The Default Loan Agreement is a critical document used in Hong Kong's financial and business landscape when establishing legally binding terms for managing loan defaults. This agreement is essential when parties need to clearly define what constitutes a default event and specify the consequences that follow. The document typically incorporates Hong Kong-specific legal requirements and regulatory compliance measures, particularly those under the Money Lenders Ordinance and Contract Ordinance. The Default Loan Agreement includes comprehensive provisions covering default triggers, remedies, acceleration rights, and enforcement procedures, making it suitable for various lending scenarios from corporate loans to structured financing arrangements. It serves as a crucial risk management tool for lenders while providing clarity to borrowers about their obligations and the consequences of non-compliance.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. The Loan: Details of the loan amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, and payment schedule
6. Repayment: Terms and schedule for repayment of the principal amount
7. Representations and Warranties: Statements of fact and assurances given by the borrower
8. Events of Default: Circumstances that constitute default under the agreement
9. Consequences of Default: Actions the lender may take upon occurrence of an event of default
10. Payments: Payment mechanics, currency, and account details
11. Costs and Expenses: Allocation of costs related to the loan and enforcement
12. Notices: How formal communications between parties should be made
13. Assignment and Transfer: Rights to assign or transfer the loan agreement
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
1. Security: Details of any security or collateral provided - include when loan is secured
2. Guarantees: Terms of any guarantees provided - include when there are guarantors
3. Insurance: Insurance requirements for secured assets - include for secured loans
4. Financial Covenants: Financial maintenance requirements - include for corporate borrowers
5. Conditions Precedent: Pre-conditions to drawdown - include for complex loans
6. Tax Gross-up: Provisions for tax payments - include when tax implications are relevant
7. Group Companies: Provisions relating to borrower's group - include for corporate groups
8. Information Undertakings: Ongoing information requirements - include for corporate loans
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and payment schedule
2. Schedule 2 - Drawdown Notice: Form of drawdown notice to be used by borrower
3. Schedule 3 - Repayment Schedule: Detailed amortization schedule if applicable
4. Schedule 4 - Security Details: Detailed description of any security or collateral
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before drawdown
6. Schedule 6 - Form of Transfer Certificate: Template for transferring the loan to another lender
7. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
8. Appendix B - Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Acceleration Notice
Additional Interest
Affiliate
Applicable Law
Authorized Representative
Available Facility
Banking Day
Borrower
Business Day
Change of Control
Charged Property
Commitment
Compliance Certificate
Default
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Enforcement Action
Event of Default
Facility
Final Maturity Date
Finance Documents
Financial Indebtedness
Financial Statements
Governmental Authority
Group
Guarantee
Guarantor
HIBOR
Hong Kong
Insolvency Event
Interest Payment Date
Interest Period
Interest Rate
Legal Requirement
Lender
Loan
Material Adverse Effect
Obligor
Outstanding Amount
Potential Default
Prepayment Fee
Principal Amount
Receiver
Reference Banks
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Unpaid Sum
Additional Interest
Affiliate
Applicable Law
Authorized Representative
Available Facility
Banking Day
Borrower
Business Day
Change of Control
Charged Property
Commitment
Compliance Certificate
Default
Default Interest Rate
Default Notice
Drawdown Date
Drawdown Notice
Enforcement Action
Event of Default
Facility
Final Maturity Date
Finance Documents
Financial Indebtedness
Financial Statements
Governmental Authority
Group
Guarantee
Guarantor
HIBOR
Hong Kong
Insolvency Event
Interest Payment Date
Interest Period
Interest Rate
Legal Requirement
Lender
Loan
Material Adverse Effect
Obligor
Outstanding Amount
Potential Default
Prepayment Fee
Principal Amount
Receiver
Reference Banks
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Unpaid Sum
Clauses
Interpretation
Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Representations and Warranties
Information Undertakings
General Undertakings
Financial Covenants
Events of Default
Acceleration
Security
Guarantee
Set-off
Payment Mechanics
Costs and Expenses
Indemnities
Tax Gross-up and Indemnities
Mitigation
Assignment and Transfer
Changes to Parties
Confidentiality
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Facility
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Representations and Warranties
Information Undertakings
General Undertakings
Financial Covenants
Events of Default
Acceleration
Security
Guarantee
Set-off
Payment Mechanics
Costs and Expenses
Indemnities
Tax Gross-up and Indemnities
Mitigation
Assignment and Transfer
Changes to Parties
Confidentiality
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Technology
Construction
Healthcare
Education
Hospitality
Transportation & Logistics
Professional Services
Energy & Utilities
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Corporate Banking
Treasury
Collections & Recovery
Portfolio Management
Risk Assessment
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Credit Risk Manager
Legal Counsel
Compliance Officer
Loan Officer
Corporate Banking Manager
Credit Analyst
Collections Manager
Treasury Manager
Risk Assessment Officer
Financial Controller
Debt Recovery Specialist
Portfolio Manager
Corporate Secretary
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