The Credit Term Agreement is essential for businesses and individuals seeking credit facilities in Singapore. This document is commonly used when establishing formal credit relationships, whether for trade financing, business expansion, or operational needs. It ensures compliance with Singapore's strict financial regulations while protecting both creditor and debtor interests. The agreement typically includes detailed terms about credit limits, interest calculations, payment schedules, default provisions, and security arrangements, all aligned with Singapore's banking and financial services regulations.
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Key Requirements PROMPT example:
Credit Term Agreement
"Need a Credit Term Agreement for a manufacturing company in Singapore, with a credit limit of SGD 500,000, 24-month term starting March 2025, and including security provisions for equipment collateral."
1. Parties: Identification of creditor and debtor with full legal names and addresses
2. Background: Context of the credit arrangement and relationship between parties
3. Definitions: Key terms used tHRoughout the agreement including interest rate, payment terms, and other relevant financial terminology
4. Credit Terms: Principal amount, interest rate, payment schedule, and duration of the credit facility
5. Payment Terms: Method, timing, and currency of payments, including late payment provisions
6. Default Provisions: Circumstances constituting default and remedies available to the creditor
7. Representations and Warranties: Statements of fact and assurances made by the debtor regarding their financial condition
8. Covenants: Ongoing obligations of the debtor tHRoughout the credit term
9. Termination: Conditions for early termination and its consequences
10. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Security Arrangements: Details of any collateral or guarantees required to secure the credit facility
2. Insurance Requirements: MaNDAtory insurance coverage for secured assets or credit protection
3. Credit Review Provisions: Terms for periodic review of credit facility and conditions for adjustment
4. Assignment and Transfer: Provisions regarding the transfer or assignment of rights under the agreement
5. Force Majeure: Provisions for unforeseen circumstances affecting performance of obligations
1. Schedule 1 - Payment Schedule: Detailed breakdown of payment dates, amounts, and installment structure
2. Schedule 2 - Security Details: Comprehensive description of security assets or guarantees if applicable
3. Schedule 3 - Interest Calculation Method: Detailed explanation of interest computation and examples
4. Schedule 4 - Required Documents: List of supporting documents required for credit assessment and maintenance
5. Schedule 5 - Fees and Charges: Comprehensive list of all applicable fees, charges, and penalties
Authors
Relevant legal definitions
Agreement
Business Day
Credit Facility
Credit Limit
Default Event
Default Interest Rate
Due Date
Effective Date
Facility Period
Interest Rate
Late Payment Fee
Material Adverse Change
Payment Date
Principal Amount
Repayment Schedule
Security
Security Documents
Singapore Dollars
Term
Working Capital
Authorized Representative
Board Resolution
Corporate Guarantee
Financial Statements
Group Company
Subsidiary
Charged Assets
Collateral
Enforcement Event
Guarantor
Security Interest
Security Provider
Business Day
Credit Facility
Credit Limit
Default Event
Default Interest Rate
Due Date
Effective Date
Facility Period
Interest Rate
Late Payment Fee
Material Adverse Change
Payment Date
Principal Amount
Repayment Schedule
Security
Security Documents
Singapore Dollars
Term
Working Capital
Authorized Representative
Board Resolution
Corporate Guarantee
Financial Statements
Group Company
Subsidiary
Charged Assets
Collateral
Enforcement Event
Guarantor
Security Interest
Security Provider
Clauses
Credit Terms
Interest Rate
Payment Terms
Repayment Schedule
Default Events
Default Interest
Representations and Warranties
Covenants
Security
Conditions Precedent
Early Repayment
Set-Off Rights
Force Majeure
Confidentiality
Assignment
Notices
Amendments
Governing Law
Dispute Resolution
Security Enforcement
Guarantees
Insurance
Credit Review
Financial Covenants
Change of Control
Cross Default
Material Adverse Change
Currency Provisions
Tax Provisions
Corporate Authority
Financial Reporting
Negative Pledge
Asset Disposal
Subsidiary Operations
Interest Rate
Payment Terms
Repayment Schedule
Default Events
Default Interest
Representations and Warranties
Covenants
Security
Conditions Precedent
Early Repayment
Set-Off Rights
Force Majeure
Confidentiality
Assignment
Notices
Amendments
Governing Law
Dispute Resolution
Security Enforcement
Guarantees
Insurance
Credit Review
Financial Covenants
Change of Control
Cross Default
Material Adverse Change
Currency Provisions
Tax Provisions
Corporate Authority
Financial Reporting
Negative Pledge
Asset Disposal
Subsidiary Operations
Relevant Industries
Relevant Teams
Relevant Roles
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