The Blocked Account Control Agreement is a critical security document used in Hong Kong financing transactions where a lender requires control over a borrower's bank accounts as collateral. It is commonly used in project finance, acquisition finance, and other secured lending scenarios where cash flow control is essential for the lender's security package. The agreement complies with Hong Kong banking regulations and financial services requirements, providing detailed mechanisms for account control, operational procedures, and the rights and obligations of all parties. It is typically executed alongside other security documents and is particularly important in cross-border transactions where Hong Kong accounts are used as part of the security structure. The document includes specific provisions for triggering control rights, usually following an event of default, and establishes the bank's obligations regarding account operation and control transfer.
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1. Parties: Identifies and defines the Account Holder, Secured Party, and Account Bank
2. Background: Sets out the context of the agreement, including reference to any related security agreements
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Account Control and Security: Establishes the control rights over the blocked account
5. Bank's Rights and Responsibilities: Details the Account Bank's obligations and limitations of liability
6. Notice of Exclusive Control: Procedures for implementing exclusive control by the Secured Party
7. Account Operations: Rules for operating the account, including permitted withdrawals and transfers
8. Fees and Expenses: Details of bank fees and responsibility for costs
9. Representations and Warranties: Standard representations by all parties
10. Termination: Conditions and process for terminating the agreement
11. Miscellaneous: Standard boilerplate provisions including notices, amendments, governing law
1. Security Interest Provisions: Additional provisions when the agreement needs to create rather than just perfect security
2. Multi-Currency Provisions: Required when the blocked account holds multiple currencies
3. Electronic Banking Provisions: Required when online banking access needs to be regulated
4. Investment Provisions: Required when the account includes investment products or securities
5. Subsidiary Account Provisions: Required when multiple related accounts are covered
6. Force Majeure: Optional expanded provisions for dealing with external events
7. Data Protection: Additional provisions for handling personal data when required by transaction structure
1. Account Details: Specific details of the blocked account(s)
2. Authorized Signatories: List of persons authorized to give instructions
3. Form of Notice of Exclusive Control: Template for Secured Party to assume exclusive control
4. Fee Schedule: Detailed breakdown of bank fees and charges
5. Operating Procedures: Detailed procedures for account operations and instructions
6. Form of Release Notice: Template for releasing control of the account
7. Permitted Investments: If applicable, list of permitted investments for account funds
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Banking
Corporate Lending
Asset Management
Private Equity
Infrastructure Finance
Project Finance
Real Estate Finance
Trade Finance
Relevant Teams
Legal
Finance
Treasury
Compliance
Credit Risk
Corporate Banking
Project Finance
Transaction Management
Security and Agency
Account Management
Relevant Roles
Legal Counsel
Finance Director
Treasury Manager
Relationship Manager
Security Trustee
Facility Agent
Compliance Officer
Credit Risk Manager
Transaction Manager
Account Manager
Corporate Banking Officer
Security Agent
Project Finance Manager
Structured Finance Manager
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