A Bridge Facility Agreement is used when a company requires immediate financing but expects to secure longer-term funding or complete a significant financial transaction in the near future. In the Philippine context, these agreements must comply with local banking regulations, including the General Banking Law of 2000 and BSP circulars governing interest rates, security arrangements, and foreign exchange transactions if applicable. The document typically includes detailed provisions on facility amount, availability period, interest calculations, conditions precedent, drawdown mechanics, repayment terms, and the process for transitioning to permanent financing. It's particularly relevant for time-sensitive transactions such as acquisitions, refinancing, or project development where immediate funding is crucial but permanent financing arrangements are still being finalized.
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1. Parties: Identification of the lender(s), borrower(s) and any guarantors
2. Background: Context of the bridge facility, including the purpose and intended permanent financing
3. Definitions and Interpretation: Definitions of terms used in the agreement and rules of interpretation
4. The Facility: Details of the bridge facility amount, purpose, and availability
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for drawing down the facility
7. Interest: Interest rate, calculation periods, and payment provisions
8. Repayment and Prepayment: Terms for repayment, including mandatory and voluntary prepayment provisions
9. Permanent Financing: Provisions relating to the arrangement and implementation of permanent financing
10. Representations and Warranties: Standard representations and warranties given by the borrower
11. Covenants: Positive and negative undertakings of the borrower
12. Events of Default: Circumstances constituting default and consequences
13. Changes to Parties: Provisions for transfer and assignment of rights and obligations
14. Administration: Administrative provisions including notices and calculations
15. Governing Law and Jurisdiction: Choice of law and jurisdiction provisions
1. Security: Required if the facility is secured by any assets or guarantees
2. Guarantee: Required if there are third-party guarantors
3. Increased Costs: Provisions dealing with changes in regulatory costs, included for regulated lenders
4. Tax Gross Up and Indemnities: Required if tax implications need specific addressing
5. Multiple Lenders: Syndication provisions if multiple lenders are involved
6. Currency Provisions: Required for multi-currency facilities or cross-border transactions
7. Subordination: Required if the bridge facility needs to be subordinated to other debt
8. Anti-corruption Provisions: Enhanced compliance provisions for regulated entities or cross-border deals
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request drawdown
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Compliance Certificate: Template for periodic compliance certification
5. Existing Security: Details of any existing security affecting the borrower
6. Form of Transfer Certificate: Template for transfer of participation
7. Financial Covenants: Detailed financial covenant calculations and thresholds
8. Permanent Financing Terms: Key terms of the intended permanent financing
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Corporate Finance
Real Estate & Construction
Infrastructure
Energy
Manufacturing
Technology
Healthcare
Telecommunications
Mining & Resources
Retail & Consumer
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Operations
Company Secretarial
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Finance Manager
Legal Counsel
Compliance Officer
Risk Manager
Banking Relationship Manager
Credit Risk Officer
Corporate Banking Officer
Loan Officer
Financial Controller
Company Secretary
Transaction Manager
Senior Finance Manager
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