The Credit Facility Offer Letter is a crucial document in German banking practice, typically used as the first formal step in establishing a credit relationship between a financial institution and a borrower. It is issued after initial credit assessment and internal approvals, but before the final credit documentation is executed. The letter must comply with stringent German banking regulations, including the Banking Act (KWG), Civil Code (BGB), and Price Indication Regulation (PAngV). It's particularly important that the document includes all mandatory disclosures required under German law, such as effective annual interest rate calculations and, for consumer credits, statutory withdrawal rights. The letter serves multiple purposes: it confirms the bank's willingness to lend, documents the key commercial terms, and provides the basis for the borrower's acceptance and subsequent documentation.
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1. Bank Details and Reference: Complete details of the lending institution, letter reference number, and date
2. Recipient Details: Full name and address of the prospective borrower
3. Credit Facility Overview: Brief introduction stating the purpose of the letter and confirmation of the credit facility offer
4. Facility Terms: Key terms including facility amount, type, purpose, and availability period
5. Interest and Fees: Detailed breakdown of interest rate (nominal and effective annual rate as per PAngV), fees, and other charges
6. Repayment Terms: Repayment schedule, installment amounts, and payment methods
7. Security Requirements: Details of required collateral, guarantees, or other security arrangements
8. Key Conditions Precedent: Essential conditions that must be met before the facility becomes available
9. Representations and Warranties: Basic confirmations required from the borrower
10. Offer Validity: Period for which the offer remains valid and acceptance procedures
11. Contact Information: Details of the responsible bank officer and contact points for queries
12. Acceptance Section: Space for borrower's signature and acceptance of terms
1. Consumer Credit Notice: Additional statutory notices required for consumer credit facilities under German Consumer Credit Act
2. Foreign Currency Warning: Required if the facility is offered in a currency other than the borrower's primary currency
3. Insurance Requirements: Details of required insurance coverage, if applicable
4. Digital Banking Access: Information about online banking access and facility management, if applicable
5. Tax Considerations: Relevant tax implications or requirements, particularly for corporate borrowers
6. Syndication Rights: For larger facilities, terms regarding the bank's right to syndicate the loan
7. Reference Account Requirements: If a current account with the bank is required for facility operation
1. Interest Rate Calculation Example: Mandatory example calculation of effective annual interest rate as per PAngV requirements
2. Standard Terms and Conditions: Bank's general terms and conditions (AGB) applicable to the facility
3. SCHUFA Clause: Standard credit reporting agency clause and consent form
4. Required Documentation Checklist: List of documents required from the borrower for facility activation
5. Fee Schedule: Detailed breakdown of all applicable fees and charges
6. Withdrawal Form: Standard withdrawal form for consumer credit agreements as required by German law
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Finance
Retail Banking
Commercial Real Estate
Manufacturing
Technology and Software
Healthcare
Hospitality
Construction
Import/Export
Retail and Consumer Goods
Agriculture
Energy and Utilities
Transportation and Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Retail Banking
Operations
Credit Administration
Risk Management
Documentation
Relationship Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Risk Manager
Relationship Manager
Corporate Banking Officer
Loan Officer
Legal Counsel
Compliance Officer
Credit Analyst
Banking Operations Manager
Corporate Finance Manager
Business Development Manager
Risk Assessment Officer
Branch Manager
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