The Commercial Credit Agreement serves as the primary documentation for commercial lending transactions in Hong Kong, establishing the legal relationship between financial institutions and corporate borrowers. It is used when a business entity requires financing for various commercial purposes, such as working capital, expansion, or asset acquisition. The agreement must comply with Hong Kong's robust financial regulatory framework, including the Banking Ordinance (Cap. 155) and Companies Ordinance (Cap. 622). It contains detailed provisions covering facility terms, security arrangements, borrower obligations, and lender rights, while incorporating specific requirements of Hong Kong's legal system regarding contract formation, security creation, and enforcement mechanisms. This document is essential for protecting both lender and borrower interests while ensuring regulatory compliance in Hong Kong's sophisticated financial market.
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1. Parties: Identification of the lender(s) and borrower(s), including registration details and addresses
2. Background: Context of the credit facility and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the credit facility, including type, amount, and purpose
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown: Procedures and requirements for utilization of the facility
7. Interest: Interest rate, calculation method, and payment provisions
8. Repayment: Terms and schedule for repayment of the facility
9. Fees and Expenses: All fees, charges, and costs associated with the facility
10. Representations and Warranties: Borrower's confirmations regarding its status and ability to enter into the agreement
11. Covenants: Positive and negative obligations of the borrower during the facility period
12. Events of Default: Circumstances constituting default and consequences
13. Security: Overview of security arrangements for the facility
14. Payments: Payment mechanics, currency, and timing requirements
15. Changes to Parties: Rules regarding assignment and transfer of rights and obligations
16. Notices: Communication requirements and contact details
17. General Provisions: Miscellaneous legal provisions including governing law and jurisdiction
1. Guarantee: Terms of guarantee when third-party guarantors are involved
2. Syndication Provisions: Required for syndicated facilities involving multiple lenders
3. Increased Costs: Provisions dealing with changes in regulatory or market conditions affecting lender's costs
4. Tax Gross-Up and Indemnities: Detailed tax provisions where cross-border elements exist
5. Market Disruption: Provisions dealing with market disruption events affecting interest rates
6. Anti-corruption and Sanctions: Specific provisions required for compliance with international sanctions and anti-corruption laws
7. Security Trustee Provisions: Required when security is held by a security trustee for multiple lenders
8. Subordination: Required when there are multiple creditors with different priorities
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request utilization of the facility
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Transfer Certificate: Template for transferring rights and obligations under the facility
5. Security Documents: List and copies of all security documents
6. Financial Covenants: Detailed financial covenants and calculation methodologies
7. Existing Security: Details of any existing security affecting the borrower
8. Form of Compliance Certificate: Template for periodic compliance certification by borrower
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Lending
Real Estate
Manufacturing
Trading and Commerce
Technology
Infrastructure
Retail
Hospitality
Healthcare
Transportation and Logistics
Energy and Utilities
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Operations
Company Secretarial
Credit Administration
Security and Collateral Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banker
Relationship Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Corporate Secretary
Financial Controller
Credit Analyst
Banking Operations Manager
Security Trustee Officer
Facility Agent
Transaction Manager
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