The Personal Property Security Agreement is a crucial document in Hong Kong's secured lending landscape, used when a party (typically a lender) requires security over personal property as collateral for a loan or other obligations. This agreement is essential in commercial transactions where parties seek to create legally enforceable security interests in movable assets, equipment, inventory, receivables, or other personal property. It must comply with Hong Kong's legal framework, including the Companies Ordinance, Bills of Sale Ordinance, and relevant common law principles. The document includes detailed provisions for the creation, perfection, and enforcement of security interests, ensuring protection for the secured party while establishing clear obligations for the grantor. This type of agreement is particularly important in Hong Kong's dynamic financial sector, where secured lending plays a vital role in business financing.
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1. Parties: Identifies and defines the Secured Party and the Grantor
2. Background: Explains the context of the security arrangement and references any related agreements
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Grant of Security Interest: Creates and defines the security interest being granted over the collateral
5. Description of Collateral: Detailed description of the personal property subject to the security interest
6. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of collateral
7. Grantor's Obligations: Ongoing obligations to maintain collateral and protect the security interest
8. Secured Party's Rights: Rights of the secured party including inspection and enforcement rights
9. Events of Default: Circumstances that constitute default under the agreement
10. Enforcement: Rights and remedies of the Secured Party upon default
11. Protection of Third Parties: Provisions regarding the rights of third parties dealing with the Secured Party
12. Power of Attorney: Appointment of Secured Party as attorney for specific purposes
13. Notices: Requirements for giving notices under the agreement
14. General Provisions: Standard boilerplate clauses including governing law, amendments, and severability
15. Execution: Formal execution blocks for all parties
1. Insurance Requirements: Required when the collateral needs specific insurance coverage
2. Registration and Filing: Include when registration with specific authorities is required
3. Intercreditor Provisions: Required when there are multiple secured parties or ranking of security interests
4. Tax Provisions: Include when there are specific tax implications requiring address
5. Currency Provisions: Required when dealing with cross-border transactions or multiple currencies
6. Intellectual Property: Include when the collateral includes intellectual property rights
7. Further Assurance: Optional provisions for additional documentation or actions
8. Confidentiality: Include when specific confidentiality obligations are required
1. Schedule 1 - Description of Collateral: Detailed inventory and description of all personal property subject to the security interest
2. Schedule 2 - Permitted Encumbrances: List of existing encumbrances or permitted future encumbrances on the collateral
3. Schedule 3 - Location of Collateral: Details of where the collateral is kept or maintained
4. Schedule 4 - Form of Notice: Prescribed form for notices under the agreement
5. Schedule 5 - Related Agreements: List and details of any related agreements referenced
6. Appendix A - Registration Requirements: Details of all required registrations and filings
7. Appendix B - Insurance Requirements: Specific insurance requirements for the collateral
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