General Credit Agreement for Hong Kong

General Credit Agreement Template for Hong Kong

A comprehensive legal document governed by Hong Kong law that establishes the terms and conditions under which a lender provides credit facilities to a borrower. The agreement incorporates requirements under Hong Kong's Banking Ordinance and Money Lenders Ordinance, detailing the credit facility amount, interest rates, repayment terms, security arrangements, and obligations of all parties. It includes provisions for defaults, representations and warranties, and addresses regulatory compliance specific to Hong Kong's financial regulatory framework.

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What is a General Credit Agreement?

The General Credit Agreement serves as the primary documentation for establishing credit facilities between lenders and borrowers in Hong Kong. This document is essential when a party requires financing facilities, whether for business operations, expansion, or specific projects. It complies with Hong Kong's regulatory framework, including the Banking Ordinance and Money Lenders Ordinance, and can be adapted for various credit arrangements from simple bilateral loans to complex syndicated facilities. The agreement typically includes detailed terms on facility limits, interest calculations, drawdown mechanisms, security requirements, and events of default, while incorporating specific provisions required under Hong Kong law for financial transactions.

What sections should be included in a General Credit Agreement?

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

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

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

4. The Facility: Details of the credit facility including type, amount, and purpose

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

6. Drawdown: Procedures and requirements for drawing down the credit facility

7. Interest: Interest rate, calculation method, and payment terms

8. Repayment: Terms and schedule for repayment of the facility

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

10. Covenants: Ongoing obligations of the borrower during the facility period

11. Events of Default: Circumstances that constitute default and their consequences

12. Payments: Payment mechanics, currency, and timing requirements

13. Changes to Parties: Rules regarding assignment and transfer of rights and obligations

14. Notices: How formal communications between parties should be made

15. General Provisions: Standard boilerplate clauses including governing law and jurisdiction

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

1. Security: Terms relating to any security or collateral provided - include when the facility is secured

2. Guarantees: Terms relating to any guarantees provided - include when there are guarantors

3. Multiple Drawings: Provisions for multiple drawdown arrangements - include for revolving facilities

4. Facility Review: Terms for periodic review of the facility - include for ongoing facilities

5. Insurance: Requirements for insurance coverage - include when specific insurance is required

6. Financial Covenants: Specific financial maintenance requirements - include for corporate borrowers

7. Special Purpose Vehicle Provisions: Additional provisions for SPV borrowers - include when borrower is an SPV

8. Syndication Provisions: Terms for syndicated facilities - include when multiple lenders are involved

What schedules should be included in a General Credit Agreement?

1. Schedule 1 - Facility Terms: Detailed terms of the facility including amounts, interest rates, and fees

2. Schedule 2 - Conditions Precedent: List of documents and conditions required before facility availability

3. Schedule 3 - Form of Drawdown Request: Template for drawdown requests

4. Schedule 4 - Repayment Schedule: Detailed repayment dates and amounts

5. Schedule 5 - Security Documents: List and copies of security documents (if applicable)

6. Schedule 6 - Financial Covenants Calculations: Formulas and methods for calculating financial covenants

7. Appendix A - Standard Terms and Conditions: General terms and conditions applicable to all facilities

8. Appendix B - Fee Schedule: Detailed breakdown of all applicable fees and charges

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 and Financial Services

Real Estate

Manufacturing

Retail

Technology

Construction

Healthcare

Energy

Transportation

Hospitality

Education

Professional Services

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Banking

Credit Analysis

Operations

Company Secretariat

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Credit Risk Manager

Legal Counsel

Compliance Officer

Relationship Manager

Credit Analyst

Corporate Banking Manager

Risk Management Officer

Financial Controller

Company Secretary

Commercial Director

Business Development Manager

Senior Loan Officer

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What is a General Credit Agreement?

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

What schedules should be included in a General Credit Agreement?

Authors

Alex Denne

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