The Facility Letter is a crucial banking document used in Australian financial transactions when a lender offers credit facilities to a borrower. It serves as both an initial offer letter and, upon acceptance, converts into a binding agreement. This document is particularly relevant when the credit arrangement is relatively straightforward and doesn't require the complexity of a full facility agreement. The Facility Letter typically includes essential information about the credit facility, such as the amount, purpose, interest rates, repayment terms, security requirements, and conditions precedent. It must comply with Australian banking regulations, including the National Consumer Credit Protection Act 2009 (Cth) and the Banking Act 1959 (Cth), and is commonly used for various financing purposes, from business loans to property finance.
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1. Letter Header and Date: Financial institution's letterhead, date, and reference number
2. Addressee Details: Full name and address of the borrower/client
3. Salutation: Formal greeting to the borrower
4. Purpose Statement: Clear statement that this is an offer of finance/facility
5. Facility Details: Type of facility, amount, purpose, availability period
6. Interest and Fees: Interest rate, calculation method, fees and charges
7. Repayment Terms: Repayment schedule, method, and frequency
8. Security Requirements: Details of required security, guarantees, or collateral
9. Key Conditions Precedent: Essential conditions that must be met before facility availability
10. Key Undertakings: Core ongoing obligations of the borrower
11. Events of Default: Key events that would constitute default
12. Acceptance Method: How to accept the offer and deadline for acceptance
13. Execution Block: Signature blocks for bank authorized signatories and borrower acceptance
1. Facility Review: Include when the facility requires periodic review - specifies review frequency and process
2. Financial Covenants: Include for corporate borrowers or larger facilities - specifies financial ratios to be maintained
3. Insurance Requirements: Include when specific insurance coverage is required as part of the facility
4. Specific Conditions: Include for specialized facilities or industry-specific requirements
5. Hedging Requirements: Include for facilities requiring interest rate or foreign exchange hedging
6. Multiple Drawing Conditions: Include for facilities with multiple drawing requirements or tranches
7. Property Details: Include for property-secured facilities - details of the security property
8. Guarantor Details: Include when third-party guarantees are required
1. Schedule 1 - Facility Summary: Detailed breakdown of facility limits, sub-limits, and pricing
2. Schedule 2 - Conditions Precedent: Complete list of all required conditions precedent
3. Schedule 3 - Security Details: Comprehensive list of all security documents and requirements
4. Schedule 4 - Fee Schedule: Detailed breakdown of all applicable fees and charges
5. Appendix A - Standard Terms and Conditions: Bank's standard terms and conditions referenced in the letter
6. Appendix B - Drawing Notice Form: Template form for drawing requests under the facility
7. Appendix C - Compliance Certificate: Template for periodic compliance certification if required
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