The Credit Agreement (Insurance) is a specialized financing document used when establishing credit facilities that are secured or supported by insurance policies in Hong Kong. It is particularly relevant for transactions where insurance policies serve as primary or additional security for the loan facility. The agreement must comply with Hong Kong's sophisticated financial services regulatory framework, including requirements under the Insurance Ordinance (Cap. 41), Banking Ordinance (Cap. 155), and related regulations. This document type is commonly used in various financing scenarios, including project finance, asset finance, and general corporate lending where insurance policies form part of the security package. It includes detailed provisions for policy assignments, claims procedures, insurance covenant packages, and specific events of default related to insurance coverage.
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1. Parties: Identification of the lender, borrower, and any security providers or guarantors
2. Background: Context of the credit facility and its relationship to the insurance arrangements
3. Definitions and Interpretation: Definitions of terms used in the agreement and interpretation rules
4. The Facility: Details of the credit facility, including amount, purpose, and availability
5. Insurance Requirements: Specific requirements regarding insurance policies, coverage, and maintenance
6. Drawdown Conditions: Conditions precedent and procedures for drawing down the facility
7. Interest and Fees: Interest calculation, payment provisions, and applicable fees
8. Repayment and Prepayment: Terms for scheduled repayments and voluntary/mandatory prepayments
9. Security and Assignment: Security arrangements including assignment of insurance policies
10. Representations and Warranties: Standard and insurance-specific representations and warranties
11. Covenants: Positive and negative undertakings, including insurance-related obligations
12. Events of Default: Circumstances constituting default and consequences
13. Changes to Parties: Transfer and assignment provisions
14. Administration: Administrative provisions, notices, calculations
15. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
1. Multiple Currencies: Provisions for handling multiple currencies, including conversion and exchange rates
2. Syndication Provisions: Required when multiple lenders are involved or syndication is contemplated
3. Reinsurance Provisions: Additional provisions when reinsurance arrangements are relevant to the facility
4. Additional Security: Provisions for additional security arrangements beyond insurance assignments
5. Market Disruption: Provisions dealing with market disruption events affecting interest rates
6. Increased Costs and Tax Gross-Up: Optional provisions for dealing with regulatory changes and tax implications
7. Force Majeure: Provisions dealing with extraordinary events affecting the facility
1. Schedule 1 - Conditions Precedent: List of required documents and conditions to be satisfied before facility availability
2. Schedule 2 - Form of Drawdown Request: Template for drawdown requests under the facility
3. Schedule 3 - Insurance Requirements: Detailed specifications for required insurance coverage
4. Schedule 4 - Repayment Schedule: Detailed repayment schedule if applicable
5. Schedule 5 - Form of Assignment: Template for insurance policy assignments
6. Schedule 6 - Form of Compliance Certificate: Template for periodic compliance certifications
7. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
8. Appendix B - Forms of Notices: Standard forms for various notices under the agreement
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