The Working Capital Facility Agreement is a fundamental financing document used when a company requires funding for its day-to-day operations, such as inventory purchases, payroll, or accounts receivable financing. This agreement, governed by Hong Kong law, establishes the legal framework for the lending relationship, detailing the facility amount, availability period, interest rates, fees, and repayment terms. It incorporates key protections for lenders through representations, warranties, and covenants, while providing borrowers with operational flexibility. The document reflects Hong Kong banking regulations and market practices, including specific requirements for security registration, stamp duty, and corporate authorizations. It's particularly relevant in Hong Kong's dynamic business environment, where companies often require flexible financing solutions to manage cash flow and support business growth.
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1. Parties: Identifies the lender, borrower, and any guarantors or security providers
2. Background: Sets out the context and purpose of the facility
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. The Facility: Details the type, purpose, and amount of the facility
5. Conditions Precedent: Lists conditions that must be satisfied before drawdown
6. Drawdown: Specifies drawdown mechanics, notice requirements, and availability period
7. Interest and Fees: Sets out interest calculation, payment dates, and applicable fees
8. Repayment and Prepayment: Details repayment terms and prepayment provisions
9. Representations and Warranties: Contains borrower's confirmations about its status and capacity
10. Information Undertakings: Specifies ongoing financial and operational reporting requirements
11. General Undertakings: Sets out positive and negative covenants
12. Financial Covenants: Establishes financial ratios and tests to be maintained
13. Events of Default: Lists circumstances that trigger default and enforcement rights
14. Changes to Parties: Covers assignment and transfer provisions
15. Administration: Contains payment mechanics, calculations, and notices provisions
16. Governing Law and Enforcement: Specifies governing law and jurisdiction
1. Security: Required if the facility is secured - details security arrangements and enforcement rights
2. Guarantee: Required if there are guarantors - contains guarantee provisions
3. Increased Costs: Required for regulated lenders - covers regulatory cost changes
4. Tax Gross Up and Indemnities: Required if tax gross-up is relevant - details tax treatment
5. Multi-currency Provisions: Required for multi-currency facilities - covers currency conversion and availability
6. Market Disruption: Required for HIBOR-based facilities - covers interest rate fallbacks
7. Syndication Provisions: Required for syndicated facilities - covers majority lender decisions
8. Set-off Rights: Optional but common - gives lender right to set off against other accounts
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request utilization
3. Form of Compliance Certificate: Template for periodic compliance confirmation
4. Calculation of Financial Covenants: Detailed methodology for financial covenant calculations
5. Repayment Schedule: If term facility component - scheduled repayment dates and amounts
6. Form of Transfer Certificate: Template for transferring commitments between lenders
7. Security Documents: If secured - lists and attaches all security documentation
8. Existing Security: If secured - details permitted existing security
9. Contact Details: Administrative and notice details for all parties
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