The Corporate Loan Agreement is a fundamental financing document used when a corporate entity seeks to obtain credit facilities from a financial institution in Hong Kong. This agreement is essential for both bilateral and syndicated lending arrangements, incorporating specific requirements under Hong Kong banking regulations and companies law. It establishes the legal framework for the lending relationship, covering crucial aspects such as facility terms, conditions precedent, drawdown mechanics, repayment obligations, and security arrangements. The document must comply with Hong Kong regulatory requirements, including those under the Banking Ordinance and Companies Ordinance, particularly regarding security registration and stamp duty obligations. It's typically used for various corporate financing purposes, including working capital, acquisition financing, project financing, or general corporate purposes.
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1. Parties: Identifies the lender(s) and borrower(s) and their respective addresses
2. Background: Sets out the context of the loan and basic transaction structure
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Facility: Details the type, amount, and purpose of the loan facility
5. Conditions Precedent: Lists documents and conditions required before drawdown
6. Drawdown: Specifies drawdown mechanics, notice requirements, and availability period
7. Interest: Sets out interest rate, calculation periods, and payment dates
8. Repayment: Details repayment schedule, prepayment terms, and final maturity
9. Representations and Warranties: Lists borrower's confirmations about its status and capacity
10. Information Undertakings: Specifies ongoing financial and other information requirements
11. General Undertakings: Sets out positive and negative covenants
12. Financial Covenants: Establishes financial ratios and tests to be maintained
13. Events of Default: Lists circumstances allowing lender to accelerate the loan
14. Changes to Parties: Covers assignment and transfer provisions
15. Payment Mechanics: Details payment times, currencies, and set-off rights
16. Costs and Expenses: Allocates transaction costs and ongoing expenses
17. Notices: Specifies how formal communications should be made
18. Calculations and Certificates: Establishes basis for calculations and evidential value of certificates
19. General Provisions: Contains boilerplate provisions including partial invalidity and remedies
20. Governing Law and Enforcement: Specifies Hong Kong law as governing law and enforcement provisions
1. Security: Required if the loan is secured - details security structure and enforcement
2. Guarantee: Required if there are guarantors - contains guarantee and indemnity provisions
3. Increased Costs: Used for regulated lenders to pass on regulatory compliance costs
4. Tax Gross Up and Indemnities: Detailed tax provisions used for cross-border loans or where tax risk is material
5. Market Disruption: Used for facilities with floating interest rates to address market disruption scenarios
6. Multiple Lenders: Required for syndicated facilities - includes majority voting and administrative provisions
7. Subordination: Required where there are multiple creditors requiring subordination arrangements
8. Break Costs: Used for facilities where early repayment might trigger funding losses
1. Form of Drawdown Request: Template notice for requesting loan disbursements
2. Conditions Precedent Documents: Detailed list of required CP documents
3. Form of Transfer Certificate: Template for transferring loan participations
4. Repayment Schedule: Detailed amortization schedule if not bullet repayment
5. Financial Covenants Calculations: Definitions and calculation methodology for financial covenants
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Security Details: Details of security assets and perfection requirements if loan is secured
8. Form of Accession Deed: Template for additional parties joining the agreement
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