A Bank Facilities Letter is a crucial document used in Hong Kong's banking sector to formalize the arrangement of banking facilities between a financial institution and its clients. This document is typically issued when a bank approves credit facilities such as loans, overdrafts, trade finance, or other banking products. The letter comprehensively details the approved facilities, their respective limits, pricing, security requirements, conditions precedent, and ongoing obligations of the borrower. Under Hong Kong law, this document serves as a binding agreement once accepted by the borrower and must comply with local banking regulations, including requirements set by the Hong Kong Monetary Authority. The Bank Facilities Letter is particularly important as it forms the primary record of the banking relationship and the terms under which credit is extended.
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1. Bank Details and Reference: Bank's details, letter reference number, and date
2. Customer Details: Full name and address of the borrower/customer
3. Facility Summary: Overview of the type and amount of facilities being offered
4. Facility Details: Detailed description of each facility, including limits, purpose, and availability period
5. Interest Rates and Fees: Applicable interest rates, calculation methods, and all associated fees
6. Security Requirements: Required security, guarantees, or collateral for the facilities
7. Key Terms and Conditions: Essential conditions for the facilities, including drawdown conditions and covenants
8. Representations and Warranties: Standard declarations required from the borrower
9. Events of Default: Circumstances that would constitute default and their consequences
10. Acceptance and Execution: Instructions for accepting the facility offer and execution requirements
1. Foreign Exchange Facilities: Details of FX facilities when offered, including limits and terms
2. Trade Finance Conditions: Specific terms for trade finance facilities when included
3. Property Financing Conditions: Additional terms for property-backed facilities
4. Syndication Provisions: Terms relating to syndicated facilities when applicable
5. Insurance Requirements: Specific insurance requirements for secured assets when relevant
6. Special Conditions: Any customer-specific conditions or requirements
7. Group Company Provisions: Additional terms when facilities extend to group companies
1. Schedule 1 - Facility Overview: Detailed breakdown of all facilities, limits, and pricing
2. Schedule 2 - Security Details: Comprehensive list and details of all required security
3. Schedule 3 - Standard Terms and Conditions: Bank's standard terms and conditions for facilities
4. Schedule 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Appendix A - Drawdown Notice Format: Template for drawdown requests
6. Appendix B - Financial Covenants: Detailed financial covenants and calculation methods
7. Appendix C - Compliance Certificate: Template for periodic compliance certification
8. Appendix D - Know Your Customer Requirements: List of required KYC documents and requirements
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