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Global Collateral Account Control Agreement for Hong Kong

Global Collateral Account Control Agreement Template for Hong Kong

A comprehensive legal agreement governed by Hong Kong law that establishes control over collateral accounts in a global context. The agreement creates a security interest in favor of a secured party over accounts maintained by an account bank or custodian, providing the secured party with the right to control the accounts upon specified events. It addresses cross-border considerations while complying with Hong Kong's legal framework, particularly the Securities and Futures Ordinance and Banking Ordinance. The agreement details operational procedures, control mechanisms, and the rights and obligations of all parties involved in the collateral arrangement.

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What is a Global Collateral Account Control Agreement?

The Global Collateral Account Control Agreement is a crucial document used in secured financing arrangements where parties need to establish control over collateral held in accounts, particularly in cross-border transactions. This agreement is essential when parties require a robust legal framework under Hong Kong law to perfect security interests over financial assets held in accounts. It becomes particularly relevant in international financing transactions, securities lending, derivatives trading, and other financial arrangements where collateral needs to be managed across multiple jurisdictions. The agreement addresses key aspects such as control rights, operational procedures, and enforcement mechanisms, while ensuring compliance with Hong Kong's legal requirements and international best practices for collateral management. It is frequently used in conjunction with security agreements, credit facilities, and master trading agreements to create a comprehensive security package.

What sections should be included in a Global Collateral Account Control Agreement?

1. Parties: Identifies the account holder, secured party, and account bank/custodian

2. Background: Sets out the context of the agreement, including reference to related security agreements

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

4. Account Control and Security: Establishes the account bank's agreement to comply with secured party's instructions and maintains the security interest

5. Control and Operation of the Account: Details the mechanics of how control works, including instruction rights and operational procedures

6. Rights and Duties of the Account Bank: Specifies the account bank's obligations, standard of care, and protections

7. Representations and Warranties: Contains representations from all parties regarding authority, capacity, and account ownership

8. Security Interest and Priority: Confirms the security interest and its priority

9. Instructions and Notifications: Details the process for giving instructions and notifications regarding the account

10. Fees and Expenses: Sets out the fee structure and responsibility for expenses

11. Indemnification: Contains indemnification provisions protecting the account bank

12. Term and Termination: Specifies the duration and termination procedures

13. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes

14. General Provisions: Contains standard boilerplate provisions including amendments, assignments, notices

What sections are optional to include in a Global Collateral Account Control Agreement?

1. Multiple Account Provisions: Required when the agreement covers multiple accounts or account types

2. Foreign Law and Cross-Border Provisions: Required when accounts or collateral are located in multiple jurisdictions

3. Investment and Trading Provisions: Required when the account holder retains rights to direct investments or trading

4. Regulatory Compliance: Required when specific regulatory requirements apply to the arrangement

5. Tax Provisions: Required when specific tax considerations need to be addressed

6. Electronic Banking Provisions: Required when electronic banking services are used for account access

What schedules should be included in a Global Collateral Account Control Agreement?

1. Schedule 1 - Account Details: Lists all accounts covered by the agreement, including account numbers and types

2. Schedule 2 - Authorized Persons: Lists individuals authorized to give instructions on behalf of the secured party

3. Schedule 3 - Notice Details: Contains contact details and notice requirements for all parties

4. Schedule 4 - Fee Schedule: Details the fees payable to the account bank

5. Schedule 5 - Form of Notice of Exclusive Control: Template for secured party to exercise exclusive control

6. Schedule 6 - Operating Procedures: Detailed procedures for account operation and instruction processing

7. Schedule 7 - Form of Legal Opinions: Template for required legal opinions

8. Appendix A - Required Forms: Collection of all required forms for account operation and changes

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Security Agreement

Cost

Free to use
Relevant legal definitions
















































Clauses













































Relevant Industries

Banking & Financial Services

Investment Management

Securities & Trading

Asset Management

Insurance

Private Equity

Hedge Funds

Corporate Treasury

International Trade & Commerce

Financial Technology

Commodities Trading

Investment Banking

Relevant Teams

Legal

Treasury

Compliance

Risk Management

Operations

Trade Support

Collateral Management

Account Management

Securities Operations

Credit

Documentation

Transaction Management

Financial Control

Client Services

Relevant Roles

Chief Financial Officer

Treasury Manager

Legal Counsel

Compliance Officer

Risk Manager

Collateral Manager

Operations Director

Account Relationship Manager

Security Trustee

Fund Manager

Trading Manager

Credit Risk Officer

Documentation Manager

Transaction Manager

Securities Operations Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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