Legal Templates
Line Of Credit Agreement

Line Of Credit Agreement Template for Singapore

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Key Requirements PROMPT example:

Line Of Credit Agreement

"I need a Line of Credit Agreement for a corporate borrower in the manufacturing sector, with a facility limit of SGD 5 million and a 3-year tenure starting March 2025, including security over the company's equipment and a corporate guarantee from the parent company."

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What is a Line Of Credit Agreement?

The Line of Credit Agreement is a crucial financial instrument in Singapore's banking sector, commonly used when businesses or individuals require flexible access to funds. This agreement type is particularly relevant in Singapore's dynamic business environment, where companies often need readily available credit for working capital, expansion, or operational needs. The document must comply with Singapore's strict banking regulations and MAS guidelines, incorporating mandatory provisions for consumer protection and fair trading. A Line of Credit Agreement typically includes detailed terms about the credit limit, interest calculations, drawdown mechanics, and security requirements, while adhering to Singapore's documentation standards and regulatory requirements.

What sections should be included in a Line Of Credit Agreement?

1. Parties: Identifies and defines the lender and borrower, including their full legal names, registration numbers, and registered addresses

2. Background: Sets out the context and purpose of the credit facility, including the borrower's request and lender's agreement to provide the facility

3. Definitions: Defines key terms used tHRoughout the agreement, including banking, financial and technical terms

4. Facility Terms: Details of the credit facility including amount, interest rate, tenure, purpose, and utilization methods

5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available, including documentation and due diligence requirements

6. Representations and Warranties: Statements of fact and assurances given by the borrower regarding their legal status, authority, and financial condition

7. Covenants: Ongoing obligations of the borrower during the facility period, including financial covenants and reporting requirements

8. Events of Default: Circumstances that allow the lender to terminate the facility and demand immediate repayment

9. Payment Terms: Details of repayment obligations and mechanics, including payment dates, methods, and currency

What sections are optional to include in a Line Of Credit Agreement?

1. Security Arrangements: Details of any collateral or security provided, including creation, perfection, and enforcement provisions

2. Guarantees: Terms of any guarantees provided by third parties, including scope and enforcement rights

3. Insurance Requirements: Required insurance coverage for secured assets and assignment of insurance policies

4. Change of Control Provisions: Provisions dealing with changes in borrower ownership or management control

What schedules should be included in a Line Of Credit Agreement?

1. Facility Terms Schedule: Detailed terms including limits, interest rates, fees, and other commercial terms

2. Security Documents: List and copies of security documentation, including charges and pledges

3. Conditions Precedent Checklist: List of required documents and conditions to be satisfied before facility availability

4. Form of Drawdown Notice: Standard form for requesting drawdowns under the facility

5. Repayment Schedule: Schedule of repayment dates and amounts, if applicable to the facility structure

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant legal definitions
Availability Period
Business Day
Commitment
Conditions Precedent
Default
Default Interest
Drawdown
Drawdown Date
Drawdown Notice
Event of Default
Facility
Facility Amount
Facility Documents
Final Maturity Date
Financial Indebtedness
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Obligor
Outstanding Amount
Permitted Purpose
Potential Event of Default
Prepayment
Relevant Jurisdiction
Repayment Date
Security
Security Documents
Singapore Dollars
Taxes
Transaction Documents
Utilisation
Utilisation Request
Clauses
Facility Terms
Purpose
Availability and Drawdown
Interest and Fees
Repayment
Prepayment
Security
Conditions Precedent
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Assignment and Transfer
Costs and Expenses
Indemnities
Currency of Payment
Default Interest
Market Disruption
Increased Costs
Tax Gross-up and Indemnities
Industries

Banking Act (Cap. 19): Primary legislation regulating banking business and credit facilities in Singapore. Contains key provisions on credit limits, restrictions, and requirements for licensed banks and financial institutions.

Moneylenders Act (Cap. 188): Regulates moneylending businesses in Singapore, particularly relevant if the credit provider is not a bank. Sets out provisions for interest rates and fees.

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects borrowers from unfair practices. MaNDAtes clear disclosure of terms and conditions in credit agreements.

Contracts Act (Cap. 53): Fundamental legislation governing contract formation and enforcement in Singapore, covering essential elements like offer, acceptance, and consideration, as well as contractual capacity.

Personal Data Protection Act 2012: Regulates the collection and use of personal data in Singapore, particularly relevant for credit assessment and documentation. Sets requirements for consent and disclosure.

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore covering credit facilities, fair dealing practices, and risk management requirements.

Unfair Contract Terms Act: Protects against unreasonable contract terms and limits the ability to exclude certain liabilities, ensuring fairness in contractual relationships.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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