A Line of Credit Letter is a crucial financial instrument used in Hong Kong's banking sector to establish revolving credit facilities. This document is typically employed when a business or individual requires flexible access to funds up to a predetermined limit, rather than a fixed loan amount. The letter details all essential aspects of the credit arrangement, including facility limits, interest calculations, security requirements, and operational procedures. Under Hong Kong law, these letters must comply with the Banking Ordinance and related regulations, making them standard practice in the territory's financial services industry. The document serves as both a formal offer of credit and, once accepted, a binding agreement that governs the ongoing relationship between the financial institution and the borrower, providing clear terms for both parties while maintaining compliance with Hong Kong's regulatory framework.
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1. Lender Details: Bank/financial institution's letterhead and contact information
2. Date and Reference: Letter date and any reference numbers
3. Borrower Details: Full name and address of the borrower
4. Salutation: Formal greeting to the borrower
5. Facility Confirmation: Opening statement confirming the offer of the credit facility
6. Facility Amount and Type: Details of the credit limit and nature of the facility
7. Interest Rate and Fees: Applicable interest rates, calculation method, and all associated fees
8. Duration and Renewal: Term of the facility and conditions for renewal
9. Drawdown Conditions: Requirements and process for accessing the credit
10. Repayment Terms: Minimum payment requirements and repayment conditions
11. Events of Default: Circumstances that would constitute default
12. Bank's Rights: Lender's rights regarding facility modification or termination
13. Governing Law: Confirmation of Hong Kong law governance
14. Acceptance: Instructions for accepting the offer and signature blocks
1. Security Requirements: Include when collateral or security is required for the facility
2. Guarantor Provisions: Include when a guarantor is required for the facility
3. Insurance Requirements: Include when specific insurance coverage is required
4. Financial Covenants: Include for corporate borrowers requiring financial ratio maintenance
5. Purpose Restriction: Include when the facility is restricted to specific uses
6. Cross-Default Provisions: Include when the borrower has other facilities with the bank
7. Currency Provisions: Include for multi-currency facilities
1. Schedule 1 - Facility Terms Summary: Detailed breakdown of all commercial terms including limits, rates, and fees
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before facility availability
3. Schedule 3 - Standard Terms and Conditions: Bank's standard terms and conditions referenced in the letter
4. Schedule 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Appendix A - Drawdown Notice Template: Standard form for requesting drawdowns under the facility
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Real Estate
Technology
Construction
Import/Export
Hospitality
Healthcare
Professional Services
Logistics
E-commerce
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Banking
Commercial Banking
Operations
Credit Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Relationship Manager
Risk Manager
Compliance Officer
Legal Counsel
Company Secretary
Managing Director
Finance Manager
Accounts Manager
Banking Officer
Credit Analyst
Corporate Banking Manager
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