The Loan Purchase Agreement is a critical document used in secondary market loan trading, debt portfolio sales, and financial institution restructuring transactions in Hong Kong. It facilitates the transfer of loan assets from one institution to another, whether for portfolio management, regulatory compliance, or strategic purposes. The agreement must comply with Hong Kong's banking regulations, including the Banking Ordinance and Money Lenders Ordinance where applicable. It typically covers single loans or loan portfolios and includes detailed provisions for loan transfer mechanics, representations about the loan quality, servicing arrangements, and regulatory compliance requirements. The document is particularly important in Hong Kong's active secondary loan market and must address specific local law requirements regarding assignment of rights, security interests, and stamp duty implications.
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1. Parties: Identification of the seller and purchaser of the loans
2. Background: Context of the transaction and description of the loan portfolio being sold
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Sale and Purchase: Core transaction terms including purchase price, payment mechanisms, and closing conditions
5. Completion: Details of the closing process, timing, and deliverables
6. Representations and Warranties: Seller's and purchaser's representations about their capacity and the loan portfolio
7. Assignment and Transfer: Mechanics of transferring the loans and related rights
8. Seller's Covenants: Ongoing obligations of the seller regarding the loans and documentation
9. Purchaser's Covenants: Ongoing obligations of the purchaser regarding the loans and documentation
10. Indemnification: Indemnification obligations between the parties
11. Confidentiality: Provisions regarding confidential information and its handling
12. Notices: Communication procedures between parties
13. General Provisions: Standard boilerplate provisions including governing law, jurisdiction, and amendments
14. Execution: Signature blocks and execution formalities
1. Security Arrangements: Include when the loans are secured and security interests need to be transferred
2. Regulatory Compliance: Include specific regulatory provisions when either party is regulated or the loans are subject to specific regulations
3. Third Party Consents: Include when borrower or other third-party consents are required for the transfer
4. Servicing Arrangements: Include when there are specific arrangements for servicing the loans post-transfer
5. True Sale Provisions: Include when need to emphasize the true sale nature of the transaction for regulatory or accounting purposes
6. Data Protection: Include detailed data protection provisions when significant personal data is involved
7. Tax Provisions: Include specific tax provisions when there are significant tax implications
8. Currency Provisions: Include when loans are in multiple currencies or currency conversion is required
1. Schedule 1 - Loan Portfolio Details: Detailed list and description of loans being purchased
2. Schedule 2 - Form of Transfer Documents: Ƶ for assignment notices and transfer documentation
3. Schedule 3 - Completion Checklist: List of documents and actions required for completion
4. Schedule 4 - Seller's Power of Attorney: Form of power of attorney for post-completion actions
5. Schedule 5 - Loan Documents: List of all relevant loan documents being transferred
6. Schedule 6 - Purchase Price Calculation: Methodology and details for calculating the purchase price
7. Appendix A - Form of Notice to Borrowers: Template for notifying borrowers of the transfer
8. Appendix B - Security Transfer Forms: Forms for transferring any associated security interests
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Investment Management
Asset Management
Private Equity
Debt Collection
Real Estate Finance
Corporate Finance
Special Situations
Distressed Debt
Credit Trading
Alternative Investments
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Loan Operations
Portfolio Management
Trading
Investment
Deal Advisory
Corporate Development
Transaction Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Portfolio Manager
Credit Risk Manager
Investment Director
Legal Counsel
Compliance Officer
Transaction Manager
Loan Operations Manager
Corporate Finance Director
Debt Trading Manager
Special Situations Manager
Distressed Debt Manager
Finance Director
Chief Investment Officer
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