The Lender Letter of Intent is a crucial preliminary document in Hong Kong's lending landscape, typically issued during the initial stages of a financing transaction. It serves as a formal expression of the lender's interest and willingness to provide financing under specified terms and conditions. While not a binding commitment to lend, the Letter of Intent helps establish the framework for negotiation and subsequent documentation. It is commonly used when businesses seek significant financing for various purposes such as acquisitions, expansion, or working capital. The document reflects Hong Kong's sophisticated financial services sector and its common law legal system, incorporating local banking practices and regulatory requirements. The Letter of Intent typically precedes more detailed facility agreements and security documents, providing a roadmap for the transaction while allowing both parties to proceed with due diligence and detailed negotiations.
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1. Letter Header: Formal business letter header including date, addressee details, and reference line
2. Introduction: Opening paragraph identifying the parties and purpose of the letter
3. Transaction Overview: Brief description of the proposed lending transaction and facility type
4. Key Commercial Terms: Essential terms including facility amount, interest rate, tenure, and purpose
5. Conditions Precedent: Key conditions that must be satisfied before proceeding to formal documentation
6. Timeline: Proposed timeline for documentation, due diligence, and closing
7. Exclusivity: Period during which the borrower cannot seek alternative financing
8. Confidentiality: Obligations regarding the confidential treatment of information
9. Costs and Expenses: Allocation of transaction costs and expenses
10. Non-Binding Nature: Clear statement of which provisions are binding and non-binding
11. Governing Law: Specification of Hong Kong law as governing law
12. Signature Blocks: Execution blocks for both parties
1. Security Structure: Include when the facility will be secured, outlining the proposed security package
2. Due Diligence Requirements: Detailed due diligence requirements for complex transactions
3. Key Covenants: High-level description of expected financial and operational covenants for complex facilities
4. Syndication Rights: Include when the lender may want to syndicate the facility
5. Break Fee: Include when a break fee is required if the borrower doesn't proceed
6. Material Adverse Change: Include for larger facilities to address market condition changes
7. Regulatory Approvals: Include when specific regulatory approvals are required
1. Term Sheet: Detailed breakdown of all proposed facility terms and conditions
2. Security Assets Schedule: List of assets to be provided as security (if applicable)
3. Fee Schedule: Detailed breakdown of all fees and charges
4. Required Documentation List: List of documents required for due diligence and closing
5. Key Milestones Schedule: Detailed timeline of key dates and deliverables
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