The Bank Credit Guarantee is a fundamental document in Hong Kong's banking and finance sector, used when a third party (guarantor) agrees to secure the credit obligations of a borrower to a bank. This document is particularly important in Hong Kong's business environment, where corporate and personal guarantees are frequently required to support credit facilities. The guarantee must comply with Hong Kong banking regulations and the Banking Ordinance (Cap. 155), incorporating specific provisions required by local law and banking practice. It typically includes detailed sections on the guarantee's scope, enforcement procedures, representations and warranties, and default provisions. The document is crucial for risk management in lending operations and provides banks with additional security for their credit exposure.
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1. Parties: Identification of the Guarantor, the Bank (beneficiary), and the Principal Debtor
2. Background: Context of the guarantee, reference to the underlying credit facility, and the relationship between parties
3. Definitions: Definitions of key terms including Guaranteed Obligations, Security, Events of Default, and other relevant terms
4. Guarantee and Indemnity: Core provisions setting out the guarantee obligations, including the amount, scope, and nature of the guarantee
5. Representations and Warranties: Guarantor's confirmations regarding capacity, authority, and financial condition
6. Continuing Security: Provisions establishing the guarantee as a continuing obligation
7. Preservation of Rights: Bank's rights regarding enforcement, including non-vitiation of guarantee by variations to underlying facility
8. Payments: Payment obligations, currency, manner of payment, and tax provisions
9. Events of Default: Circumstances constituting default and consequences thereof
10. Costs and Expenses: Allocation of costs related to preparation, enforcement, and amendments
11. Notices: Communication procedures and contact details
12. Assignment and Transfer: Rights and restrictions regarding transfer of guarantee obligations
13. Governing Law and Jurisdiction: Hong Kong law as governing law and jurisdiction of Hong Kong courts
1. Security Provisions: Required when the guarantee is secured by specific assets or collateral
2. Multiple Guarantors: Required when there are joint guarantors, addressing joint and several liability
3. Limited Recourse: Used when the guarantee is limited to specific assets or amounts
4. Counter-Indemnity: Include when guarantor requires indemnification from the principal debtor
5. Corporate Authorizations: Required for corporate guarantors, including board resolutions and constitutional requirements
6. Set-off Rights: Optional provisions allowing the bank to set off against guarantor's accounts
7. Currency Conversion: Required for multi-currency facilities or where payments may be in different currencies
1. Underlying Facility Details: Details of the credit facility being guaranteed, including amount, term, and key conditions
2. Security Details: Description of any security assets and their registration details
3. Form of Demand: Standard form for making demands under the guarantee
4. Guarantor Information: Detailed information about the guarantor including financial statements if applicable
5. Corporate Authorizations: Copies of relevant board resolutions and corporate authorizations
6. Payment Instructions: Bank account details and payment procedures
7. Compliance Requirements: Specific regulatory or compliance requirements applicable to the guarantee
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Finance
Real Estate
Manufacturing
Trading & Commerce
Retail
Construction
Import/Export
Professional Services
Technology
Relevant Teams
Legal
Finance
Corporate Banking
Credit Risk
Compliance
Treasury
Operations
Corporate Finance
Risk Management
Company Secretarial
Relevant Roles
Chief Financial Officer
Finance Director
Corporate Banking Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Relationship Manager
Credit Analysis Manager
Treasury Manager
Company Secretary
Risk Assessment Officer
Banking Operations Manager
Corporate Finance Manager
Senior Credit Officer
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