The Default Loan Agreement is a critical document used in Hong Kong's financial and business landscape when establishing legally binding terms for managing loan defaults. This agreement is essential when parties need to clearly define what constitutes a default event and specify the consequences that follow. The document typically incorporates Hong Kong-specific legal requirements and regulatory compliance measures, particularly those under the Money Lenders Ordinance and Contract Ordinance. The Default Loan Agreement includes comprehensive provisions covering default triggers, remedies, acceleration rights, and enforcement procedures, making it suitable for various lending scenarios from corporate loans to structured financing arrangements. It serves as a crucial risk management tool for lenders while providing clarity to borrowers about their obligations and the consequences of non-compliance.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. The Loan: Details of the loan amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, and payment schedule
6. Repayment: Terms and schedule for repayment of the principal amount
7. Representations and Warranties: Statements of fact and assurances given by the borrower
8. Events of Default: Circumstances that constitute default under the agreement
9. Consequences of Default: Actions the lender may take upon occurrence of an event of default
10. Payments: Payment mechanics, currency, and account details
11. Costs and Expenses: Allocation of costs related to the loan and enforcement
12. Notices: How formal communications between parties should be made
13. Assignment and Transfer: Rights to assign or transfer the loan agreement
14. Governing Law and Jurisdiction: Specification of Hong Kong law and jurisdiction
1. Security: Details of any security or collateral provided - include when loan is secured
2. Guarantees: Terms of any guarantees provided - include when there are guarantors
3. Insurance: Insurance requirements for secured assets - include for secured loans
4. Financial Covenants: Financial maintenance requirements - include for corporate borrowers
5. Conditions Precedent: Pre-conditions to drawdown - include for complex loans
6. Tax Gross-up: Provisions for tax payments - include when tax implications are relevant
7. Group Companies: Provisions relating to borrower's group - include for corporate groups
8. Information Undertakings: Ongoing information requirements - include for corporate loans
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rates, and payment schedule
2. Schedule 2 - Drawdown Notice: Form of drawdown notice to be used by borrower
3. Schedule 3 - Repayment Schedule: Detailed amortization schedule if applicable
4. Schedule 4 - Security Details: Detailed description of any security or collateral
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before drawdown
6. Schedule 6 - Form of Transfer Certificate: Template for transferring the loan to another lender
7. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
8. Appendix B - Form of Compliance Certificate: Template for periodic compliance reporting
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