The Credit Commitment Letter is a critical document in Malaysian banking practice, issued following the approval of a credit facility but prior to the execution of detailed facility agreements. It serves as the bank's formal undertaking to provide financing, subject to specified terms and conditions. This document is essential in both conventional and Islamic banking contexts, reflecting Malaysia's dual banking system. The letter typically follows an approved credit application and precedes the preparation of detailed facility agreements. It must comply with Malaysian banking regulations, including Bank Negara Malaysia guidelines, the Financial Services Act 2013, and where applicable, the Islamic Financial Services Act 2013. The document provides borrowers with certainty regarding their approved facilities while protecting the bank's interests through clearly stated conditions and requirements.
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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
3. Subject Line: Clear indication that this is a Credit Commitment Letter with reference to any application
4. Facility Overview: Brief introduction confirming the approval of the credit facility
5. Facility Amount and Type: Detailed specification of the approved amount and type of facility
6. Key Commercial Terms: Interest rate, tenure, repayment terms, and fee structure
7. Conditions Precedent: List of conditions that must be fulfilled before the facility becomes available
8. Security Requirements: Details of required collateral or guarantees
9. Representations and Covenants: Key promises and ongoing obligations of the borrower
10. Acceptance Section: Space for borrower's acknowledgment and acceptance of terms
11. Signature Block: Authorized signatories from the bank and space for customer acceptance
1. Special Conditions: Used when there are specific requirements or conditions unique to this facility
2. Islamic Banking Requirements: Required when the facility is Shariah-compliant, outlining specific Islamic banking terms
3. Project-Specific Terms: Included for project financing facilities with specific milestones or requirements
4. Cross-Default Provisions: When the borrower has other facilities with the bank or other institutions
5. Foreign Exchange Provisions: Required for facilities involving foreign currency
6. Insurance Requirements: Detailed insurance requirements when specific coverage is needed
7. Environmental Compliance: For projects or businesses requiring environmental compliance certifications
1. Facility Details Schedule: Detailed breakdown of multiple sub-facilities or tranches if applicable
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Security Details: Detailed description of security arrangements and documentation requirements
4. Drawdown Schedule: For facilities with multiple drawdown phases or specific drawdown conditions
5. Conditions Precedent Checklist: Detailed checklist of all required documents and conditions
6. Financial Covenants: Detailed financial ratios and reporting requirements
7. Required Documentation: List of all supporting documents required for facility activation
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing
Construction
Agriculture
Technology and Communications
Retail and Commerce
Healthcare
Education
Infrastructure
Energy and Utilities
Transportation and Logistics
Hospitality and Tourism
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Administration
Corporate Banking
Islamic Banking
Operations
Documentation
Business Development
Corporate Advisory
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Risk Management Officer
Legal Counsel
Company Secretary
Financial Controller
Banking Relationship Manager
Credit Analysis Manager
Compliance Officer
Corporate Finance Manager
Managing Director
Chief Executive Officer
Business Development Manager
Account Manager
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