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Business Security Agreement

Business Security Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Business Security Agreement

"I need a Business Security Agreement governed by Hong Kong law to secure a HKD 50 million loan facility from ABC Bank Limited, with security over our company's equipment, inventory, and receivables, to be completed by March 2025."

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Document background
The Business Security Agreement serves as a fundamental document in secured lending transactions under Hong Kong law, establishing security interests over various business assets in favor of lenders or other secured parties. It is typically used in conjunction with facility agreements, loan documents, or other primary financing arrangements where security is required. The agreement must comply with Hong Kong's Companies Ordinance (Cap. 622) and related legislation regarding creation and registration of security interests. The document details the assets being secured, mechanisms for perfection of security, ongoing obligations of the security provider, and enforcement rights of the secured party. It is particularly important in Hong Kong's financial center context, where complex security arrangements are common in commercial transactions.
Suggested Sections

1. Parties: Identification of the security provider (grantor) and security taker (secured party), including registration numbers and registered addresses

2. Background: Context of the security arrangement, reference to any underlying facility or credit agreement, and purpose of the security

3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and references to relevant legislation

4. Grant of Security: Core provision creating the security interest, specifying the assets being secured

5. Secured Obligations: Definition and scope of the obligations being secured by the agreement

6. Representations and Warranties: Statements of fact and assurances from the security provider about their authority, ownership of assets, and absence of encumbrances

7. Covenants: Ongoing obligations of the security provider regarding maintenance, insurance, and dealing with the secured assets

8. Further Assurance: Obligation to execute additional documents and take actions to perfect the security

9. Enforcement: Rights and remedies of the secured party upon default, including power of sale and appointment of receivers

10. Power of Attorney: Appointment of the secured party as attorney to perfect or enforce the security

11. Payments and Application of Moneys: Rules for applying proceeds from enforcement or operation of the secured assets

12. Costs and Indemnities: Allocation of costs and indemnification obligations

13. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement

14. Notices: Process and requirements for formal communications between parties

15. General Provisions: Standard boilerplate clauses including severability, entire agreement, and governing law

Optional Sections

1. Security over Bank Accounts: Specific provisions for security over bank accounts, including operation and control mechanisms - used when bank accounts are part of the collateral

2. Security over Insurance: Detailed provisions regarding assignment of insurance policies - used when insurance policies form part of the security package

3. Security over Contracts: Provisions for assignment of rights under specific contracts - used when key contracts are part of the security package

4. Security over Intellectual Property: Specific provisions for charging IP rights - used when IP assets are material to the security

5. Receivables Collection: Provisions regarding collection and management of receivables - used when accounts receivable are part of the security

6. Priority Arrangements: Provisions dealing with ranking of security interests - used when multiple secured creditors are involved

7. Currency Provisions: Provisions dealing with multiple currencies - used in cross-border transactions

8. Security Trust Provisions: Provisions establishing trust arrangements - used when security is held for multiple beneficiaries

Suggested Schedules

1. Schedule 1 - Secured Assets: Detailed description and/or list of all assets subject to the security interest

2. Schedule 2 - Forms of Notice: Template notices for perfecting security over specific assets (e.g., notices to bank account holders, contract counterparties)

3. Schedule 3 - Secured Contracts: List and details of specific contracts over which security is granted

4. Schedule 4 - Intellectual Property Rights: Details of all IP rights subject to the security

5. Schedule 5 - Bank Accounts: List and details of all bank accounts subject to the security

6. Schedule 6 - Securities and Investments: Details of any shares, securities or investments subject to the security

7. Appendix 1 - Form of Accession Deed: Template deed for additional parties to accede to the security agreement

8. Appendix 2 - Form of Security Provider Certificate: Template certificate for ongoing compliance confirmations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

























































Clauses































Relevant Industries

Banking and Financial Services

Manufacturing

Real Estate and Property Development

Technology and Innovation

Trading and Commerce

Retail

Logistics and Transportation

Healthcare

Energy and Resources

Construction

Telecommunications

Agriculture

Hospitality

Professional Services

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretarial

Credit

Commercial

Operations

Security Administration

Documentation

Transaction Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Security Trustee

Compliance Officer

Risk Manager

Treasury Manager

Company Secretary

Credit Manager

Commercial Director

Banking Relationship Manager

Security Agent

Loan Officer

Transaction Manager

Asset Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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