The Inter Credit Agreement is a sophisticated financial instrument used in Hong Kong's banking and finance sector to structure complex lending arrangements involving multiple creditors. It is particularly relevant when multiple financial institutions collaborate to provide credit facilities to a borrower, requiring careful coordination of their respective rights and obligations. The document addresses crucial aspects such as facility sharing, ranking of security interests, voting rights, and payment waterfall arrangements. Compliant with Hong Kong's regulatory framework, including the Banking Ordinance and Money Lenders Ordinance, this agreement type is essential for syndicated lending, club deals, and other multi-lender scenarios where clear inter-creditor relationships need to be established.
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1. Parties: Identification of all parties to the agreement, including lenders and borrowers
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the credit facility, including amount, purpose, and availability
5. Interest: Interest calculation, rates, and payment provisions
6. Repayment: Terms and schedule for repayment of the facility
7. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
8. Representations and Warranties: Statements of fact and assurances given by the borrower
9. Covenants: Positive and negative obligations of the borrower during the facility period
10. Events of Default: Circumstances that constitute default and consequences thereof
11. Changes to Parties: Provisions regarding assignment and transfer rights
12. Administration: Administrative provisions including notices and calculations
13. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction provisions
14. Execution: Signature blocks and execution formalities
1. Security: Include when the facility is secured by any form of collateral or guarantee
2. Increased Costs: Include when lenders need protection against regulatory changes affecting costs
3. Tax Gross Up and Indemnities: Include when tax implications need specific addressing
4. Multiple Lenders: Include when there is more than one lender to address voting and decision-making
5. Currency Provisions: Include when the facility involves multiple currencies
6. Set-off Rights: Include when specific set-off rights are required beyond standard provisions
7. Bank Account Provisions: Include when specific account maintenance and operation requirements exist
8. Syndication Provisions: Include when the facility may be syndicated in the future
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request drawdown under the facility
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Transfer Certificate: Template for transferring rights and obligations under the facility
5. Calculation of Interest: Detailed mechanisms for interest calculation
6. Security Details: Details of any security or collateral arrangements
7. Contact Details: Contact information for all parties and authorized representatives
8. Form of Compliance Certificate: Template for periodic compliance reporting by borrower
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Corporate Finance
Investment Banking
Commercial Banking
Asset Management
Private Equity
Real Estate
Infrastructure
Manufacturing
Trading
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Structured Finance
Transaction Management
Documentation
Deal Advisory
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Banking Lawyer
Credit Risk Manager
Relationship Manager
Compliance Officer
Finance Manager
Senior Loan Officer
Structured Finance Manager
Transaction Manager
Director of Banking
Head of Credit
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