A Parent Guarantee Agreement is commonly used in Singapore when a subsidiary or related company requires additional creditworthiness or security for its obligations. This document is particularly relevant in corporate financing, major commercial contracts, and cross-border transactions where the parent company's strength is needed to support the subsidiary's commitments. The agreement, governed by Singapore law, typically includes detailed provisions on the scope of guaranteed obligations, enforcement mechanisms, and the continuing nature of the guarantee. It's essential for risk mitigation and often required by financial institutions or major commercial partners.
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Key Requirements PROMPT example:
Parent Guarantee Agreement
"Need a Parent Guarantee Agreement under Singapore law where our Hong Kong parent company will guarantee a S$50 million loan facility that our Singapore subsidiary is taking from DBS Bank in March 2025."
1. Parties: Identification of guarantor (parent company), beneficiary, and principal debtor
2. Background: Context of the guarantee, underlying obligations, and relationship between parties
3. Definitions: Key terms used throughout the agreement including Guaranteed Obligations
4. Guarantee and Indemnity: Core guarantee obligations and indemnification provisions
5. Nature of Guarantee: Continuing, unconditional, and irrevocable nature of the guarantee
6. Preservation of Rights: Beneficiary's rights and their preservation
7. Payments: Payment obligations, timing, and method
8. Representations and Warranties: Guarantor's statements regarding capacity and authority
9. Governing Law and Jurisdiction: Singapore law provisions and jurisdiction
1. Currency Provisions: Required for cross-border guarantees involving multiple currencies
2. Tax Gross-up: Include when tax deductions may apply to guarantee payments
3. Assignment: Include if parties want to allow/restrict transfer of rights
4. Financial Covenants: Include for monitoring guarantor's financial health
1. Form of Demand: Template for making demands under the guarantee
2. Underlying Agreement: Copy or summary of the agreement being guaranteed
3. Corporate Authorizations: Required board resolutions and corporate approvals
4. Guarantor Financial Information: Optional schedule of relevant financial metrics or statements
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