The Co-Borrower Loan Agreement is a crucial document used in Hong Kong's financial sector when multiple parties wish to jointly obtain a loan while sharing liability for its repayment. This arrangement is commonly used in family property purchases, business partnerships, or when additional borrowers are needed to strengthen a loan application. The agreement must comply with Hong Kong's legal framework, particularly the Money Lenders Ordinance (Cap. 163) and Banking Ordinance (Cap. 155). It establishes joint and several liability among co-borrowers, meaning each borrower is independently liable for the entire loan amount. The document typically includes detailed sections on loan terms, security arrangements, default provisions, and enforcement mechanisms, all tailored to Hong Kong's legal requirements and market practices.
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1. Parties: Identifies all parties to the agreement including the lender and all co-borrowers
2. Background: Explains the context of the loan and the relationship between the co-borrowers
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets interpretation rules
4. The Loan: Specifies the loan amount, purpose, and drawdown conditions
5. Interest: Details the interest rate, calculation method, and payment terms
6. Repayment: Outlines the repayment schedule, methods, and prepayment provisions
7. Joint and Several Liability: Establishes the co-borrowers' joint and several liability for the loan
8. Representations and Warranties: Contains statements of fact and assurances from the co-borrowers
9. Covenants: Sets out ongoing obligations of the co-borrowers during the loan term
10. Events of Default: Lists circumstances that constitute default and their consequences
11. Security: Details any security or collateral provided for the loan
12. Payments: Specifies payment mechanics, currency, and treatment of non-business days
13. Notices: Sets out how formal communications between parties should be made
14. General Provisions: Contains boilerplate clauses including governing law and jurisdiction
1. Guarantor Provisions: Include when there are additional guarantors beyond the co-borrowers
2. Insurance Requirements: Include when specific insurance coverage is required for security assets
3. Property Related Provisions: Include when the loan is secured against real property
4. Cross-Default: Include when the loan should be linked to other financial obligations
5. Tax Gross-Up: Include when tax implications need to be addressed explicitly
6. Change of Control: Include when borrowers' ownership structure is relevant to the loan
7. Assignment and Transfer: Include when the loan may be transferred or syndicated
1. Loan Details: Contains detailed loan terms including amount, interest rate, and repayment schedule
2. Conditions Precedent: Lists all documents and conditions required before loan drawdown
3. Form of Drawdown Request: Standard form for requesting loan disbursement
4. Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
5. Security Details: Detailed description of any security or collateral provided
6. Form of Notices: Standard forms for various notices required under the agreement
7. Co-Borrower Information: Detailed information about each co-borrower including contact details
8. Insurance Requirements: Detailed specifications for required insurance coverage
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Property
Small & Medium Enterprises
Family Businesses
Commercial Lending
Retail Banking
Investment Banking
Private Banking
Consumer Finance
Professional Services
Relevant Teams
Legal
Compliance
Credit Risk
Loan Operations
Document Management
Underwriting
Client Relations
Risk Management
Financial Control
Regulatory Affairs
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Credit Analyst
Financial Advisor
Mortgage Specialist
Contract Manager
Legal Director
Chief Credit Officer
Banking Operations Manager
Document Control Specialist
Underwriting Manager
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