Overview
A Loan Commitment Letter refers to a written instrument by which ABC is committed to granting loans from time to time within a period in the future and within the funding limits of the agreed loan. The Loan Commitment Letter is subject to the conditions as agreed to between ABC and the customer, including the purpose of the loan, amount, interest rate, term, and use of credit. ABC may not revoke the Loan Commitment Letter without the consent of the customer within the terms of the Loan Commitment Letter. The provisions on the management of fixed asset loan also apply to the Loan Commitment Letter and are further subject to the policies of centralized customer credit.
Features
A Loan Commitment Letter is either a mid-term or long-term loan and is a legally binding commitment to lend.
Procedures
1. The customer submits a written application to ABC.
2. The customer provides the following project data in addition to general production, operation and financial information:
• In the case of a project with any government investment, the approval by relevant authorities to initiate the project, the feasibility study report provided by a competent institution, and the approval of the feasibility study report.
• The environmental impact assessment report and approval, the approval for special industries, and other approvals as required by relevant authorities.
• Confirmation of capital and other financing plans for construction and production as well as the source of funds.
• Other preliminary preparations.
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