The Parallel Loan Agreement is a strategic financial instrument used when direct cross-border lending is complicated by regulatory restrictions or foreign exchange controls. This document establishes two corresponding loans between related parties in different jurisdictions, typically denominated in different currencies. Under Singapore law, such agreements must comply with the Monetary Authority of Singapore's regulations and the Banking Act. The agreement details loan amounts, interest rates, repayment terms, and includes provisions for currency fluctuations and early termination. It's particularly useful for multinational corporations managing international cash flows and companies seeking to minimize foreign exchange exposure.
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1. Parties: Identification of the lending parties involved in the parallel loan arrangement
2. Background: Context of the parallel loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Facilities: Details of the parallel loans, including amounts, currencies, and terms
5. Interest: Interest rates, calculation methods, and payment terms
6. Repayment Terms: Schedule and mechanics of loan repayment
7. Representations and Warranties: Standard declarations by both parties
8. Events of Default: Circumstances constituting default and consequences
9. Governing Law and Jurisdiction: Application of Singapore law and dispute resolution
1. Security: Details of any collateral or security arrangements when loans are secured
2. Tax Provisions: Handling of withholding tax and other tax matters for cross-border transactions
3. Currency Exchange Provisions: Management of exchange rate risks when loans are in different currencies
4. Set-off Rights: Rights to set off obligations against each other when requested by parties
1. Loan Terms Schedule: Detailed terms of each parallel loan
2. Repayment Schedule: Detailed payment dates and amounts
3. Form of Drawdown Notice: Template for requesting loan disbursement
4. Conditions Precedent: List of documents and conditions required before drawdown
5. Security Documents: Details of any security arrangements if applicable
6. Calculation of Interest: Detailed methodology for interest calculations
Relevant legal definitions
Agreement
Applicable Law
Banking Day
Business Day
Default Interest Rate
Default Event
Drawdown Date
Drawdown Notice
Effective Date
Facility A
Facility B
First Currency
Second Currency
Interest Payment Date
Interest Period
Interest Rate
Lender A
Lender B
Borrower A
Borrower B
Loan A
Loan B
Material Adverse Change
Maturity Date
Outstanding Principal
Parallel Loan Arrangement
Party
Parties
Permitted Purpose
Repayment Date
Repayment Schedule
Security
Singapore Dollars
Tax
Term
Transaction Documents
Utilization
Withholding Tax
Applicable Law
Banking Day
Business Day
Default Interest Rate
Default Event
Drawdown Date
Drawdown Notice
Effective Date
Facility A
Facility B
First Currency
Second Currency
Interest Payment Date
Interest Period
Interest Rate
Lender A
Lender B
Borrower A
Borrower B
Loan A
Loan B
Material Adverse Change
Maturity Date
Outstanding Principal
Parallel Loan Arrangement
Party
Parties
Permitted Purpose
Repayment Date
Repayment Schedule
Security
Singapore Dollars
Tax
Term
Transaction Documents
Utilization
Withholding Tax
Clauses
Loan Amount and Currency
Interest and Calculation
Repayment Terms
Drawdown Conditions
Representations and Warranties
Covenants
Events of Default
Cross-Default
Currency Exchange
Set-Off Rights
Security
Tax Gross-Up
Withholding Tax
Costs and Expenses
Parallel Debt
Force Majeure
Assignment and Transfer
Notices
Confidentiality
Anti-Money Laundering
Regulatory Compliance
Severability
Amendments and Waivers
Counterparts
Governing Law
Dispute Resolution
Termination
Indemnification
Break Costs
Market Disruption
Interest and Calculation
Repayment Terms
Drawdown Conditions
Representations and Warranties
Covenants
Events of Default
Cross-Default
Currency Exchange
Set-Off Rights
Security
Tax Gross-Up
Withholding Tax
Costs and Expenses
Parallel Debt
Force Majeure
Assignment and Transfer
Notices
Confidentiality
Anti-Money Laundering
Regulatory Compliance
Severability
Amendments and Waivers
Counterparts
Governing Law
Dispute Resolution
Termination
Indemnification
Break Costs
Market Disruption
Relevant Industries
Relevant Teams
Relevant Roles
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