A Credit Commitment Letter is a crucial document in commercial lending transactions governed by English and Welsh law. It is typically issued following credit approval but before the execution of detailed facility documentation. The letter provides certainty to borrowers about the lender's commitment while protecting the lender's interests through clearly defined conditions. It includes essential information about the facility, pricing, conditions precedent, and validity period, serving as a bridge between initial term sheets and final documentation.
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1. Letter Header: Bank/Lender details, date, and addressee information including reference numbers
2. Facility Amount: Clear statement of the credit amount being committed, currency and type of facility
3. Purpose: Intended use of the credit facility and any restrictions on use
4. Key Terms: Essential terms including interest rate, tenure, repayment structure, and key covenants
5. Conditions Precedent: List of conditions that must be satisfied before the facility becomes available
6. Expiry Date: Validity period of the commitment and any extension options
1. Security Requirements: Details of any collateral, guarantees, or other security arrangements required for the facility
2. Syndication Rights: Terms and conditions under which the facility may be syndicated to other lenders
3. Market Flex: Provisions allowing adjustment of pricing based on market conditions during syndication
4. Regulatory Requirements: Specific regulatory compliance requirements and representations
1. Term Sheet: Detailed commercial terms and conditions of the facility
2. Fees Schedule: Comprehensive breakdown of all applicable fees including arrangement, commitment, and prepayment fees
3. Form of Drawdown Notice: Standard template for the borrower to request disbursement of funds
4. Conditions Precedent Checklist: Detailed list of required documentation and conditions to be satisfied
5. KYC Requirements: List of required know-your-customer documentation and compliance requirements
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