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Credit And Security Agreement

Credit And Security Agreement Template for Singapore

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Key Requirements PROMPT example:

Credit And Security Agreement

"I need a Credit and Security Agreement for a SGD 10 million facility to be provided to my manufacturing company, with machinery and inventory as collateral, to be completed by March 2025."

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What is a Credit And Security Agreement?

The Credit and Security Agreement is utilized when parties wish to establish a secured lending relationship under Singapore law. It serves as both the primary credit document and security document, eliminating the need for separate facility and security agreements. This approach is particularly common in Singapore's sophisticated financial markets, where lenders require robust security packages while maintaining efficiency in documentation. The agreement typically covers facility terms, representations, covenants, events of default, and detailed security provisions, all within Singapore's regulatory framework for secured lending.

What sections should be included in a Credit And Security Agreement?

1. Parties: Identification of lender(s), borrower(s), and any guarantors

2. Background: Context of the credit facility and security arrangement

3. Definitions: Key terms used tHRoughout the agreement including facility-specific and security-related definitions

4. Facility Terms: Amount, purpose, availability period, repayment terms, interest rates, and fees

5. Security Provisions: Description of collateral, security interests being created, and perfection requirements

6. Representations and Warranties: Statements of fact by the borrower regarding their legal status, authority, and secured assets

7. Covenants: Positive and negative obligations of the borrower including financial covenants and reporting requirements

8. Events of Default: Circumstances triggering default and consequences thereof

9. Enforcement: Rights and remedies upon default, including enforcement of security

What sections are optional to include in a Credit And Security Agreement?

1. Guarantees: Terms of guarantee and guarantor obligations when third-party guarantors are involved

2. Syndication Provisions: Terms governing multiple lenders including voting rights and sharing provisions

3. Intercreditor Provisions: Regulates relationship between different classes of creditors including priority arrangements

4. Security Trustee Provisions: Terms governing security trustee role and responsibilities

What schedules should be included in a Credit And Security Agreement?

1. Facility Terms Schedule: Detailed terms of the credit facility including pricing, repayment schedule, and financial covenants

2. Security Assets Schedule: Detailed description and documentation of secured assets

3. Form of Drawdown Notice: Template for requesting loan disbursements

4. Form of Compliance Certificate: Template for periodic compliance reporting

5. Form of Transfer Certificate: Template for transferring loan participations

6. Conditions Precedent: List of required documents and conditions for facility effectiveness

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















































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Industries

Securities and Futures Act (Cap. 289): Primary legislation governing securities, securities-based derivatives, and securities financing. Key for creation and perfection of security interests.

Companies Act (Cap. 50): Covers requirements for corporate borrowing, creation of charges, registration requirements for company charges, and priority of security interests.

Banking Act (Cap. 19): Regulates credit facilities and banking security requirements in Singapore.

Personal Property Securities Act: Establishes framework for personal property used as collateral, including registration and priority rules.

Moneylenders Act (Cap. 188): Governs money lending activities, including interest rate restrictions and licensing requirements for lenders.

Property Law Act: Regulates real property security interests, including mortgages and charges over land.

Contract Law (Amendment) Act: Covers general contractual principles, including formation and enforcement of contracts.

Bankruptcy Act (Cap. 20): Addresses impact of insolvency on security interests and creditors' rights in bankruptcy.

Civil Law Act: Contains provisions on interest rates and general contractual principles applicable to credit agreements.

MAS Guidelines: Regulatory guidelines from Monetary Authority of Singapore covering credit facility regulations, security requirements, and risk management practices.

ACRA Requirements: Accounting and Corporate Regulatory Authority requirements for registration of charges and filing requirements.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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