A Credit Facility Letter is used when a financial institution agrees to provide credit to a borrower in New Zealand. This document serves as the primary instrument documenting the credit arrangement and must comply with New Zealand's regulatory framework, particularly the Credit Contracts and Consumer Finance Act 2003 (CCCFA). The letter outlines essential terms including facility limits, interest rates, fees, repayment schedules, and security requirements. It's commonly used for various credit arrangements including term loans, overdrafts, and revolving credit facilities. The document must incorporate mandatory disclosure requirements, responsible lending obligations, and fair trading principles while being clear and comprehensible to the borrower. It forms a legally binding agreement once accepted by all parties.
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1. Recipient Details: Full legal name and address of the borrower
2. Facility Overview: Brief introduction stating the purpose of the letter and confirmation of facility approval
3. Facility Terms: Key terms including facility type, amount, purpose, and availability period
4. Interest Rate: Applicable interest rate(s), basis of calculation, and rate review provisions
5. Fees and Charges: All applicable fees including establishment fees, ongoing fees, and other charges
6. Repayment Terms: Repayment schedule, method, and frequency
7. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
8. Key Undertakings: Essential promises and obligations of the borrower
9. Events of Default: Circumstances that would constitute a default
10. Acceptance: Signature blocks and acceptance provisions
1. Security Arrangements: Include when the facility is secured, detailing the required security and its terms
2. Financial Covenants: Include for corporate borrowers or larger facilities, specifying financial ratios and reporting requirements
3. Guarantor Details: Include when the facility requires guarantors, specifying guarantor obligations
4. Insurance Requirements: Include when specific insurance coverage is required as part of the facility
5. Review Provisions: Include for facilities with periodic review requirements
6. Specific Purpose Conditions: Include when the facility is for a specific purpose with special conditions
7. Multiple Drawing Provisions: Include for facilities allowing multiple drawdowns
1. Schedule 1 - Facility Pricing Schedule: Detailed breakdown of all interest rates, fees, and charges
2. Schedule 2 - Conditions Precedent Checklist: List of all documents and conditions required before facility availability
3. Schedule 3 - Security Details: Comprehensive description of security arrangements and requirements
4. Schedule 4 - Initial Disclosure Statement: CCCFA-compliant initial disclosure information
5. Appendix A - Standard Terms and Conditions: Bank's standard terms and conditions referenced in the letter
6. Appendix B - Direct Debit Authority: Direct debit setup form for automatic payments
7. Appendix C - Fee Schedule: Comprehensive list of all applicable fees and charges
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