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Revolving Credit Agreement for Hong Kong

Revolving Credit Agreement Template for Hong Kong

A Hong Kong law-governed agreement establishing a revolving credit facility between a lender and borrower, allowing the borrower to draw down, repay, and re-draw funds up to an agreed limit throughout the facility period. The agreement details the facility terms, conditions precedent, utilization mechanics, repayment obligations, interest calculations, security arrangements (if any), and the parties' respective rights and obligations, all within the framework of Hong Kong banking and financial services regulations.

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Revolving Credit Agreement

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What is a Revolving Credit Agreement?

The Revolving Credit Agreement is a fundamental financing document used when a borrower requires flexible access to funding over an extended period. This type of facility is particularly useful for businesses with cyclical cash flows or varying working capital needs. The agreement, governed by Hong Kong law, establishes the terms under which the borrower can draw down funds multiple times up to an agreed maximum limit, repay, and then re-draw, providing significant flexibility compared to term loans. It includes comprehensive provisions covering facility mechanics, conditions for utilization, interest calculations, security requirements, and compliance obligations. The document must comply with Hong Kong banking regulations and financial services requirements, particularly the Banking Ordinance (Cap. 155) and related regulations.

What sections should be included in a Revolving Credit Agreement?

1. Parties: Identifies and defines the borrower, lender, and other parties to the agreement

2. Background: Sets out the context and purpose of the facility

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. The Facility: Details the nature, amount, and purpose of the revolving credit facility

5. Conditions Precedent: Specifies conditions that must be satisfied before facility utilization

6. Utilization: Sets out the mechanics for drawing down the facility

7. Repayment and Prepayment: Details repayment terms and prepayment provisions

8. Interest: Specifies interest rates, calculation methods, and payment terms

9. Fees and Expenses: Lists all applicable fees and cost allocation

10. Representations and Warranties: Sets out the borrower's confirmations and continuing obligations

11. Information Undertakings: Specifies ongoing information and reporting requirements

12. General Undertakings: Details the borrower's positive and negative covenants

13. Events of Default: Lists circumstances that trigger default and enforcement rights

14. Changes to Parties: Covers assignment and transfer provisions

15. Administration: Covers operational aspects like payments and calculations

16. Notices: Specifies how formal communications should be made

17. General Provisions: Contains boilerplate clauses including amendments, waivers, severability

18. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and jurisdiction for disputes

What sections are optional to include in a Revolving Credit Agreement?

1. Security: Required if the facility is secured - details security arrangements and enforcement

2. Guarantees: Required if there are guarantors - contains guarantee provisions

3. Agent and Security Trustee Provisions: Required for syndicated facilities with multiple lenders

4. Set-off Rights: Optional provisions for lender's set-off rights

5. Increased Costs and Tax Gross-up: More detailed provisions often used for larger facilities

6. Market Disruption: Optional provisions dealing with market disruption events

7. Regulatory Compliance: Special provisions required for regulated borrowers or specific industries

8. Currency Provisions: Required if multiple currencies are involved

9. Anti-corruption and Sanctions: Detailed compliance provisions often required for international facilities

What schedules should be included in a Revolving Credit Agreement?

1. Conditions Precedent: Detailed list of required documents and conditions

2. Form of Utilization Request: Standard form for drawing down the facility

3. Form of Compliance Certificate: Template for periodic compliance certification

4. Repayment Schedule: If applicable, detailed repayment schedule

5. Security Documents: List and/or copies of security documents if facility is secured

6. Permitted Security: Details of security interests permitted to exist

7. Form of Transfer Certificate: Standard form for transfers of facility participation

8. Existing Financial Indebtedness: List of permitted existing debt

9. Form of Accession Deed: For additional borrowers or guarantors joining the facility

Authors

Alex Denne

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

Jurisdiction

Hong Kong

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions










































Clauses





































Relevant Industries

Banking

Financial Services

Real Estate

Manufacturing

Retail

Technology

Healthcare

Construction

Energy

Transportation

Telecommunications

Hospitality

Trading

E-commerce

Relevant Teams

Legal

Finance

Treasury

Credit Risk

Compliance

Corporate Banking

Risk Management

Company Secretarial

Corporate Finance

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Financial Controller

Corporate Lawyer

Legal Counsel

Relationship Manager

Credit Officer

Risk Manager

Compliance Officer

Banking Officer

Corporate Banking Director

Chief Executive Officer

Company Secretary

Account 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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