The Loan Modification Agreement is a crucial document used when parties to an existing loan agreement need to alter specific terms without creating an entirely new loan agreement. It's commonly utilized during financial restructuring, when borrowers face changed circumstances, or when market conditions necessitate loan term adjustments. This document, governed by Hong Kong law, must comply with various regulations including the Banking Ordinance (Cap. 155), Money Lenders Ordinance (Cap. 163), and Contract and Rights of Third Parties Ordinance (Cap. 623). It typically includes details of the original loan, specific modifications, conditions precedent, and necessary consents from all relevant parties. The agreement is particularly important in Hong Kong's dynamic financial market, where loan modifications are common in both corporate and individual lending scenarios.
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1. Parties: Identification of the lender and borrower(s), including their full legal names and addresses
2. Background: Recitals describing the original loan agreement, its date, and the parties' desire to modify certain terms
3. Definitions: Key terms used in the agreement, including references to defined terms in the original loan agreement
4. Modification of Terms: Specific changes to the original loan agreement, clearly stating the original terms and their modifications
5. Confirmation of Other Terms: Affirmation that all other terms of the original loan agreement remain in full force and effect
6. Representations and Warranties: Statements by both parties confirming their authority to enter into the modification and the continuing accuracy of original representations
7. Conditions Precedent: Any conditions that must be satisfied before the modifications become effective
8. Effectiveness: The effective date of the modifications and any requirements for effectiveness
9. Governing Law and Jurisdiction: Confirmation that Hong Kong law governs the modification agreement
10. Execution: Signature blocks for all parties and any required witnesses
1. Security Confirmation: Confirmation that existing security remains in effect and extends to modified obligations - include if the original loan is secured
2. Guarantor Consent: Consent from any guarantors to the modifications - include if the original loan has guarantors
3. Fee Provisions: Details of any fees associated with the modification - include if fees are being charged
4. Tax Provisions: Provisions dealing with tax implications of the modification - include if there are significant tax consequences
5. Regulatory Compliance: Additional provisions ensuring compliance with specific banking or lending regulations - include if required by applicable regulations
6. Notice Requirements: Modified notice provisions - include if changing communication methods or contact details
1. Schedule 1 - Modified Terms: Detailed listing of all modified terms in tabular format, showing original and new terms
2. Schedule 2 - Amended Payment Schedule: Updated amortization or payment schedule reflecting the modifications
3. Schedule 3 - Conditions Precedent Checklist: List of all documents and conditions required before modification becomes effective
4. Appendix A - Original Loan Agreement: Copy of the original loan agreement being modified
5. Appendix B - Supporting Resolutions: Corporate or other authorizing resolutions if required
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Real Estate
Corporate
Construction
Manufacturing
Retail
Healthcare
Technology
Infrastructure
Relevant Teams
Legal
Finance
Compliance
Credit Risk
Corporate Banking
Retail Banking
Treasury
Corporate Secretariat
Debt Restructuring
Credit Analysis
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Risk Manager
Loan Officer
Banking Relationship Manager
Treasury Manager
Corporate Secretary
Financial Controller
Debt Restructuring Specialist
Legal Director
Senior Banker
Credit Analysis Manager
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