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The Bank Account Pledge Agreement is a fundamental security document used in Hong Kong financing transactions where a lender or security agent requires security over the borrower's or obligor's bank accounts. This document is typically used alongside facility agreements, general security agreements, or other financing documents to provide comprehensive security packages. It establishes the mechanism for creating and perfecting security over bank accounts, including operational controls, enforcement rights, and proceeds application. The agreement must comply with Hong Kong law requirements for creating valid security interests and may require registration under the Companies Ordinance. It is particularly important in project finance, acquisition finance, and general corporate lending where control over cash flows is crucial for the lender's security package.

1. Parties: Identifies the pledgor, pledgee (bank/security agent), and any other relevant parties

2. Background: Sets out the context of the pledge agreement, referring to any facility agreement or other underlying obligations

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. Pledge and Security: Creates the security interest over the bank account(s)

5. Secured Obligations: Defines the obligations secured by the pledge

6. Perfection and Further Assurance: Requirements for perfecting the security and obligations to execute further documents

7. Representations and Warranties: Pledgor's representations regarding authority, ownership, and capacity

8. Operation of the Pledged Account: Rules governing account operation, including withdrawal rights and restrictions

9. Enforcement: Rights and procedures for enforcing the security upon default

10. Power of Attorney: Appointment of the pledgee as attorney for security-related actions

11. Payments and Application of Proceeds: Rules for applying proceeds from the account or enforcement

12. Continuing Security: Provisions establishing the pledge as continuing security

13. Release of Security: Conditions and process for releasing the security

14. Notices: Communication requirements and contact details

15. Assignment and Transfer: Rules regarding transfer of rights under the agreement

16. Miscellaneous: Standard boilerplate provisions

17. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions