The Deferment Agreement is commonly used in Singapore when parties need to formally modify existing payment obligations due to financial constraints or business circumstances. It serves as an amendment to original payment terms while preserving the underlying obligation. When drafting a Deferment Agreement, parties must ensure compliance with Singapore's contract law principles and financial regulations. The document typically includes details of the original obligation, new payment schedule, any additional costs or interest, and default provisions. It's particularly relevant during economic downturns or when businesses face temporary cash flow challenges.
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1. Parties: Identification of all parties to the agreement
2. Background: Context of the original obligation and reason for deferment
3. Definitions: Key terms used throughout the agreement
4. Original Obligation: Details of the original payment or obligation being deferred
5. Deferment Terms: New payment schedule or obligations including dates and amounts
6. Interest and Charges: Any applicable interest or additional charges during deferment period
7. Default Provisions: Consequences of failing to meet deferred payment terms
8. Governing Law: Specification of Singapore law as governing law
1. Security Provisions: Additional security or collateral requirements - include when additional security is required for the deferred amount
2. Guarantor Provisions: Terms relating to guarantors - include when a guarantee is required for the deferred amount
3. Early Payment Provisions: Terms for early repayment - include when early repayment options are offered
4. Force Majeure: Provisions for unforeseen circumstances - include when extended deferment periods are involved
1. Payment Schedule: Detailed breakdown of deferred payment dates and amounts
2. Original Agreement: Copy of the original agreement being deferred
3. Security Documents: Details of any security or collateral arrangements
4. Guarantor Documents: Guarantor details and obligations if applicable
Relevant legal definitions
Agreement
Original Agreement
Original Payment Obligation
Deferred Amount
Deferment Period
New Payment Date(s)
Effective Date
Business Day
Default
Default Interest Rate
Interest Rate
Payment Schedule
Security
Security Documents
Guarantee
Guarantor
Event of Default
Outstanding Amount
Permitted Payment
Early Payment
Force Majeure Event
Notice
Original Due Date
Secured Obligations
Working Day
Singapore Dollars
Additional Charges
Parties
Creditor
Debtor
Original Agreement
Original Payment Obligation
Deferred Amount
Deferment Period
New Payment Date(s)
Effective Date
Business Day
Default
Default Interest Rate
Interest Rate
Payment Schedule
Security
Security Documents
Guarantee
Guarantor
Event of Default
Outstanding Amount
Permitted Payment
Early Payment
Force Majeure Event
Notice
Original Due Date
Secured Obligations
Working Day
Singapore Dollars
Additional Charges
Parties
Creditor
Debtor
Clauses
Recitals
Definitions
Original Obligation
Deferment Terms
Payment Terms
Interest
Security
Representations and Warranties
Covenants
Default
Acceleration
Early Payment
Fees and Expenses
Notices
Assignment
Amendments
Entire Agreement
Severability
Force Majeure
Confidentiality
Governing Law
Jurisdiction
Dispute Resolution
Counterparts
Further Assurance
Waiver
Time of Essence
Third Party Rights
Costs
Termination
Definitions
Original Obligation
Deferment Terms
Payment Terms
Interest
Security
Representations and Warranties
Covenants
Default
Acceleration
Early Payment
Fees and Expenses
Notices
Assignment
Amendments
Entire Agreement
Severability
Force Majeure
Confidentiality
Governing Law
Jurisdiction
Dispute Resolution
Counterparts
Further Assurance
Waiver
Time of Essence
Third Party Rights
Costs
Termination
Relevant Industries
Relevant Teams
Relevant Roles
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