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Personal Property Security Agreement
"I need a Personal Property Security Agreement under Hong Kong law for a manufacturing company granting security over its equipment and inventory to a syndicate of banks, with the facility amount being HKD 50 million and closing date of March 15, 2025."
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
Authors
Grantor
Security Interest
Collateral
Secured Obligations
Event of Default
Business Day
Encumbrance
Permitted Encumbrance
Security Period
Enforcement Event
Secured Amount
Dispose
Disposal
Financial Indebtedness
Insolvency Event
Law
Material Adverse Effect
Perfection Requirements
Security Assets
Security Documents
Related Rights
Proceeds
Register
Registration Requirements
Relevant Jurisdiction
Security Period
Secured Liabilities
Transaction Documents
Security Agent
Security Trust Deed
Permitted Security
Receiver
Charged Property
Secured Party Rights
Insurance Proceeds
Intellectual Property Rights
Authorized Representative
Priority Agreement
Loan Agreement
Quasi-Security
Collection Account
Default Rate
Guarantee
Obligor
Personal Property
Power of Attorney
Receivables
Security Assignment
Secured Obligations
Perfection and Further Assurance
Representations and Warranties
Covenants
Negative Pledge
Default
Enforcement
Power of Attorney
Assignment and Transfer
Notices
Amendments and Waivers
Severability
Counterparts
Set-off
Currency
Indemnification
Costs and Expenses
Confidentiality
Registration
Priority
Insurance
Remedies and Waivers
No Merger
Governing Law
Jurisdiction
Service of Process
Third Party Rights
Entire Agreement
Intercreditor Provisions
Information Rights
Security Release
Further Security
Continuing Security
Survival
Reinstatement
Banking and Financial Services
Commercial Lending
Asset Finance
Equipment Leasing
Manufacturing
Retail
Technology
Transportation and Logistics
Agriculture
Construction
Healthcare
Energy and Resources
Legal
Finance
Risk Management
Compliance
Credit
Corporate Secretariat
Treasury
Commercial Banking
Collections
Security Administration
Legal Counsel
Finance Director
Credit Manager
Risk Manager
Compliance Officer
Corporate Secretary
Security Trustee
Loan Officer
Commercial Banking Manager
Chief Financial Officer
Treasury Manager
Asset Manager
Collections Manager
Credit Analyst
Legal Director
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