The Pro Forma Credit Agreement serves as a standardized template for documenting credit facilities in Hong Kong's financial market. It is typically used when financial institutions extend credit to corporate or individual borrowers, requiring a comprehensive agreement that complies with Hong Kong's banking regulations and financial services legislation. The document includes essential provisions for facility terms, conditions precedent, representations and warranties, covenants, and events of default, all tailored to meet Hong Kong legal requirements. It can be adapted for various types of credit facilities, from bilateral loans to syndicated facilities, and incorporates necessary provisions for security interests, guarantees, and regulatory compliance. The agreement reflects market practice in Hong Kong while providing flexibility to accommodate specific transaction requirements.
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1. Parties: Identification of lender(s) and borrower(s) with full legal names and addresses
2. Background: Context of the credit facility and purpose of the agreement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules used throughout the agreement
4. The Facility: Details of the credit facility including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilization: Process and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for scheduled repayments and voluntary/mandatory prepayments
8. Interest: Interest calculation, payment dates, and default interest provisions
9. Fees and Expenses: All applicable fees, costs, and expenses
10. Tax Provisions: Tax-related obligations and gross-up provisions
11. Representations and Warranties: Borrower's representations and warranties
12. Information Undertakings: Obligations to provide financial and other information
13. General Undertakings: Positive and negative covenants of the borrower
14. Events of Default: Circumstances constituting default and consequences
15. Changes to Parties: Rules for assignments and transfers
16. Administration: Administrative provisions including notices and calculations
17. Governing Law and Enforcement: Choice of law and jurisdiction provisions
1. Security: Required when the facility is secured, detailing security arrangements and enforcement rights
2. Guarantee: Required when there are guarantors, containing guarantee and indemnity provisions
3. Syndication Provisions: Required for syndicated facilities, including facility agent and security trustee provisions
4. Increased Costs and Market Disruption: Optional provisions for managing market disruption and regulatory changes
5. Multi-currency Provisions: Required for multi-currency facilities, including currency conversion and availability
6. Financial Covenants: Required for corporate borrowers, detailing financial maintenance covenants
7. Set-off Rights: Optional provisions detailing the lender's set-off rights
8. Multiple Borrowers: Required when there are multiple borrowers, including joint and several liability provisions
1. Conditions Precedent: Detailed list of required conditions precedent documents
2. Form of Utilization Request: Standard form for requesting drawdowns
3. Form of Transfer Certificate: Standard form for transferring commitments/loans
4. Repayment Schedule: Detailed schedule of repayment dates and amounts
5. Financial Covenants Calculations: Detailed calculations and definitions for financial covenants
6. Form of Compliance Certificate: Standard form for periodic compliance certification
7. Security Documents: List and/or copies of security documents
8. Existing Security and Financial Indebtedness: Details of permitted existing security and debt
9. Form of Accession Deed: Standard form for new parties joining the agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Trading
Retail
Technology
Infrastructure
Energy
Healthcare
Construction
Telecommunications
Transportation
Hospitality
Professional Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Analysis
Operations
Company Secretarial
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Loan Officer
Corporate Banking Manager
Financial Controller
Company Secretary
Risk Manager
Banking Operations Manager
Credit Analyst
Legal Director
Transaction Manager
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