The Standby Credit Agreement is commonly used in Singapore's financial markets to provide financial security and risk mitigation. This document is essential when parties require a contingent payment arrangement, typically used in international trade, construction projects, or performance guarantees. Under Singapore law, these agreements must comply with MAS regulations and often incorporate international banking standards such as ISP98. The agreement details credit terms, drawing conditions, compliance requirements, and remedies, providing a secure framework for contingent obligations.
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1. Parties: Identification of the credit provider and beneficiary, including full legal names and registration details
2. Background: Context and purpose of the standby credit facility, including relevant business relationship context
3. Definitions: Key terms used tHRoughout the agreement, including banking and finance-specific terminology
4. Facility Terms: Amount, purpose, and conditions of the standby credit, including credit limit and validity period
5. Drawing Conditions: Requirements and procedures for drawing on the credit, including notice requirements and documentation
6. Representations and Warranties: Statements of fact by the parties regarding their capacity, authority, and financial condition
7. Covenants: Ongoing obligations of the parties during the term of the agreement
8. Events of Default: Circumstances constituting default and corresponding remedies available to the parties
9. Payments and Calculations: Terms regarding payment obligations, calculation methods, and currency provisions
10. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Security Arrangements: Details of any collateral or security provided to support the facility, used when the credit is secured
2. Guarantees: Terms of any guarantees provided by third parties, included when guarantees form part of the credit support
3. Fee Structure: Detailed provisions for non-standard fees and charges, used when complex fee arrangements exist
4. Tax Provisions: Specific tax-related provisions and withholding requirements, included for cross-border transactions
1. Form of Drawing Notice: Standard template for making drawing requests under the facility
2. Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates
3. Security Documents: List and copies of security documentation where applicable
4. Conditions Precedent: Comprehensive list of required documents and conditions to be satisfied before facility effectiveness
5. Notice Details: Contact information and notice requirements for all parties
6. Form of Transfer Certificate: Standard form for transferring rights under the facility where permitted
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