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The Joint Loan Agreement is commonly used in Hong Kong when multiple parties wish to collectively borrow funds from a lender, typically for business expansion, property acquisition, or major investments. This agreement type is particularly useful when borrowers want to combine their creditworthiness or when they share a common purpose for the loan. The document must comply with Hong Kong's regulatory framework, including the Money Lenders Ordinance and various financial regulations. A Joint Loan Agreement specifically addresses the joint and several liability of borrowers, interest rates within legal limits, security arrangements if any, and enforcement mechanisms under Hong Kong law. It's essential for establishing clear rights and obligations of all parties while ensuring the arrangement is legally enforceable in Hong Kong courts.

1. Parties: Identifies all parties to the agreement including the lender(s) and all joint borrowers

2. Background: Sets out the context of the loan and confirms that the joint borrowers wish to borrow the specified sum

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

4. The Loan: Specifies the loan amount, purpose, and drawdown conditions

5. Joint and Several Liability: Establishes that borrowers are jointly and severally liable for the entire loan amount

6. Interest and Fees: Details the interest rate, calculation method, and any applicable fees

7. Repayment Terms: Specifies repayment schedule, payment methods, and prepayment provisions

8. Representations and Warranties: Contains statements of fact and promises made by the borrowers

9. Borrower Covenants: Lists ongoing obligations of the borrowers during the loan term

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

11. Lender's Rights and Remedies: Outlines the lender's rights in case of default or breach

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

13. Governing Law and Jurisdiction: Confirms Hong Kong law governs and specifies jurisdiction for disputes

14. General Provisions: Contains standard boilerplate clauses including severability, entire agreement, etc.