A Loan Indemnity Agreement is commonly used in Singapore when additional security or protection is required in lending arrangements. This document becomes relevant when a lender seeks extra assurance beyond the primary loan agreement, particularly in high-value transactions or when dealing with complex corporate structures. The agreement, governed by Singapore law, outlines the indemnitor's obligations to compensate the indemnitee for specified losses, typically including principal, interest, and costs related to the underlying loan. It must comply with Singapore's regulatory framework, including the Banking Act and Moneylenders Act where applicable.
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1. Parties: Identification and details of the indemnitor and indemnitee
2. Background: Context of the underlying loan and reason for indemnity
3. Definitions: Key terms used throughout the agreement including defined terms from relevant Singapore legislation
4. Scope of Indemnity: Extent and limitations of the indemnity obligation, compliance with Singapore law requirements
5. Payment Terms: Timing and method of indemnity payments, interest provisions compliant with Civil Law Act
6. Duration: Term of the indemnity agreement and conditions for termination
7. Representations and Warranties: Standard representations and specific compliance with Singapore banking and financial regulations
8. Events of Default: Circumstances constituting default and consequences
9. Governing Law and Jurisdiction: Application of Singapore law and submission to Singapore courts
1. Security Provisions: Additional security arrangements when collateral or other security is required
2. Assignment: Rights to assign the indemnity, typically included for corporate or financial institution lenders
3. Insurance: Insurance requirements when specific coverage is needed to protect the indemnified party
4. Counter-Indemnity: Provisions for counter-indemnification in complex transactions with multiple parties
5. Data Protection: Compliance with Personal Data Protection Act 2012 when personal data processing is involved
1. Schedule 1 - Underlying Loan Agreement: Copy or details of the main loan agreement being indemnified
2. Schedule 2 - Payment Schedule: Details of payment obligations, timing, and calculation methods
3. Schedule 3 - Security Details: Details of any security arrangements and perfection requirements
4. Schedule 4 - Notice Requirements: Specific notice requirements, contact details, and communication procedures
5. Schedule 5 - Compliance Requirements: Specific regulatory compliance requirements under Singapore law
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