The Receivables Pledge Agreement is a crucial security document used in Hong Kong financing transactions where a company wishes to use its receivables (such as trade debts or payment rights) as collateral for financial obligations. This document is commonly used in trade finance, working capital facilities, and general corporate financing arrangements. It must comply with Hong Kong's legal requirements, particularly the Companies Ordinance and registration requirements for security interests. The agreement details the pledge mechanics, perfection steps, enforcement rights, and ongoing obligations regarding the pledged receivables. It's particularly relevant in Hong Kong's role as a major financial center, where receivables financing is a common form of secured lending for both local and international businesses.
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1. Parties: Identification of the pledgor and secured party
2. Background: Context of the pledge arrangement and relationship between parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Creation of Pledge: Legal provisions creating the security interest over the receivables
5. Secured Obligations: Definition and scope of the obligations secured by the pledge
6. Perfection Requirements: Actions required to perfect the pledge, including registration and notices
7. Representations and Warranties: Pledgor's representations regarding ownership, capacity, and status of receivables
8. Covenants: Ongoing obligations of the pledgor regarding the receivables
9. Enforcement: Rights and remedies of the secured party upon default
10. Power of Attorney: Appointment of secured party as attorney for enforcement purposes
11. Further Assurance: Obligation to execute further documents and take additional steps if needed
12. Notices: Process for giving notices under the agreement
13. Assignment and Transfer: Rules regarding transfer of rights under the agreement
14. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
15. General Provisions: Standard boilerplate clauses including severability, amendments, etc.
1. Currency Provisions: Required when receivables are in multiple currencies, addressing exchange rates and currency conversion
2. Collection Account: Used when specific bank accounts are designated for collecting receivables
3. Reporting Requirements: Include when regular reporting on receivables status is required
4. Multiple Pledgors: Required when there are multiple parties pledging receivables
5. Subordination Provisions: Needed when there are multiple secured parties with different priorities
6. Trust Provisions: Required when the secured party holds the security on trust for multiple beneficiaries
7. Data Protection: Required when receivables involve personal data subject to privacy laws
1. Schedule 1 - Receivables: Detailed description and listing of the pledged receivables
2. Schedule 2 - Form of Notice to Debtors: Template notice to be sent to debtors regarding the pledge
3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be obtained from debtors
4. Schedule 4 - Perfection Requirements: Detailed list of all registration and filing requirements
5. Schedule 5 - Collection Account Details: Details of designated accounts for receiving payments
6. Schedule 6 - Form of Receivables Report: Template for periodic reporting on status of receivables
7. Schedule 7 - Existing Security: List of any existing security interests over the receivables
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Manufacturing
Wholesale Trade
Retail
Technology
Telecommunications
Healthcare
Construction
Import/Export
Logistics
Professional Services
Real Estate
Relevant Teams
Legal
Finance
Treasury
Credit
Compliance
Risk Management
Company Secretarial
Accounts Receivable
Banking Operations
Security Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Company Secretary
Financial Controller
Accounts Receivable Manager
Credit Controller
Risk Manager
Compliance Officer
Banking Relationship Manager
Security Trustee
Loan Operations Manager
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