A Facility Letter is a crucial document in Austrian banking practice, used when a financial institution extends credit facilities to businesses or individuals. This document serves as both the formal offer of the facility and, once accepted, the binding agreement governing the credit relationship. The Facility Letter must comply with Austrian banking regulations, particularly the Banking Act (BWG) and related financial services legislation. It typically follows preliminary credit assessments and negotiations, containing all essential terms such as facility amount, purpose, interest rates, fees, security requirements, and conditions for drawdown. The document is particularly important in the Austrian context as it must meet specific regulatory requirements while maintaining clarity and precision in documenting the banking relationship.
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1. Bank Details and Reference: Bank's letterhead, contact information, and relevant reference numbers
2. Recipient Details: Full name and address of the borrower
3. Salutation: Formal greeting to the borrower
4. Purpose: Clear statement of the letter's purpose and reference to any prior discussions or applications
5. Facility Type and Amount: Specification of the type of facility being offered and the approved amount
6. Key Terms: Essential terms including interest rate, tenure, repayment schedule, and fees
7. Security Requirements: Details of any required collateral or guarantees
8. Conditions Precedent: List of conditions that must be satisfied before the facility becomes available
9. Representations and Undertakings: Key statements about the borrower's status and ongoing obligations
10. Events of Default: Circumstances under which the bank can recall the facility
11. Acceptance Instructions: How to accept the offer and deadline for acceptance
12. Closing: Formal closing, including bank signatory details
1. Regulatory Notifications: Required for consumer loans under VKrG, including right of withdrawal
2. Currency Provisions: Required for multi-currency facilities
3. Insurance Requirements: Needed when specific insurance coverage is required for the facility
4. Tax Considerations: Required when specific tax implications need to be highlighted
5. Special Drawing Conditions: For facilities with specific drawing mechanisms or requirements
6. Cross-Default Provisions: When the facility is linked to other banking arrangements
7. Group Structure Requirements: When the borrower is part of a corporate group with specific obligations
1. Facility Terms Schedule: Detailed breakdown of all financial terms, calculations, and fee structures
2. Conditions Precedent Checklist: Detailed list of required documents and conditions with status tracking
3. Security Details: Comprehensive description of required security and associated documentation
4. Drawdown Notice Form: Template for requesting disbursements under the facility
5. Compliance Certificate: Template for periodic compliance reporting
6. Fee Schedule: Detailed breakdown of all applicable fees and charges
7. Required Insurance Schedule: Specific insurance requirements and minimum coverage levels
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