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The Private Loan Agreement is a crucial document used when establishing a formal lending relationship between private parties in Hong Kong. It is commonly utilized for both personal and business lending purposes, where traditional bank financing may not be suitable or desired. The agreement must comply with Hong Kong's Money Lenders Ordinance (Cap. 163) and related regulations, particularly regarding interest rate caps and mandatory disclosure requirements. This document typically includes detailed terms covering loan amount, interest calculations, repayment schedules, security arrangements, events of default, and enforcement mechanisms. It's essential for protecting both lender and borrower interests while ensuring the loan arrangement is legally enforceable under Hong Kong law.

1. Parties: Identifies and provides full details of the lender and borrower

2. Background: Sets out the context of the loan arrangement and the parties' intention to enter into the agreement

3. Definitions: Defines key terms used throughout the agreement

4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use

5. Interest Rate: Details the applicable interest rate, calculation method, and payment frequency

6. Repayment Terms: Specifies the repayment schedule, method of payment, and any early repayment provisions

7. Conditions Precedent: Lists conditions that must be satisfied before the loan is advanced

8. Representations and Warranties: States the facts and assurances provided by the borrower

9. Borrower's Covenants: Sets out the borrower's ongoing obligations during the loan term

10. Events of Default: Defines circumstances that constitute default and their consequences

11. Termination: Specifies how and when the agreement can be terminated

12. Notices: Details how formal communications between parties should be made

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

14. General Provisions: Contains standard boilerplate clauses including assignment, amendments, and severability