The Credit Facility Letter To Customer is a fundamental banking document used in Singapore when extending credit facilities to customers. It serves as the primary agreement documenting the credit relationship between a financial institution and its customer. The letter is drafted in compliance with Singaporean banking regulations and MAS guidelines, providing comprehensive details about the facility including amount, purpose, interest rates, tenure, security requirements, and conditions precedent. This document is essential for both parties as it clearly defines their rights and obligations, and forms the basis for the credit relationship.
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Key Requirements PROMPT example:
Credit Facility Letter To Customer
"Need to draft a Credit Facility Letter To Customer for a Singapore SME borrower requiring a S$2 million working capital facility with a 24-month tenure, to be secured against company assets and personal guarantee from directors."
1. Bank Details: Full legal name and address of the lending institution
2. Customer Details: Full name, address, and identification details of the borrower
3. Facility Type and Amount: Description of the credit facility and maximum amount approved
4. Interest Rate: Applicable interest rates, including base rate and margin
5. Tenure: Duration of the facility and repayment terms
6. Security Requirements: Details of any collateral or security required
7. Key Terms and Conditions: Essential conditions for the facility
1. Special Pricing Conditions: Any special interest rates or fee arrangements, used when offering promotional rates
2. Specific Purpose: If the facility is granted for a specific purpose, include when facility is purpose-specific
3. Additional Covenants: Special conditions or restrictions, included for high-risk or large facilities
1. Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Repayment Schedule: Detailed payment schedule if applicable
3. Security Documents List: List of required security documents and supporting documentation
4. Standard Terms and Conditions: Bank's standard terms and conditions for credit facilities
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