The Business Loan Guarantee agreement is a crucial document in Hong Kong's commercial lending landscape, typically used when a lender requires additional security beyond the borrower's own covenant. It's particularly relevant for business loans where the borrower's creditworthiness alone may not satisfy the lender's requirements. The document complies with Hong Kong's legal framework, including the Contract Ordinance (Cap. 26) and Banking Ordinance (Cap. 155), and is structured to protect the lender's interests while clearly defining the guarantor's obligations. It includes essential provisions regarding the scope of guarantee, enforcement mechanisms, representations and warranties, and typically incorporates specific requirements for both corporate and individual guarantors. The agreement is commonly used in various business contexts, from SME financing to large corporate transactions, and can be adapted to accommodate different security structures and multiple guarantors.
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1. Parties: Identification of the Lender, Borrower, and Guarantor(s)
2. Background: Context of the loan agreement and purpose of the guarantee
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Guarantee and Indemnity: Core guarantee obligations and scope of the guarantor's liability
5. Extent of Guarantee: Limits and coverage of the guarantee, including maximum liability
6. Continuing Security: Provisions establishing the guarantee as a continuing obligation
7. Guarantor's Representations and Warranties: Key statements and assurances from the guarantor
8. Preservation of Rights: Lender's rights preservation and guarantor's waiver provisions
9. Payments: Payment obligations, timing, and method of payment
10. Interest: Interest provisions on guaranteed amounts and default interest
11. Costs and Expenses: Allocation of costs related to the guarantee
12. Notices: Communication requirements and contact details
13. Assignment and Transfer: Rights and restrictions regarding transfer of guarantee obligations
14. Governing Law and Jurisdiction: Hong Kong law governance and jurisdiction provisions
15. Execution: Signature blocks and execution requirements
1. Multiple Guarantors: Additional provisions for joint and several liability when there are multiple guarantors
2. Security Provisions: Where the guarantee is supported by specific security assets
3. Corporate Guarantor Provisions: Additional representations and requirements for corporate guarantors
4. Currency Provisions: For guarantees involving multiple currencies or currency conversion
5. Counter-Indemnity: Where the guarantor requires indemnification from the borrower
6. Priority Agreement: Where there are multiple guarantees or security interests requiring priority arrangement
7. Personal Data Protection: Additional privacy provisions when handling personal data
8. Financial Covenants: Specific financial maintenance requirements for the guarantor
1. Schedule 1 - Guaranteed Obligations: Detailed description of the underlying loan and guaranteed amounts
2. Schedule 2 - Guarantor Information: Detailed information about the guarantor(s) including contact details
3. Schedule 3 - Form of Demand: Standard form for making demands under the guarantee
4. Schedule 4 - Security Details: Details of any security provided to support the guarantee
5. Schedule 5 - Conditions Precedent: List of documents and conditions required before guarantee becomes effective
6. Appendix A - Required Notices and Forms: Standard forms for notices and other communications
7. Appendix B - Corporate Authorizations: For corporate guarantors, relevant board resolutions and authorizations
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