The Revolving Facility Agreement is a crucial financing document used when businesses require flexible access to credit. Under Singapore law, this agreement establishes a credit facility where the borrower can draw down funds multiple times up to an agreed limit, with the ability to repay and reborrow during the facility period. It is particularly relevant for businesses with varying cash flow needs or seasonal requirements. The agreement must comply with Singapore's Banking Act, MAS regulations, and other relevant financial legislation, making it a comprehensive document that addresses credit terms, security arrangements, compliance requirements, and enforcement mechanisms.
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Key Requirements PROMPT example:
Revolving Facility Agreement
"Need a Revolving Facility Agreement for a Singapore manufacturing company seeking to borrow SGD 10 million from a syndicate of tHRee local banks, with quarterly interest payments and a tHRee-year term starting March 2025."
1. Parties: Identification of lender(s) and borrower(s), including their registration details and addresses
2. Background: Context of the facility and relationship between parties, purpose of the facility
3. Definitions and Interpretation: Key terms, their meanings, and rules of interpretation tHRoughout the agreement
4. The Facility: Details of the revolving facility including amount, purpose, availability period and renewal terms
5. Conditions Precedent: Requirements to be satisfied before initial and subsequent drawdowns
6. Drawdown Mechanics: Process and requirements for utilization, minimum amounts, notice periods
7. Interest and Fees: Interest calculation methods, payment terms, default interest, and applicable fees
8. Repayment and Prepayment: Terms for repayment, prepayment options, and repayment mechanics
9. Representations and Warranties: Statements of fact and assurances from borrower, including repetition mechanics
10. Covenants: Financial and non-financial obligations of the borrower during the facility period
11. Events of Default: Circumstances constituting default and consequences thereof
12. Changes to Parties: Rules for assignments, transfers, and changes to facility participants
13. Administration: Payment mechanics, calculations, and notices requirements
14. Governing Law and Enforcement: Choice of Singapore law and enforcement provisions
1. Security: Details of any security package, including creation, perfection, and enforcement rights
2. Guarantees: Terms of any guarantees provided, including scope and enforcement
3. Syndication Provisions: Terms for multiple lenders, including voting rights and facility agent provisions
4. Increased Costs and Tax Gross-Up: Provisions dealing with regulatory changes and tax implications
5. Market Disruption: Provisions dealing with market disruption events and alternative interest rates
1. Form of Drawdown Request: Standard form for requesting utilization of the facility
2. Conditions Precedent Documents: Comprehensive list of required documentation for facility effectiveness
3. Repayment Schedule: Schedule of repayment dates and amounts if applicable
4. Form of Compliance Certificate: Template for periodic compliance reporting by the borrower
5. Security Documents: Forms of security documentation if facility is secured
6. Form of Transfer Certificate: Standard form for transferring facility participations
7. Pricing Schedule: Details of applicable margins, fees and commission
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