The Line of Credit Agreement and Note is a fundamental financing document used in Hong Kong when establishing a flexible borrowing arrangement between a lender (typically a financial institution) and a borrower. This document is essential when parties wish to create a revolving credit facility where the borrower can draw down funds as needed up to an agreed maximum limit, repay, and reborrow during the facility period. The agreement combines both the credit facility terms and the promissory note elements, structured in compliance with Hong Kong banking regulations and financial services requirements. It is particularly useful for businesses requiring working capital flexibility or individuals needing ongoing access to credit. The document typically includes detailed provisions on interest calculations, security arrangements, conditions for drawdown, repayment terms, and events of default, all tailored to Hong Kong's legal framework.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the agreement and brief description of the credit facility arrangement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. The Facility: Details of the credit facility including amount, purpose, and facility type
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown Mechanics: Procedures and requirements for drawing down the facility
7. Interest and Fees: Interest rate calculations, payment dates, and applicable fees
8. Repayment and Prepayment: Terms for repayment, prepayment options, and consequences
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Positive and negative obligations of the borrower during the facility period
11. Events of Default: Circumstances constituting default and consequences
12. Changes to Parties: Rules regarding assignment, transfer, and delegation
13. Payments and Tax: Payment mechanics, currency, and tax provisions
14. Notices: Communication methods and contact details
15. General Provisions: Boilerplate clauses including severability, whole agreement, and amendments
16. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
1. Security: Details of any security arrangements - include if facility is secured
2. Guarantee: Terms of any guarantee - include if there are guarantors
3. Insurance: Insurance requirements - include if specific insurance is required
4. Financial Covenants: Specific financial ratios and requirements - include for corporate borrowers
5. Multiple Drawdown Provisions: Specific provisions for multiple drawdown facilities - include for revolving facilities
6. Increased Costs and Market Disruption: Provisions for market changes - include for longer-term or larger facilities
7. Set-off Rights: Detailed set-off provisions - include for complex banking relationships
8. Syndication Provisions: Terms for syndicated facilities - include if multiple lenders involved
1. Facility Terms: Detailed commercial terms including facility amount, interest rates, fees
2. Conditions Precedent: List of required documents and conditions to be satisfied
3. Form of Drawdown Notice: Template for drawdown requests
4. Repayment Schedule: If applicable, schedule of repayment dates and amounts
5. Form of Compliance Certificate: Template for periodic compliance reporting
6. Security Documents: List and copies of security documents if applicable
7. Permitted Security: List of security interests permitted under the agreement
8. Form of Transfer Certificate: Template for transferring rights and obligations under the facility
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