The Facility Letter is a crucial document in Dutch banking practice, used when a financial institution extends credit facilities to borrowers. It serves as both an offer letter and, upon acceptance, a binding agreement under Dutch law. This document type is particularly common for straightforward lending arrangements where a full facility agreement might be considered too elaborate. The Facility Letter includes essential terms such as facility amount, interest rates, repayment structure, security requirements, and key covenants, while complying with Dutch banking regulations and the Financial Supervision Act (Wft). It's commonly used for both corporate and individual borrowers, though the complexity and specific terms will vary depending on the borrower type and facility purpose. The document must align with Dutch civil law requirements for contract formation and financial services regulations.
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1. Letter Header: Date, addressee details, and reference number
2. Salutation: Formal greeting to the borrower
3. Purpose: Brief statement of the facility being offered
4. Facility Amount: Clear statement of the facility limit and currency
5. Interest Rate: Interest rate structure, calculation method, and payment frequency
6. Term and Repayment: Duration of the facility and repayment terms
7. Security: Required security or collateral arrangements
8. Key Conditions Precedent: Essential conditions that must be satisfied before drawdown
9. Representations and Warranties: Core statements about the borrower's status and capacity
10. Key Covenants: Essential financial and non-financial obligations
11. Events of Default: Main events triggering default
12. Fees and Costs: All applicable fees, charges, and cost arrangements
13. Acceptance and Execution: Signature blocks and acceptance instructions
1. Availability Period: For facilities with specific availability windows - defines when and how the facility can be drawn
2. Multiple Drawing Provisions: For revolving facilities - details on drawing mechanisms and requirements
3. Currency Provisions: For multi-currency facilities - available currencies and conversion terms
4. Guarantee Terms: When facility includes guarantees - specific terms and conditions for guarantees
5. Property Related Provisions: For property-backed facilities - specific requirements relating to property security
6. Hedging Requirements: When hedging is mandatory - specific hedging obligations
7. Multiple Borrower Provisions: For group facilities - specific terms relating to multiple borrowers
8. Reference Rate Terms: For EURIBOR/replacement rate based facilities - detailed provisions on rate calculation and fallbacks
1. Conditions Precedent: Detailed list of all required conditions precedent documents
2. Fee Schedule: Detailed breakdown of all fees and charges
3. Drawdown Notice: Form of drawdown request to be used
4. Financial Covenants: Detailed financial covenant calculations and reporting requirements
5. Security Details: Comprehensive description of security structure and requirements
6. Permitted Security: List of security interests permitted to exist
7. Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Availability Period
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Financial Statements
Interest Payment Date
Interest Period
Interest Rate
Legal Reservations
Material Adverse Effect
Permitted Security
Reference Rate
Repayment Date
Security
Security Documents
Tax
Utilisation
Utilisation Date
Utilisation Request
Dutch Civil Code
Wft
Subsidiary
Group
Guarantor
Security Provider
Compliance Certificate
Financial Covenants
Margin
Secured Obligations
Dutch Banking Day
Outstanding Amount
Permitted Distribution
Relevant Jurisdiction
Sanctioned Person
Sanctions
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Financial Statements
Interest Payment Date
Interest Period
Interest Rate
Legal Reservations
Material Adverse Effect
Permitted Security
Reference Rate
Repayment Date
Security
Security Documents
Tax
Utilisation
Utilisation Date
Utilisation Request
Dutch Civil Code
Wft
Subsidiary
Group
Guarantor
Security Provider
Compliance Certificate
Financial Covenants
Margin
Secured Obligations
Dutch Banking Day
Outstanding Amount
Permitted Distribution
Relevant Jurisdiction
Sanctioned Person
Sanctions
Clauses
Facility Terms
Interest Rate
Fees
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Financial Covenants
Information Covenants
General Undertakings
Events of Default
Increased Costs
Tax Gross-up
Costs and Expenses
Indemnities
Set-off
Assignment and Transfer
Confidentiality
Notices
Amendments
Governing Law
Jurisdiction
Anti-Money Laundering
Sanctions Compliance
Data Protection
Currency Provisions
Payment Mechanics
Market Disruption
Force Majeure
Severability
Interest Rate
Fees
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Financial Covenants
Information Covenants
General Undertakings
Events of Default
Increased Costs
Tax Gross-up
Costs and Expenses
Indemnities
Set-off
Assignment and Transfer
Confidentiality
Notices
Amendments
Governing Law
Jurisdiction
Anti-Money Laundering
Sanctions Compliance
Data Protection
Currency Provisions
Payment Mechanics
Market Disruption
Force Majeure
Severability
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Retail
Technology
Healthcare
Energy
Infrastructure
Agriculture
Transport & Logistics
Professional Services
Construction
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Loan Administration
Credit Analysis
Transaction Management
Documentation
Risk Management
Corporate Finance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Banker
Relationship Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Corporate Lawyer
Banking Lawyer
Financial Controller
Credit Analyst
Loan Officer
Transaction Manager
Security Trustee
Company Secretary
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