The Letter for Overfacility is a crucial document in Hong Kong's banking and finance practice, typically used when a borrower requires temporary or permanent extension of credit beyond their existing facility limits. This document type is particularly relevant in Hong Kong's dynamic business environment, where companies often need flexible financing solutions to manage growth or seasonal fluctuations. The Letter for Overfacility must comply with Hong Kong Monetary Authority (HKMA) guidelines and the Banking Ordinance, incorporating specific requirements for credit risk management and facility documentation. It serves as an addendum to the original facility agreement, detailing the additional credit amount, terms, conditions, and any new security requirements, while maintaining consistency with Hong Kong's regulatory framework.
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1. Letter Header and Date: Bank's letterhead, date, and reference number
2. Addressee Details: Full name and address of the borrower/client
3. Reference to Existing Facility: Details of the original facility agreement including date and reference number
4. Current Facility Limit: Statement of the current approved limit
5. Overfacility Amount: Clear statement of the additional amount being provided
6. Purpose: Reason for the overfacility provision
7. Duration: Period for which the overfacility is being granted
8. Interest Rate: Applicable interest rate for the overfacility amount
9. Terms and Conditions: Key terms applying to the overfacility
10. Acknowledgment: Space for customer's acknowledgment and acceptance
1. Additional Security Requirements: Include when new security or collateral is required for the overfacility
2. Financial Covenants: Include when specific financial ratios or conditions must be maintained
3. Review Date: Include when the overfacility will be subject to review
4. Fee Structure: Include when additional fees apply to the overfacility
5. Default Provisions: Include when specific default scenarios need to be highlighted
6. Regulatory Compliance: Include when specific regulatory requirements need to be addressed
1. Schedule 1 - Facility Summary: Detailed breakdown of existing facility and overfacility amounts
2. Schedule 2 - Security Details: List of existing and new security arrangements if applicable
3. Schedule 3 - Fee Schedule: Breakdown of any applicable fees and charges
4. Appendix A - Conditions Precedent: List of conditions to be satisfied before overfacility becomes effective
5. Appendix B - Required Documents: List of additional documents required from the borrower
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Relevant legal definitions
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Relevant Industries
Banking
Financial Services
Manufacturing
Trading
Real Estate
Construction
Retail
Wholesale
Import/Export
Logistics
Technology
Healthcare
Hospitality
Professional Services
Relevant Teams
Legal
Credit Risk
Compliance
Corporate Banking
Commercial Banking
Finance
Treasury
Operations
Risk Management
Relationship Management
Credit Administration
Banking Operations
Relevant Roles
Relationship Manager
Credit Officer
Risk Manager
Compliance Officer
Legal Counsel
Chief Financial Officer
Financial Controller
Treasury Manager
Corporate Banking Manager
Credit Risk Manager
Finance Director
Company Secretary
Managing Director
Credit Administrator
Banking Operations Manager
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