Credit Term Agreement for Hong Kong

Credit Term Agreement Template for Hong Kong

A Credit Term Agreement governed by Hong Kong law is a legally binding document that establishes the terms and conditions under which credit is extended from one party to another. The agreement complies with Hong Kong's financial regulations, including the Money Lenders Ordinance and Banking Ordinance, and sets out crucial elements such as credit amount, interest rates, repayment terms, security arrangements, and default provisions. It incorporates specific requirements of Hong Kong's financial regulatory framework while providing a comprehensive structure for credit relationships in both commercial and consumer contexts.

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What is a Credit Term Agreement?

The Credit Term Agreement is a fundamental document used in Hong Kong's financial and commercial landscape to formalize credit arrangements between parties. It is typically employed when a lender extends credit facilities to a borrower, whether for business operations, asset acquisition, or other commercial purposes. The agreement must comply with Hong Kong's regulatory requirements, including the Money Lenders Ordinance, Banking Ordinance, and relevant financial regulations. It outlines essential terms such as facility limits, interest calculations, repayment schedules, security requirements, and events of default. This document is crucial for both financial institutions and businesses operating in Hong Kong, providing legal protection and clarity in credit relationships while ensuring regulatory compliance.

What sections should be included in a Credit Term Agreement?

1. Parties: Identification of the credit provider and the borrower with their full legal names and addresses

2. Background: Context of the credit arrangement and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. Credit Facility: Details of the credit amount, purpose, and availability

5. Interest and Fees: Specification of interest rates, calculation methods, and applicable fees

6. Repayment Terms: Payment schedule, method of payment, and early repayment provisions

7. Conditions Precedent: Conditions that must be satisfied before the credit facility becomes available

8. Representations and Warranties: Statements of fact and assurances given by the borrower

9. Covenants: Ongoing obligations of the borrower during the term of the agreement

10. Events of Default: Circumstances constituting default and consequences thereof

11. Termination: Circumstances and procedures for terminating the agreement

12. Governing Law and Jurisdiction: Specification of Hong Kong law as governing law and jurisdiction

What sections are optional to include in a Credit Term Agreement?

1. Security: Details of any collateral or security provided - include if the credit facility is secured

2. Guarantees: Terms of any guarantees provided - include if there are guarantors

3. Insurance: Insurance requirements for secured assets - include if security is provided

4. Assignment and Transfer: Rights to assign or transfer the agreement - include for corporate borrowers

5. Set-off Rights: Rights to set off debts against other accounts - include for banking relationships

6. Regulatory Compliance: Additional compliance requirements - include for regulated borrowers

7. Joint and Several Liability: Liability provisions - include for multiple borrowers

What schedules should be included in a Credit Term Agreement?

1. Schedule 1 - Facility Details: Detailed breakdown of credit facility amounts, interest rates, and fees

2. Schedule 2 - Repayment Schedule: Detailed payment schedule including dates and amounts

3. Schedule 3 - Conditions Precedent Documents: List of required documents and conditions to be satisfied

4. Schedule 4 - Security Details: Detailed description of security assets and arrangements (if applicable)

5. Appendix A - Standard Terms and Conditions: Standard terms and conditions referenced in the main agreement

6. Appendix B - Form of Drawdown Notice: Template for requesting drawdown of the credit facility

7. Appendix C - Compliance Certificates: Templates for ongoing compliance certification

Authors

Alex Denne

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

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Commercial Lending

Corporate Finance

Real Estate

Manufacturing

Retail

Import/Export

Construction

Technology

Professional Services

Healthcare

Education

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit Control

Commercial

Corporate Banking

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Risk Manager

Commercial Director

Treasury Manager

Financial Controller

Legal Counsel

Compliance Officer

Account Manager

Relationship Manager

Credit Analyst

Corporate Banking Officer

Financial Planning Manager

Business Development Manager

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What is a Credit Term Agreement?

What sections should be included in a Credit Term Agreement?

What sections are optional to include in a Credit Term Agreement?

What schedules should be included in a Credit Term Agreement?

Authors

Alex Denne

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