’s own fees sit at or near the very top of the waterfall.
* **Reporting.** The CAM sends statements to all parties, typically quarterly for the first couple of years and semi-annually after that.
* **Amendments.** Changes generally need the consent of every party affected. This protects the parties, but it can make later restructuring slow.
* **Disputes.** If parties disagree, the CAM can hold disputed funds until the disagreement is resolved.