The Facilities Agreement is a crucial document used in financing transactions under Maltese law, serving as the primary contract between lenders and borrowers for establishing credit facilities. It is commonly used when a bank or financial institution provides financing to corporate entities, whether for general corporate purposes, acquisitions, project finance, or specific asset purchases. The agreement must comply with Malta's robust financial services regulations and EU requirements, making it suitable for both domestic and international transactions. The document comprehensively covers all aspects of the lending relationship, including facility terms, conditions precedent, representations, covenants, and enforcement mechanisms. It can be adapted for various types of facilities, including term loans, revolving credits, or multiple-tranche facilities, and can accommodate both bilateral and syndicated lending arrangements.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or other parties
2. Background: Context of the facility and purpose of the agreement
3. Definitions and Interpretation: Defined terms, construction rules, and interpretation principles
4. The Facility: Details of the facility type, amount, and purpose
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for utilizing the facility
7. Interest: Interest calculation, periods, and payment provisions
8. Repayment: Terms and schedule for repayment of the facility
9. Prepayment: Voluntary and mandatory prepayment provisions
10. Representations and Warranties: Statements of fact and assurances given by the borrower
11. Information Undertakings: Obligations to provide financial and other information
12. Financial Covenants: Financial ratios and tests to be maintained
13. General Undertakings: General positive and negative obligations of the borrower
14. Events of Default: Circumstances that trigger default and enforcement rights
15. Changes to Parties: Transfer and assignment provisions
16. Payment Mechanics: Payment procedures, timing, and currency provisions
17. Set-off: Rights of set-off and application of payments
18. Notices: Communication methods and contact details
19. Calculations and Certificates: Basis for calculations and evidence of amounts due
20. Remedies and Waivers: Rights and remedies of the parties
21. Miscellaneous: General boilerplate provisions
22. Governing Law and Enforcement: Choice of Maltese law and jurisdiction provisions
1. Accordion Facility: Optional section for when the facility includes an option to increase the facility amount
2. Multiple Currencies: Required when the facility can be drawn in different currencies
3. Security: Include when the facility is secured by any form of collateral
4. Guarantees: Required when there are guarantors supporting the facility
5. Tax Gross Up and Indemnities: Detailed tax provisions needed for cross-border facilities
6. Increased Costs: Required for regulated lenders to pass on regulatory cost increases
7. Market Disruption: Include for facilities with floating interest rates
8. Anti-Corruption and Sanctions: Detailed provisions required for international facilities or regulated lenders
9. Bank Agency Provisions: Required for syndicated facilities with multiple lenders
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request utilization of the facility
3. Repayment Schedule: Detailed amortization schedule if term facility
4. Form of Transfer Certificate: Template for transferring commitments between lenders
5. Form of Compliance Certificate: Template for periodic confirmation of financial covenants
6. Existing Security: Details of any existing security interests
7. Financial Covenant Calculations: Detailed methodology for calculating financial covenants
8. Contact Details: Administrative and notice details for all parties
9. Form of Accession Deed: Template for additional parties joining the agreement
10. Transaction Security Documents: Forms of security documents if facility is secured
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