The Credit Facility Letter is a fundamental document in Irish banking practice, used when a financial institution extends credit to corporate or individual borrowers. It serves as both an offer letter and, upon acceptance, the primary facility agreement between the parties. The document must comply with Irish banking regulations, including the Consumer Credit Act 1995, Central Bank regulations, and relevant EU directives incorporated into Irish law. It typically includes detailed information about the facility amount, purpose, interest rates, fees, repayment terms, conditions precedent, representations, warranties, and covenants. The letter format is preferred in the Irish market for its clarity and accessibility, particularly for smaller facilities, while maintaining legal enforceability. The document can be used for various types of credit facilities, including term loans, revolving credit facilities, and overdrafts, and can be adapted for both consumer and commercial lending contexts.
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1. Lender Details: Full legal name and address of the lending institution
2. Borrower Details: Full legal name and address of the borrower(s)
3. Facility Summary: Key terms including facility type, amount, purpose, and duration
4. Interest Rate and Fees: Detailed breakdown of interest rate (fixed/variable), calculation method, and all applicable fees
5. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions
6. Conditions Precedent: List of conditions that must be satisfied before the facility becomes available
7. Representations and Warranties: Standard declarations made by the borrower about their status and capacity
8. Covenants: Ongoing obligations of the borrower during the facility term
9. Events of Default: Circumstances that would allow the lender to terminate the facility
10. Regulatory Disclosures: Mandatory disclosures required under Irish consumer credit laws
11. Acceptance and Execution: Instructions for accepting the offer and signature requirements
1. Security Requirements: Details of any security or guarantees required - included when facility is secured
2. Insurance Requirements: Specific insurance requirements - included when particular insurance coverage is required
3. Drawing Conditions: Specific conditions for drawdown - included for revolving facilities or multiple tranche facilities
4. Special Conditions: Any borrower-specific conditions or requirements - included based on credit assessment
5. Group Company Provisions: Additional terms for corporate group borrowers - included for corporate facilities
6. Foreign Currency Provisions: Terms for foreign currency facilities - included when facility is in non-Euro currency
7. Central Bank Warning: Standard warning required for regulated consumer credit - included for consumer facilities
1. Facility Summary Schedule: Detailed breakdown of all financial terms and conditions in tabular format
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Conditions Precedent Checklist: Detailed checklist of all required documents and conditions
4. Direct Debit Mandate: Form for setting up automatic payments
5. Standard European Consumer Credit Information: Standardized information sheet required for consumer credit
6. Security Documents: Forms and documents related to any required security
7. Drawdown Notice Form: Standard form for requesting drawdown under the facility
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property
Manufacturing
Retail
Technology
Healthcare
Construction
Agriculture
Transportation and Logistics
Professional Services
Hospitality and Tourism
Energy and Utilities
Education
Non-Profit Organizations
Relevant Teams
Legal
Finance
Treasury
Credit and Risk
Compliance
Corporate Banking
Commercial Banking
Retail Banking
Operations
Documentation
Relationship Management
Business Development
Risk Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Financial Controller
Credit Manager
Relationship Manager
Legal Counsel
Compliance Officer
Risk Manager
Corporate Banking Manager
Credit Analyst
Loan Officer
Company Secretary
Commercial Director
Business Development Manager
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