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On Demand Loan Agreement

On Demand Loan Agreement Template for Hong Kong

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Key Requirements PROMPT example:

On Demand Loan Agreement

"I need a Hong Kong law On Demand Loan Agreement for a HKD 5 million corporate loan from ABC Bank Limited to XYZ Trading Limited, to be secured by a personal guarantee from the company director and scheduled for initial drawdown by March 2025."

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Document background
The On Demand Loan Agreement is commonly used in Hong Kong's commercial lending landscape when a lender wishes to maintain maximum flexibility in requiring repayment of the loan. This document is particularly useful for short-term financing arrangements or where the lender requires additional security through immediate callable rights. The agreement must comply with Hong Kong's regulatory framework, including the Money Lenders Ordinance (Cap. 163) and Banking Ordinance (Cap. 155) where applicable. It typically includes comprehensive provisions on loan disbursement, interest calculations, repayment terms, events of default, and enforcement mechanisms. The on-demand nature of the loan means the lender can require immediate repayment without the need to prove default or provide a notice period, making it a powerful but potentially risky instrument for borrowers.
Suggested Sections

1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses

2. Background: Brief context of the loan arrangement and relationship between the parties

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules

4. The Facility: Details of the loan amount, purpose, and on-demand nature of the facility

5. Interest: Interest rate, calculation method, and payment terms

6. Repayment: Terms for repayment, including the on-demand nature and payment mechanics

7. Representations and Warranties: Borrower's confirmations regarding their status, capacity, and financial condition

8. Events of Default: Circumstances that allow the lender to demand immediate repayment

9. Undertakings: Borrower's ongoing obligations throughout the loan period

10. Costs and Expenses: Allocation of costs related to the loan and its enforcement

11. Notices: Communication methods and addresses for formal notices

12. Assignment and Transfer: Rights of parties to transfer or assign their rights under the agreement

13. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments

14. Governing Law and Jurisdiction: Confirms Hong Kong law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Include when the loan is secured by any assets or guarantees

2. Guarantee: Include when there is a guarantor for the loan

3. Insurance: Include when specific insurance requirements are imposed on the borrower

4. Financial Covenants: Include for corporate borrowers where financial ratios must be maintained

5. Conditions Precedent: Include when the loan availability is subject to fulfillment of specific conditions

6. Tax Gross-Up: Include when tax implications need to be addressed explicitly

7. Set-off Rights: Include when the lender has rights to set off against other accounts

8. Joint and Several Liability: Include when there are multiple borrowers

Suggested Schedules

1. Schedule 1 - Form of Drawdown Notice: Standard form for requesting drawdown of the loan

2. Schedule 2 - Repayment Schedule: If any structured repayment is agreed despite on-demand nature

3. Schedule 3 - Security Details: Details of any security or collateral if applicable

4. Schedule 4 - Conditions Precedent Documents: List of required documents and conditions if applicable

5. Schedule 5 - Form of Compliance Certificate: Standard form for periodic compliance confirmation if required

6. Appendix A - Interest Calculation Examples: Examples showing how interest is calculated

7. Appendix B - Fee Schedule: Detailed breakdown of all applicable fees and charges

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions












































Clauses









































Relevant Industries

Banking & Financial Services

Commercial Lending

Private Banking

Corporate Finance

Real Estate

Small and Medium Enterprises

Manufacturing

Trading

Retail

Professional Services

Technology

Construction

Relevant Teams

Legal

Finance

Compliance

Credit Risk

Corporate Banking

Treasury

Operations

Company Secretarial

Credit Administration

Debt Recovery

Due Diligence

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Credit Risk Manager

Loan Officer

Relationship Manager

Corporate Banking Manager

Treasury Manager

Financial Controller

Company Secretary

Credit Analyst

Due Diligence Officer

Debt Recovery Officer

Banking Operations Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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