The Forbearance Agreement Loan is utilized when borrowers face legitimate financial hardship and require temporary modification of their loan terms. This document, governed by Singapore law, outlines the revised payment schedule, conditions for forbearance, and consequences of default. It serves as an amendment to the original loan agreement, ensuring compliance with Singapore's Banking Act, MAS guidelines, and related financial regulations. The agreement typically includes acknowledgment of the existing debt, specific forbearance terms, and conditions for maintaining the forbearance arrangement.
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1. Parties: Identifies the lender and borrower, including full legal names and addresses
2. Background: References original loan agreement, current default status, and reason for forbearance
3. Definitions: Defines key terms including Forbearance Period, Modified Payment Terms, Default Events
4. Acknowledgment of Debt: Borrower's acknowledgment of the outstanding amount and default status
5. Forbearance Terms: Specific modifications to loan terms, including duration and conditions
6. Modified Payment Schedule: Detailed revised payment terms and schedule
7. Representations and Warranties: Standard declarations by both parties regarding capacity and authority
8. Events of Default: Circumstances that would terminate the forbearance arrangement
1. Additional Security: New security arrangements if additional collateral is required
2. Guarantor Consent: Confirmation from existing guarantors
3. Fee Structure: Any fees associated with the forbearance arrangement
4. Insurance Requirements: Modified insurance requirements if any
1. Schedule 1 - Modified Payment Schedule: Detailed payment schedule showing dates and amounts
2. Schedule 2 - Original Loan Agreement: Copy of the original loan agreement being modified
3. Schedule 3 - Current Loan Statement: Statement showing current outstanding amount and payment history
4. Appendix A - Compliance Requirements: Any specific compliance or reporting requirements during forbearance
Relevant legal definitions
Agreement
Original Loan Agreement
Effective Date
Forbearance Period
Outstanding Amount
Modified Payment Schedule
Business Day
Default Event
Cure Period
Termination Date
Forbearance Conditions
Interest Rate
Payment Date
Security
Additional Security
Secured Obligations
Guaranteed Obligations
Event of Default
Material Adverse Change
Permitted Purpose
Relevant Documents
Singapore Dollars
Loan Balance
Modified Terms
Representations and Warranties
Regulatory Authority
Governing Law
Notice
Banking Day
Authorized Representative
Original Loan Agreement
Effective Date
Forbearance Period
Outstanding Amount
Modified Payment Schedule
Business Day
Default Event
Cure Period
Termination Date
Forbearance Conditions
Interest Rate
Payment Date
Security
Additional Security
Secured Obligations
Guaranteed Obligations
Event of Default
Material Adverse Change
Permitted Purpose
Relevant Documents
Singapore Dollars
Loan Balance
Modified Terms
Representations and Warranties
Regulatory Authority
Governing Law
Notice
Banking Day
Authorized Representative
Clauses
Acknowledgment of Debt
Forbearance Terms
Payment Obligations
Interest Calculations
Security
Representations and Warranties
Events of Default
Remedies
Compliance
Conditions Precedent
Covenants
Reporting Requirements
Confidentiality
Assignment
Notices
Amendment and Modification
Waiver
Severability
Force Majeure
Governing Law
Dispute Resolution
Entire Agreement
Counterparts
Further Assurance
Time of Essence
Costs and Expenses
Set-off Rights
Third Party Rights
Good Faith
Indemnification
Forbearance Terms
Payment Obligations
Interest Calculations
Security
Representations and Warranties
Events of Default
Remedies
Compliance
Conditions Precedent
Covenants
Reporting Requirements
Confidentiality
Assignment
Notices
Amendment and Modification
Waiver
Severability
Force Majeure
Governing Law
Dispute Resolution
Entire Agreement
Counterparts
Further Assurance
Time of Essence
Costs and Expenses
Set-off Rights
Third Party Rights
Good Faith
Indemnification
Relevant Industries
Relevant Teams
Relevant Roles
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