The Credit Facility Letter is a fundamental banking document used when extending credit facilities to borrowers in England and Wales. It serves as the primary agreement documenting the terms of the lending arrangement, including facility limits, pricing, security requirements, and conditions for drawdown. The document must comply with UK regulatory requirements, including those set by the Financial Conduct Authority and the requirements of the Financial Services and Markets Act 2000. Credit Facility Letters can be used for various purposes, from simple overdraft facilities to complex term loans, and can be adapted for both corporate and individual borrowers.
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1. Addressee Details: Full legal name and address of the borrower
2. Facility Amount: The total amount of credit being made available
3. Purpose: Permitted use of the facility
4. Interest Rate: Applicable interest rate(s) and calculation method
5. Repayment Terms: Schedule and method of repayment
6. Security: Details of any security or guarantees required
7. Conditions Precedent: Conditions that must be satisfied before drawdown
1. Fees and Charges: Additional costs, arrangement fees, and other charges applicable to the facility
2. Financial Covenants: Financial ratios and requirements for corporate borrowers or larger facilities
3. Events of Default: Specific circumstances that would constitute a default under the facility
1. Drawdown Notice: Standard form for requesting disbursement of funds under the facility
2. Repayment Schedule: Detailed payment schedule if structured as a term loan
3. Security Documents: Forms of security documents where security is required
4. Conditions Precedent Documents: Comprehensive list of required documents to be provided prior to drawdown
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