The Group Loan Agreement Form is essential for lending arrangements in Hong Kong where multiple borrowers collectively take responsibility for a loan. This document type is commonly used in various scenarios, from small business partnerships to family property purchases, where several parties share loan obligations. The agreement must strictly comply with Hong Kong's Money Lenders Ordinance and related regulations, including specific requirements for interest rate calculations, mandatory warnings, and disclosure requirements. It establishes joint and several liability among borrowers, defines the roles and responsibilities of each party, and includes provisions for loan security, repayment schedules, and default management. The document is particularly relevant in the Hong Kong market where group lending arrangements are common in both commercial and consumer contexts.
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1. Parties: Identifies all parties to the agreement including the lender and all members of the borrower group
2. Background: Explains the context of the loan and the relationship between the group members
3. Definitions: Defines key terms used throughout the agreement, including loan-specific terminology
4. Loan Amount and Purpose: Specifies the total loan amount, purpose of the loan, and allocation among group members
5. Interest and Fees: Details the interest rate, calculation method, and any applicable fees in compliance with Hong Kong regulations
6. Repayment Terms: Outlines the repayment schedule, payment methods, and allocation of payments among group members
7. Joint and Several Liability: Establishes the joint and several nature of the group members' obligations
8. Representations and Warranties: Standard declarations by borrowers regarding their capacity and authority to enter into the agreement
9. Covenants: Ongoing obligations of the borrowers during the loan term
10. Events of Default: Defines circumstances constituting default and consequences thereof
11. Termination: Conditions and procedures for early termination or full repayment
12. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes
1. Security: Include when the loan is secured by collateral or assets
2. Guarantees: Required when third-party guarantors are involved
3. Insurance: Include when loan insurance or life coverage is required
4. Group Representative: Include when a lead borrower is designated to act on behalf of the group
5. Change in Group Composition: Include procedures for handling changes in group membership
6. Cross-Default: Include when default on other loans affects this agreement
7. Assignment and Transfer: Include if rights under the agreement may be assigned
8. Data Protection: Include detailed privacy terms when significant personal data processing is involved
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest calculations, and repayment schedule
2. Schedule 2 - Group Members Information: Complete details of all borrowers including contact information and share of loan
3. Schedule 3 - Payment Instructions: Bank account details and payment procedures
4. Schedule 4 - Form of Drawdown Request: Standard form for requesting loan disbursement
5. Schedule 5 - Security Details: Description of any security or collateral (if applicable)
6. Appendix A - Money Lenders Ordinance Mandatory Warnings: Required warnings and notices under Hong Kong law
7. Appendix B - Personal Information Collection Statement: Privacy notice required under Hong Kong's Personal Data (Privacy) Ordinance
8. Appendix C - Specimen Signatures: Signature specimens of all group members and authorized signatories
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Microfinance
Small Business & Enterprise
Real Estate & Property
Manufacturing
Retail & Commerce
Agriculture
Education
Healthcare
Construction
Technology & Innovation
Relevant Teams
Legal
Compliance
Credit Risk
Loan Operations
Customer Service
Document Management
Treasury
Business Development
Underwriting
Risk Management
Regulatory Affairs
Relevant Roles
Loan Officer
Credit Manager
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Credit Analyst
Financial Controller
Contract Administrator
Business Development Manager
Branch Manager
Underwriting Manager
Document Control Specialist
Treasury Manager
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