The Inter Corporate Deposit Agreement is a crucial financial instrument used when one corporate entity wishes to deposit funds with another corporate entity in Hong Kong. This arrangement is commonly utilized for treasury management, short-term fund deployment, and inter-company financing purposes. The agreement must comply with Hong Kong's Banking Ordinance (Cap. 155) and related financial regulations, particularly regarding deposit-taking activities and interest rate arrangements. It includes detailed provisions covering the deposit terms, interest calculations, repayment conditions, security arrangements (if any), and default scenarios. The document is essential for companies looking to manage excess liquidity while maintaining legal compliance and protecting both parties' interests within Hong Kong's financial regulatory framework.
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1. Parties: Identification of the depositor and deposit-taking corporation, including registration details and addresses
2. Background: Context of the arrangement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Deposit Amount and Term: Specification of the deposit amount, term, and any conditions precedent
5. Interest: Interest rate, calculation method, payment frequency, and default interest provisions
6. Repayment Terms: Terms and conditions for repayment of the deposit, including maturity date and early withdrawal provisions
7. Representations and Warranties: Standard representations and warranties from both parties
8. Covenants: Ongoing obligations of both parties during the term of the deposit
9. Events of Default: Circumstances constituting default and consequences thereof
10. Payments: Payment mechanics, business day conventions, and currency provisions
11. Tax: Tax treatment of interest payments and withholding tax obligations
12. Notices: Communication procedures between parties
13. Assignment and Transfer: Restrictions and procedures for assignment or transfer of rights
14. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
15. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Security Arrangements: Include when the deposit is secured by collateral or guarantees
2. Multiple Currencies: Include when deposits can be made in multiple currencies
3. Set-off Rights: Include when parties have other banking relationships or cross-default provisions
4. Electronic Banking Provisions: Include when electronic banking facilities are used for deposit operations
5. Group Company Provisions: Include when either party's group companies have rights or obligations
6. Regulatory Compliance: Include specific regulatory compliance provisions when dealing with regulated entities
7. Break Costs: Include when early termination may result in additional costs
8. Market Disruption: Include provisions for handling market disruption events affecting interest rates
1. Schedule 1 - Deposit Details: Detailed terms of the deposit including amount, term, and interest rate
2. Schedule 2 - Interest Calculation Methodology: Detailed methodology for calculating interest, including day count conventions
3. Schedule 3 - Form of Notices: Standard forms for various notices under the agreement
4. Schedule 4 - Account Details: Banking details for deposit and interest payments
5. Schedule 5 - Conditions Precedent: List of documents and conditions to be satisfied before effectiveness
6. Appendix A - Compliance Documents: Required regulatory and compliance documentation
7. Appendix B - Form of Transfer Certificate: Standard form for transfer of deposit rights if permitted
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