The Loan Facility Agreement is a crucial financing document used when a lender (typically a bank or financial institution) agrees to provide funding to a borrower under specific terms and conditions. This agreement, governed by Hong Kong law, serves as the primary document establishing the lending relationship and detailing all aspects of the facility, from drawdown mechanics to repayment obligations. It is particularly important in Hong Kong's dynamic financial market, where it must comply with local banking regulations and financial legislation. The agreement typically includes provisions for facility amount, purpose, availability period, interest calculations, repayment schedule, security arrangements (if any), representations and warranties, covenants, and events of default. It may be used for various purposes such as working capital financing, asset acquisition, project financing, or general corporate purposes, and can be structured as either a bilateral or syndicated facility.
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1. Parties: Identification of the lender(s) and borrower(s) and their respective details
2. Background: Context of the facility and purpose of the loan
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the facility amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for utilizing the facility
7. Interest: Interest rate, calculation method, and payment dates
8. Repayment: Terms and schedule for repayment of the facility
9. Prepayment: Terms and conditions for voluntary prepayment
10. Representations and Warranties: Statements of fact and assurances given by the borrower
11. Covenants: Positive and negative obligations of the borrower during the facility period
12. Events of Default: Circumstances that constitute default and consequences
13. Changes to Parties: Rules for assignment and transfer of rights and obligations
14. Payments: Payment mechanics, currency, and set-off rights
15. Notices: Communication methods and contact details
16. General Provisions: Miscellaneous legal provisions including amendments, waivers, and severability
17. Governing Law and Jurisdiction: Choice of Hong Kong law and jurisdiction for disputes
1. Security: Terms relating to any security or guarantees provided - include if the facility is secured
2. Syndication Provisions: Provisions governing multiple lenders - include if the facility is syndicated
3. Increased Costs: Provisions for regulatory changes affecting lenders' costs - typically included for bank lenders
4. Tax Gross Up and Indemnities: Detailed tax provisions - include if cross-border elements or tax complexities exist
5. Market Disruption: Provisions for handling market disruption events - include for HIBOR-based facilities
6. Fees and Expenses: Details of arrangement fees, commitment fees etc - include if additional fees apply
7. Agency Provisions: Terms governing the facility agent's role - include for syndicated facilities
8. Security Agency: Terms governing the security agent's role - include for secured syndicated facilities
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request loan disbursement
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Transfer Certificate: Template for transferring loan participations
5. Security Documents: List and copies of security documents if applicable
6. Fee Letter: Details of all fees payable under the facility
7. Contact Details: Complete contact information for all parties
8. Form of Compliance Certificate: Template for periodic compliance reporting
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