The Credit Facility Offer Letter is a crucial document in Pakistani banking practice, typically issued after a thorough credit assessment of the potential borrower. It represents the bank's formal commitment to extend credit facilities subject to specified terms and conditions. This document is used when a bank has approved a credit application and needs to formally communicate the approved terms to the borrower. The letter must comply with State Bank of Pakistan regulations and Pakistani banking laws, including the Banking Companies Ordinance 1962 and Financial Institutions (Recovery of Finances) Ordinance 2001. It contains essential information such as facility limits, pricing, security requirements, conditions precedent, and key covenants. Once accepted by the borrower, it forms the basis for preparing detailed facility documentation and serves as evidence of the agreed terms in case of future disputes.
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1. Letter Header: Bank's letterhead, date, reference number, and addressee details
2. Salutation: Formal address to the borrower
3. Subject Line: Clear indication of the purpose - Sanction/Offer of Credit Facility
4. Reference: Reference to borrower's application and any prior correspondence
5. Facility Approval: Statement confirming the bank's approval to extend the credit facility
6. Facility Details: Type, amount, purpose, and tenure of the credit facility
7. Interest Rate and Fees: Applicable interest rates, markup, processing fees, and other charges
8. Repayment Terms: Payment schedule, installment details, and repayment mechanism
9. Security/Collateral: Details of required security, collateral, and guarantees
10. Key Covenants: Essential financial and non-financial covenants
11. Conditions Precedent: Conditions to be fulfilled before facility drawdown
12. Representations and Warranties: Standard declarations required from the borrower
13. Events of Default: Circumstances constituting default and consequences
14. Acceptance and Execution: Instructions for acceptance and return of signed documents
1. Insurance Requirements: Required when specific insurance coverage is mandatory for the facility or collateral
2. Foreign Exchange Provisions: Required for facilities involving foreign currency
3. Syndication Terms: Required when the facility is syndicated among multiple lenders
4. Islamic Banking Provisions: Required when the facility is being offered under Islamic banking principles
5. Project Monitoring: Required for project financing facilities
6. Cross-Default Provisions: Required when the borrower has multiple facilities with the bank
7. Special Industry Conditions: Required for sector-specific requirements (e.g., textile, agriculture)
1. Facility Summary Schedule: Detailed breakdown of all facility limits, sub-limits, and their specific terms
2. Fee Schedule: Comprehensive list of all applicable fees, charges, and their computation method
3. Security Details: Detailed description of all security/collateral items and their values
4. Repayment Schedule: Detailed installment schedule with dates and amounts
5. Required Documents Checklist: List of all documents required for facility drawdown
6. Compliance Requirements: Detailed list of ongoing compliance requirements and reporting obligations
7. Standard Terms and Conditions: Bank's standard terms and conditions applicable to credit facilities
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate and Construction
Agriculture
Technology and IT
Healthcare
Energy and Utilities
Retail and Consumer Goods
Telecommunications
Transportation and Logistics
Textiles
Mining and Minerals
Education
Hospitality and Tourism
Export and Trading
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Corporate Banking
Business Development
Operations
Documentation
Relationship Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Relationship Manager
Risk Manager
Legal Counsel
Company Secretary
Financial Controller
Credit Analyst
Banking Officer
Compliance Officer
Corporate Banking Manager
Managing Director
Finance Manager
Account Manager
Business Development Manager
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