The Revolving Credit Facility Agreement is a fundamental financing document used when a borrower requires flexible access to funding over an extended period. This agreement, governed by Hong Kong law, enables borrowers to draw down, repay, and reborrow funds multiple times within a specified facility limit and term. It is particularly suitable for companies with varying working capital needs or those requiring funding flexibility for general corporate purposes. The document incorporates Hong Kong regulatory requirements, including those under the Banking Ordinance and Companies Ordinance, and typically follows Asia Pacific Loan Market Association (APLMA) recommended provisions. It contains comprehensive provisions covering facility mechanics, conditions precedent, representations, covenants, and events of default, making it suitable for both bilateral and syndicated lending arrangements in the Hong Kong market.
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1. Parties: Identification of the borrower, lender(s), facility agent and security agent (if applicable)
2. Background: Brief context of the facility arrangement and purpose
3. Definitions and Interpretation: Comprehensive definitions of terms used and interpretation principles
4. The Facility: Details of the revolving credit facility, including amount, purpose, and revolving mechanics
5. Conditions Precedent: Conditions to be satisfied before initial utilization and subsequent drawdowns
6. Utilization: Procedures and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for regular repayments and voluntary/mandatory prepayment provisions
8. Interest: Interest calculation, periods, payment dates, and default interest
9. Fees: Commitment fees, arrangement fees, and other applicable fees
10. Tax Gross Up and Indemnities: Tax provisions and related indemnification obligations
11. Increased Costs: Provisions dealing with changes in law or regulations affecting lenders' costs
12. Representations and Warranties: Borrower's representations and warranties
13. Information Undertakings: Borrower's obligations to provide financial and other information
14. Financial Covenants: Financial ratios and other financial requirements to be maintained
15. General Undertakings: Borrower's positive and negative covenants
16. Events of Default: Circumstances constituting default and consequences
17. Changes to Parties: Provisions for transfers, assignments, and changes in lending syndicate
18. Administration: Role and duties of facility agent and payment mechanics
19. Notices: Communication requirements and contact details
20. Calculations and Certificates: Basis for financial calculations and form of certificates
21. Enforcement: Rights and remedies upon default
22. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
1. Security: Required if the facility is secured, detailing security package and enforcement rights
2. Guarantee: Required if there are guarantors, containing guarantee and indemnity provisions
3. Subordination: Required if there is structural subordination of other debt
4. Set-off Rights: Optional provisions for lender set-off rights
5. Sharing Among Finance Parties: Required for syndicated facilities, detailing payment sharing mechanisms
6. Disruption Events: Optional provisions dealing with market disruption and fallback arrangements
7. Anti-corruption Laws: Optional detailed provisions regarding compliance with anti-corruption laws
8. Sanctions: Optional detailed provisions regarding compliance with sanctions regulations
1. Conditions Precedent: Detailed list of required conditions precedent documents
2. Utilization Request: Form of drawdown request
3. Selection Notice: Form for selecting interest periods
4. Form of Transfer Certificate: Template for transferring commitments between lenders
5. Form of Assignment Agreement: Template for assigning rights under the facility
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Existing Security: List of permitted existing security (if applicable)
8. Timetables: Operational deadlines for facility administration
9. Form of Accession Deed: Template for additional parties joining the agreement
10. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
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