The Basic Loan Agreement is a fundamental legal instrument used in Hong Kong for documenting lending arrangements between parties. This document is essential when any party wishes to lend or borrow money, whether in a commercial or private context, and requires the transaction to be properly documented under Hong Kong law. The agreement is designed to comply with Hong Kong's regulatory framework, including the Money Lenders Ordinance and relevant contract law principles. It contains all essential elements of a loan transaction including loan amount, interest calculations, repayment terms, and consequences of default. The Basic Loan Agreement is particularly useful for straightforward lending arrangements where parties need a clear, legally binding document that protects their interests while ensuring compliance with local regulations.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Sets out the context of the loan agreement and basic intention of the parties
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Loan: Specifies the loan amount, purpose, and drawdown conditions
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment: Specifies repayment terms, schedule, and prepayment provisions
7. Representations and Warranties: Standard declarations made by the Borrower about their legal and financial status
8. Borrower Covenants: Ongoing obligations of the Borrower during the loan term
9. Events of Default: Lists circumstances that constitute default and their consequences
10. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Security: Required when the loan is secured against specific assets or property
2. Guarantee: Needed when a third party guarantees the loan repayment
3. Conditions Precedent: Used for complex loans where certain conditions must be met before drawdown
4. Information Undertakings: Added for business loans requiring ongoing financial reporting
5. Tax Gross-up and Indemnities: Included when tax implications need specific addressing
6. Assignment and Transfer: Required when either party may need to transfer their rights or obligations
7. Multiple Lenders: Needed when there is more than one lender involved
1. Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Form of Drawdown Notice: Standard form for requesting loan disbursement
3. Security Details: Detailed description of any security or collateral
4. Conditions Precedent Documents: List of required documents to be provided before drawdown
5. Fee Schedule: Breakdown of any applicable fees and charges
6. Form of Guarantee: Standard form of guarantee when applicable
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