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Credit Facilities Agreement

Credit Facilities Agreement Template for Singapore

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Key Requirements PROMPT example:

Credit Facilities Agreement

"Need to draft a Credit Facilities Agreement for a secured term loan of SGD 10 million to a Singapore manufacturing company, with quarterly repayments over 5 years starting March 2025, including specific covenants for maintaining minimum working capital ratios."

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What is a Credit Facilities Agreement?

The Credit Facilities Agreement is a fundamental document in Singapore's banking and finance sector, used when a lender extends credit to a borrower. It encompasses various types of credit facilities including term loans, revolving credits, and overdrafts. The agreement must comply with Singapore's Banking Act, MAS regulations, and other relevant financial legislation. It typically includes detailed provisions on facility limits, interest calculations, security requirements, events of default, and remedies available to the lender. This document is particularly important in Singapore's position as a major financial hub, where it facilitates both domestic and international lending transactions.

What sections should be included in a Credit Facilities Agreement?

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

2. Background: Context of the credit facility and relationship between parties

3. Definitions: Key terms used tHRoughout the agreement

4. Facility Details: Amount, purpose, and type of credit facility

5. Interest and Fees: Interest rates, calculation methods, and applicable fees

6. Repayment Terms: Payment schedule, prepayment provisions

7. Conditions Precedent: Conditions that must be satisfied before drawdown

8. Representations and Warranties: Statements of fact by borrower

9. Covenants: Ongoing obligations of the borrower

10. Events of Default: Circumstances constituting default and consequences

What sections are optional to include in a Credit Facilities Agreement?

1. Security: Details of any collateral or guarantees (used when facility is secured)

2. Insurance: Required insurance coverage (used when specific insurance is required)

3. Tax Provisions: Tax-related obligations and withholding requirements (used for cross-border facilities or when tax implications are significant)

4. Currency Provisions: Currency conversion and exchange rate provisions (used for multi-currency facilities)

What schedules should be included in a Credit Facilities Agreement?

1. Facility Letter: Detailed terms of the facility

2. Repayment Schedule: Detailed payment dates and amounts

3. Security Documents: List and copies of security documents

4. Conditions Precedent Documents: List of required documents and evidence

5. Form of Drawdown Notice: Template for requesting drawdown

6. Fee Schedule: Detailed breakdown of all applicable fees

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

Banking Act (Cap. 19): Primary legislation that regulates banking business and credit facilities in Singapore, including provisions on credit limits and restrictions

Monetary Authority of Singapore Act (Cap. 186): Provides the regulatory framework for financial institutions and contains provisions on monetary and credit policies

Securities and Futures Act (Cap. 289): Relevant for credit facilities involving securities as collateral, contains provisions on securities-based lending

Consumer Protection (Fair Trading) Act: Ensures fair trading practices, particularly applicable when the borrower is a consumer

MAS Notice 635: Regulatory guidelines under Banking Act providing specific requirements on lending limits and credit facilities

MAS Guidelines on Fair Dealing: Regulatory guidelines establishing requirements for fair dealing with customers in financial services

Contract Law (Application of English Law Act): Provides the general principles of contract formation and enforcement in Singapore

Moneylenders Act: Regulates moneylending activities and may be applicable depending on the type of credit facility

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in Singapore, relevant for handling borrower's information

AML/CFT Requirements: Anti-Money Laundering and Countering the Financing of Terrorism requirements including KYC obligations and transaction monitoring

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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