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RBA Glossary definition for CAC

CAC – Collective Action Clause. A clause in bond contracts that includes provisions allowing a qualified majority of lenders to amend key financial terms of the debt contract and bind a minority to accept these new terms.

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Box B: The Greek Private Sector Debt Swap

10 May 2012 SMP – May 2012
The majority of bondholders voluntarily participated in the exchange and the Greek Government activated collective action clauses (CACs) to compel most remaining holders to participate. ... As noted above, the activation of CACs constituted a ‘credit
https://www.rba.gov.au/publications/smp/2012/may/box-b.html

Box B: The Greek Private Sector Debt Swap

3 May 2012 SMP - May 2012 PDF 454KB
https://www.rba.gov.au/publications/smp/2012/may/pdf/box-b.pdf

Statement on Monetary Policy - May 2012

4 May 2012 SMP - May 2012 PDF 2261KB
https://www.rba.gov.au/publications/smp/2012/may/pdf/0512.pdf