The Line of Credit Agreement is a crucial financial instrument in Singapore's banking sector, commonly used when businesses or individuals require flexible access to funds. This agreement type is particularly relevant in Singapore's dynamic business environment, where companies often need readily available credit for working capital, expansion, or operational needs. The document must comply with Singapore's strict banking regulations and MAS guidelines, incorporating mandatory provisions for consumer protection and fair trading. A Line of Credit Agreement typically includes detailed terms about the credit limit, interest calculations, drawdown mechanics, and security requirements, while adhering to Singapore's documentation standards and regulatory requirements.
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1. Parties: Identifies and defines the lender and borrower, including their full legal names, registration numbers, and registered addresses
2. Background: Sets out the context and purpose of the credit facility, including the borrower's request and lender's agreement to provide the facility
3. Definitions: Defines key terms used tHRoughout the agreement, including banking, financial and technical terms
4. Facility Terms: Details of the credit facility including amount, interest rate, tenure, purpose, and utilization methods
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available, including documentation and due diligence requirements
6. Representations and Warranties: Statements of fact and assurances given by the borrower regarding their legal status, authority, and financial condition
7. Covenants: Ongoing obligations of the borrower during the facility period, including financial covenants and reporting requirements
8. Events of Default: Circumstances that allow the lender to terminate the facility and demand immediate repayment
9. Payment Terms: Details of repayment obligations and mechanics, including payment dates, methods, and currency
1. Security Arrangements: Details of any collateral or security provided, including creation, perfection, and enforcement provisions
2. Guarantees: Terms of any guarantees provided by third parties, including scope and enforcement rights
3. Insurance Requirements: Required insurance coverage for secured assets and assignment of insurance policies
4. Change of Control Provisions: Provisions dealing with changes in borrower ownership or management control
1. Facility Terms Schedule: Detailed terms including limits, interest rates, fees, and other commercial terms
2. Security Documents: List and copies of security documentation, including charges and pledges
3. Conditions Precedent Checklist: List of required documents and conditions to be satisfied before facility availability
4. Form of Drawdown Notice: Standard form for requesting drawdowns under the facility
5. Repayment Schedule: Schedule of repayment dates and amounts, if applicable to the facility structure
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