This Non Interest Bearing Loan Agreement is designed for use in Hong Kong when parties wish to document a loan arrangement where no interest will be charged. It is commonly used in various scenarios including family lending, inter-company loans, Islamic finance transactions, or other situations where charging interest is not desired or permitted. The agreement covers essential elements such as loan amount, repayment terms, events of default, and enforcement mechanisms, all structured within Hong Kong's legal framework. It can be customized to include security arrangements, guarantees, or specific use requirements while maintaining compliance with Hong Kong legislation, particularly the Money Lenders Ordinance and general contract law principles. This document is especially relevant for situations requiring clear documentation of financial obligations while explicitly excluding any interest component.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses
2. Background: Explains the context of the loan and confirms its non-interest bearing nature
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount: Specifies the principal amount of the loan
5. Confirmation of Non-Interest Bearing Status: Explicit confirmation that no interest is payable on the loan
6. Drawdown: Conditions and process for disbursement of the loan
7. Repayment Terms: Details of how and when the loan will be repaid
8. Representations and Warranties: Standard warranties from the Borrower about their capacity and ability to repay
9. Events of Default: Circumstances that would trigger immediate repayment obligation
10. Consequences of Default: Actions the Lender can take in case of default
11. Notices: How formal communications between parties should be made
12. Governing Law and Jurisdiction: Confirms Hong Kong law governs and Hong Kong courts have jurisdiction
13. Execution: Signature blocks and execution formalities
1. Security: Include when the loan is secured against specific assets
2. Guarantee: Include when there is a third-party guarantor for the loan
3. Purpose: Include when the loan must be used for specific purposes only
4. Early Repayment: Include when early repayment is permitted with specific terms
5. Assignment: Include when either party needs the right to assign the agreement
6. Conditions Precedent: Include when there are specific conditions that must be met before drawdown
7. Covenants: Include when ongoing obligations are required from the Borrower
8. Tax Gross-Up: Include when tax implications need to be addressed explicitly
9. Force Majeure: Include when specific circumstances might affect loan repayment obligations
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Form of Drawdown Notice: Standard form for requesting disbursement of the loan
3. Security Details: Details of any assets provided as security (if applicable)
4. Conditions Precedent Documents: List of required documents to be provided before drawdown
5. Form of Compliance Certificate: Standard form for periodic confirmation of compliance with loan terms
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Family Business
Real Estate
Construction
Retail
Manufacturing
Technology
Healthcare
Education
Non-Profit
Islamic Finance
Professional Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretarial
Credit
Business Development
Islamic Banking
Family Office
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Secretary
Financial Controller
Treasury Manager
Compliance Officer
Risk Manager
Business Development Director
Family Office Manager
Islamic Finance Specialist
Credit Manager
Corporate Lawyer
Banking Executive
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