The General Credit Agreement serves as the primary legal framework for credit relationships in Singapore's financial sector. This document is essential when establishing formal lending arrangements, whether for corporate financing, trade facilities, or personal loans. It encompasses crucial elements such as facility limits, interest rates, repayment schedules, and security arrangements, while ensuring compliance with Singapore's regulatory requirements, including MAS guidelines and the Banking Act. The agreement provides legal protection for both lender and borrower, clearly defining their rights, obligations, and remedies under Singapore law.
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Key Requirements PROMPT example:
General Credit Agreement
"Need a General Credit Agreement for a corporate loan facility of SGD 5 million to be drawn down by March 2025, with quarterly repayments and floating interest rate based on SORA, including security over company assets and personal guarantees from directors."
1. Parties: Identification and details of the lender and borrower
2. Background: Context of the credit agreement and relationship between parties
3. Definitions: Key terms used tHRoughout the agreement
4. Facility Amount and Purpose: Credit amount, type of facility, and intended use
5. Interest and Fees: Interest rates, calculation methods, and applicable fees
6. Repayment Terms: Payment schedule, methods, and conditions
7. Events of Default: Circumstances constituting default and consequences
8. Representations and Warranties: Statements of fact and assurances by the borrower
1. Security: Details of collateral or guarantees (used when the credit facility is secured)
2. Insurance Requirements: MaNDAtory insurance coverage specifications (used when insurance is required for the facility)
3. Covenants: Ongoing obligations of the borrower (used for corporate borrowers or complex facilities)
1. Repayment Schedule: Detailed payment dates and amounts
2. Fee Schedule: Breakdown of all applicable fees
3. Security Documents: List and copies of security documentation
4. Conditions Precedent: List of conditions to be met before drawdown
5. Facility Letter: Original offer letter or term sheet
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