The Loan Agreement Between Two Companies is a fundamental commercial contract used when one company provides financial accommodation to another in Hong Kong. This document is essential for businesses seeking alternative financing sources outside traditional banking channels or for intra-group lending arrangements. It must comply with Hong Kong's legal framework, particularly the Companies Ordinance (Cap. 622) and Money Lenders Ordinance (Cap. 163). The agreement typically covers loan amount, drawdown conditions, interest calculations, repayment terms, security provisions, events of default, and enforcement mechanisms. It's particularly relevant in situations requiring documented corporate lending, whether for business expansion, working capital, asset acquisition, or project financing. The agreement should be tailored to specific transaction requirements while maintaining enforceability under Hong Kong law.
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1. Parties: Identifies the lender and borrower with their full corporate details and registration numbers
2. Background: Explains the context of the loan and the parties' intentions
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. The Loan: Specifies the loan amount, purpose, and conditions precedent for drawdown
5. Interest: Details the interest rate, calculation method, and payment dates
6. Repayment: Specifies repayment terms, dates, and methods
7. Representations and Warranties: Sets out the borrower's confirmations about its status and capacity
8. Covenants: Details the borrower's ongoing obligations throughout the loan term
9. Events of Default: Lists circumstances that would trigger default and the lender's resulting rights
10. Payments: Specifies payment mechanics, currency, and treatment of non-business days
11. Changes to Parties: Addresses assignment and transfer rights
12. Notices: Sets out how formal communications between parties should be made
13. Calculations and Certificates: Establishes how financial calculations will be made and evidenced
14. General Provisions: Contains boilerplate clauses including severability, amendments, and counterparts
15. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
1. Security: Required if the loan is secured - details the security arrangements and enforcement rights
2. Guarantee: Required if there is a guarantor for the loan
3. Multiple Drawdown Provisions: Include if the loan can be drawn down in multiple tranches
4. Conditions Subsequent: Include if there are conditions to be satisfied after drawdown
5. Financial Covenants: Include if specific financial ratios or tests must be maintained
6. Tax Gross Up: Include if tax provisions affect payment obligations
7. Increased Costs: Include if the lender can pass on regulatory or other cost increases
8. Market Disruption: Include if using a floating rate with market disruption provisions
9. Break Costs: Include if early repayment can trigger break costs
1. Form of Drawdown Request: Template for the borrower to request loan disbursement
2. Conditions Precedent: Detailed list of documents and conditions required before drawdown
3. Repayment Schedule: Table of repayment dates and amounts if installment repayments apply
4. Security Documents: List and copies of all security documents if loan is secured
5. Form of Compliance Certificate: Template for periodic confirmation of compliance with loan terms
6. Calculation of Interest Rate: Detailed methodology for calculating interest if complex
7. Form of Transfer Certificate: Template for transferring loan participation if permitted
8. Financial Covenants Calculations: Detailed formulas for calculating financial covenants if applicable
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