The Short Term Credit Agreement is commonly used in Singapore's financial sector when businesses or individuals require temporary financing for working capital, trade finance, or bridging purposes. It's designed to comply with Singapore's robust financial regulations and banking laws, providing a structured framework for short-term lending relationships. The document typically includes essential elements such as facility limits, interest calculations, security arrangements (if any), and enforcement mechanisms, all aligned with Singapore's legal requirements and MAS guidelines. This agreement is particularly relevant for situations requiring quick access to funds with a clear exit strategy within 12 months.
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Key Requirements PROMPT example:
Short Term Credit Agreement
"Need a Short Term Credit Agreement for a 6-month SGD 500,000 working capital loan from ABC Bank to my manufacturing company, with monthly repayments and personal guarantee, to be executed by March 2025."
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the credit facility and purpose of the loan
3. Definitions: Key terms used tHRoughout the agreement
4. Facility Terms: Amount, interest rate, tenure, and repayment terms
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Representations and Warranties: Statements of fact by the borrower
7. Events of Default: Circumstances that trigger default and remedies
1. Security Arrangements: Details of any collateral or guarantees - include when loan is secured
2. Insurance Requirements: MaNDAtory insurance coverage - include when specific insurance is required
3. Covenant Package: Financial and operational covenants - include for more complex facilities
1. Drawdown Notice: Form for requesting loan disbursement
2. Repayment Schedule: Detailed payment timeline and amounts
3. Security Documents: List and copies of security documentation
4. Conditions Precedent Documents: List of required documents prior to drawdown
Authors
Relevant legal definitions
Availability Period
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Loan
Material Adverse Effect
Maturity Date
Obligor
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Potential Event of Default
Repayment Date
Repayment Schedule
Security
Security Documents
SGD
Singapore Dollars
Tax
Unutilized Amount
Business Day
Conditions Precedent
Default
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Loan
Material Adverse Effect
Maturity Date
Obligor
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Potential Event of Default
Repayment Date
Repayment Schedule
Security
Security Documents
SGD
Singapore Dollars
Tax
Unutilized Amount
Clauses
Facility Terms
Interest and Fees
Repayment
Prepayment
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Security
Payments
Tax Gross-up and Indemnities
Change in Circumstances
Assignment and Transfer
Notices
Calculations and Evidence
Information Undertakings
Financial Covenants
General Undertakings
Default Interest
Set-off
Costs and Expenses
Amendments and Waivers
Confidentiality
Governing Law
Dispute Resolution
Severability
Counterparts
Force Majeure
Interest and Fees
Repayment
Prepayment
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Security
Payments
Tax Gross-up and Indemnities
Change in Circumstances
Assignment and Transfer
Notices
Calculations and Evidence
Information Undertakings
Financial Covenants
General Undertakings
Default Interest
Set-off
Costs and Expenses
Amendments and Waivers
Confidentiality
Governing Law
Dispute Resolution
Severability
Counterparts
Force Majeure
Relevant Industries
Relevant Teams
Relevant Roles
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