The Interest Waiver agreement is commonly used in Hong Kong's financial markets during periods of financial hardship or as part of debt restructuring arrangements. It provides a formal mechanism for lenders to temporarily or permanently waive their right to receive interest payments while maintaining the enforceability of the underlying debt obligation. The document is particularly relevant in the context of Hong Kong's sophisticated financial services sector and must comply with local banking regulations and financial services requirements. The Interest Waiver agreement typically includes details of the original loan, the specific interest being waived, any conditions attached to the waiver, and provisions ensuring the continued validity of any security arrangements. It's frequently used during economic downturns, corporate restructurings, or when borrowers face temporary liquidity challenges.
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Key Requirements PROMPT example:
Interest Waiver
"I need a Hong Kong law Interest Waiver agreement for a corporate borrower in the manufacturing sector, waiving interest payments from January 1, 2025, to June 30, 2025, while preserving the principal repayment obligations and existing security arrangements."
1. Parties: Identifies and defines the parties to the agreement - typically the lender/creditor and borrower/debtor
2. Background: Sets out the context of the original loan/debt and the circumstances leading to the interest waiver
3. Definitions: Defines key terms used in the agreement, including 'Interest Period', 'Principal Amount', 'Interest Rate', etc.
4. Interest Waiver: Details the specific interest being waived, including the amount and applicable period
5. Principal Obligations: Confirms the continued obligation to repay the principal amount and any non-waived interest
6. Effectiveness and Duration: Specifies when the waiver takes effect and its duration
7. Representations and Warranties: Standard representations by both parties regarding their capacity and authority
8. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction
9. Execution: Signature blocks and execution formalities
1. Conditions Precedent: Used when the waiver is conditional upon certain events or actions being completed
2. Partial Waiver Provisions: Include when only a portion of the interest is being waived
3. Security Preservation: Include when existing security arrangements need to be preserved despite the interest waiver
4. Tax Provisions: Include when there are tax implications of the interest waiver that need to be addressed
5. Reinstatement Provisions: Include when there are circumstances under which the waived interest might be reinstated
6. Further Assurance: Include when additional documents or actions may be needed to give effect to the waiver
1. Schedule 1 - Loan Details: Details of the original loan agreement including date, amount, and interest rate
2. Schedule 2 - Interest Calculation: Detailed calculation of the interest being waived
3. Schedule 3 - Payment Schedule: Revised payment schedule reflecting the interest waiver
4. Appendix A - Original Loan Agreement: Copy of the original loan agreement being modified
5. Appendix B - Required Notices: Copies of any required notices or regulatory filings related to the waiver
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