The Guarantee Facility Agreement is a crucial document in secured lending transactions under Hong Kong law, typically used when a lender requires additional security beyond the borrower's own covenant. This agreement is essential in situations where a parent company guarantees a subsidiary's obligations, or where directors or related parties provide personal guarantees for corporate borrowing. The document establishes the terms under which the guarantor assumes responsibility for the borrower's obligations, including the scope of the guarantee, enforcement mechanisms, and the guarantor's rights and obligations. It must comply with Hong Kong's banking regulations, contract law, and specific requirements for guarantee arrangements, particularly those set out in the Banking Ordinance and related legislation.
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1. Parties: Identifies the lender, borrower, and guarantor(s)
2. Background: Describes the context of the facility and guarantee arrangement
3. Definitions and Interpretation: Defines key terms and interpretation rules
4. The Facility: Details of the credit facility being guaranteed including amount, purpose, and terms
5. Guarantee and Indemnity: Core guarantee obligations, including scope and nature of the guarantee
6. Representations and Warranties: Guarantor's confirmations about their legal status, capacity, and authority
7. Continuing Security: Provisions establishing the guarantee as continuing security
8. Payments: Payment obligations, mechanics, and currency provisions
9. Tax Gross-up and Indemnities: Provisions for tax-related payments and indemnities
10. Preservation of Rights: Provisions maintaining the guarantee's effectiveness
11. Discharge Conditions: Conditions for releasing the guarantor from obligations
12. Changes to Parties: Rules for transfers and assignments
13. Notices: Communication requirements and methods
14. Calculations and Certificates: Rules for determining amounts due
15. Partial Invalidity: Severability provisions
16. Remedies and Waivers: Rights and remedies of the lender
17. Amendments and Waivers: Procedures for modifying the agreement
18. Counterparts: Execution in multiple copies
19. Governing Law and Enforcement: Choice of law and jurisdiction provisions
1. Multiple Guarantors: Additional provisions for when there are multiple guarantors, including joint and several liability
2. Security: Additional security arrangements if the guarantee is secured by specific assets
3. Subordination: Provisions subordinating guarantor's rights against the borrower
4. Financial Covenants: Specific financial requirements for guarantor if needed
5. Corporate Guarantor Provisions: Additional provisions specific to corporate guarantors
6. Independent Legal Advice: Confirmation of independent legal advice for individual guarantors
7. Currency Provisions: Detailed currency conversion rules for multi-currency facilities
8. Set-off Rights: Detailed set-off provisions if required
9. Personal Data Protection: Additional privacy provisions for individual guarantors
1. Facility Terms: Detailed terms of the underlying facility being guaranteed
2. Conditions Precedent: List of required documents and conditions
3. Form of Demand: Template for making demands under the guarantee
4. Form of Transfer Certificate: Template for transferring rights under the guarantee
5. Representations and Warranties: Detailed list of representations and warranties
6. Form of Compliance Certificate: Template for periodic compliance confirmations
7. Security Documents: List and copies of related security documents if applicable
8. Notice Details: Detailed contact information for all parties
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