Examples of Supplemental Loan Agreement in a sentence
The details of the Loan Agreement and the Supplemental Loan Agreement are set out below: THE LOAN AGREEMENT Date of the Loan Agreement: 21 February 2024 Parties: The Lender; and The Borrower Original Principal Amount: HK$2,950,000 Term: 24 months from 22 February 2024 to 21 February 2026, both days inclusive Interest Rate: The interest rate on the Loan is seven per cent (7%) per annum, which shall accrue from day to day and be calculated on a basis of actual number of days elapsed over a year of 365 days.
The subsequent increase in loan principal to HK$5,000,000 as stipulated in the Supplemental Loan Agreement shall be aggregated as one transaction.
As the highest applicable percentage ratio in respect of the Loan pursuant to the amendment effected by the Supplemental Loan Agreement exceeds 0.1% but less than 5%, the said connected transaction is subject to the reporting and announcement requirements but is exempted from circular and the independent shareholders’ approval requirement under Rule 14A.76(2) of the Listing Rules.
The Board announces that on 24 April 2024, the Supplemental Loan Agreement was entered into between the Lender and the Borrower, to vary the original loan principal amount from HK$2,950,000 to HK$5,000,000, subject to the Guarantor providing a personal guarantee in securing the Borrower’s obligation to repay the Loan and interest accrued in full.