It is a new syndicated loan agreement that sits alongside an existing syndicated loan agreement.

It is only available on the existing syndicated loan maturity date (which ensures the lenders under both facilities do not have a double exposure) and for the purpose of refinancing the existing syndicated loan.

It is signed long before the existing syndicated loan maturity date (between several months to over a year before).

Its lenders include some of the existing syndicated loan lenders (but not all, as then the existing syndicated loan could simply be amended, including to extend its maturity date, and a forward start facility would not be required).

Its terms are based on the existing syndicated loan terms, subject to certain exceptions such as availability period, purpose, conditions precedent, pricing and maturity date.