The Release Of Guarantee Agreement is a crucial document used in Hong Kong's business and financial landscape when parties wish to formally terminate a guarantor's obligations under an existing guarantee. This document becomes necessary in various situations, such as when guaranteed debts have been fully repaid, when restructuring financial arrangements, or when replacing an existing guarantor. The agreement must comply with Hong Kong's contract law requirements and typically includes specific details about the original guarantee, the reasons for the release, and any conditions attached to the release. It provides protection for all parties by clearly documenting the termination of guarantee obligations and preventing future claims or disputes. This document is particularly important in Hong Kong's dynamic financial sector, where guarantee arrangements are commonly used in various commercial transactions.
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1. Parties: Identifies the parties to the agreement: typically the creditor (beneficiary of the original guarantee), the guarantor being released, and potentially the principal debtor
2. Background: Recitals explaining the original guarantee, its date, the underlying principal agreement, and the circumstances leading to this release
3. Definitions: Definitions of key terms used in the agreement, including references to the original guarantee, principal agreement, and any related documents
4. Release: The operative provision releasing the guarantor from their obligations under the original guarantee
5. Effective Date: Specifies when the release takes effect
6. Acknowledgments: Confirmations from the creditor regarding the discharge of the guarantor's obligations
7. Governing Law and Jurisdiction: Specifies Hong Kong law as governing law and Hong Kong courts' jurisdiction
8. Execution: Signature blocks and execution formalities for all parties
1. Surviving Obligations: Used when certain obligations of the guarantor are intended to survive the release
2. Return of Documents: Include when original guarantee documents need to be returned or marked as cancelled
3. Conditions Precedent: Used when the release is conditional upon certain events or actions
4. Principal Debtor's Consent: Include when the principal debtor's acknowledgment or consent to the release is required
5. Confidentiality: Include when parties wish to keep the terms of the release confidential
6. Partial Release: Used when only part of the guarantee obligations are being released
7. Further Assurance: Include when parties may need to execute additional documents or take further actions
1. Original Guarantee: Copy or details of the original guarantee being released
2. Payment Confirmation: If release is pursuant to payment, evidence of satisfaction of guaranteed obligations
3. Corporate Authorizations: If any party is a corporation, relevant board resolutions or authorizations
4. Related Security Documents: List of any related security or guarantee documents affected by the release
Relevant legal definitions
Agreement
Business Day
Creditor
Effective Date
Facility Agreement
Guarantee
Guaranteed Obligations
Guarantor
Hong Kong
Original Guarantee
Original Guarantee Date
Party/Parties
Principal Debtor
Principal Agreement
Release
Released Obligations
Remaining Obligations
Security
Security Documents
Surviving Provisions
Transaction Documents
Underlying Agreement
Business Day
Creditor
Effective Date
Facility Agreement
Guarantee
Guaranteed Obligations
Guarantor
Hong Kong
Original Guarantee
Original Guarantee Date
Party/Parties
Principal Debtor
Principal Agreement
Release
Released Obligations
Remaining Obligations
Security
Security Documents
Surviving Provisions
Transaction Documents
Underlying Agreement
Clauses
Interpretation
Definitions
Release
Discharge
Acknowledgment
Representations and Warranties
Further Assurance
Conditions Precedent
Return of Documents
Payments
Surviving Obligations
No Waiver
Severability
Entire Agreement
Amendment
Assignment
Notices
Counterparts
Third Party Rights
Costs and Expenses
Confidentiality
Governing Law
Jurisdiction
Definitions
Release
Discharge
Acknowledgment
Representations and Warranties
Further Assurance
Conditions Precedent
Return of Documents
Payments
Surviving Obligations
No Waiver
Severability
Entire Agreement
Amendment
Assignment
Notices
Counterparts
Third Party Rights
Costs and Expenses
Confidentiality
Governing Law
Jurisdiction
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Retail
Import/Export
Professional Services
Hospitality
Trading
Infrastructure
Technology
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretarial
Credit Administration
Commercial Banking
Contract Administration
Corporate Finance
Relevant Roles
Legal Counsel
Chief Financial Officer
Finance Director
Company Secretary
Risk Manager
Credit Manager
Relationship Manager
Commercial Director
Treasury Manager
Compliance Officer
Contract Manager
Corporate Banking Manager
Security Trustee
Facility Agent
Legal Director
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