The Standby Letter of Credit For Lease is commonly used in Singapore's commercial property market as a security instrument. It provides landlords with a reliable form of protection against tenant default, while allowing tenants to preserve their cash flow instead of providing a large security deposit. The document typically specifies the credit amount (usually equivalent to several months' rent), validity period, drawing conditions, and required documentation for claims. It is governed by Singapore's robust banking and property laws, providing clear legal framework for all parties involved. The SLOC can be particularly useful for high-value commercial leases or when tenants prefer not to lock up significant capital in security deposits.
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1. Issuing Bank Details: Full legal name, address, and contact information of the issuing bank
2. Beneficiary Details: Complete information of the landlord/lessor including legal name, registration number, and address
3. Applicant Details: Complete information of the tenant/lessee including legal name, registration number, and address
4. Credit Amount: Specific amount of the standby letter of credit, currency, and any automatic adjustment provisions
5. Property Reference: Description and address of the leased property and reference to the underlying lease agreement
6. Validity Period: Expiry date and time of the SLOC, including any automatic extension provisions
7. Drawing Conditions: Specific conditions and circumstances under which the SLOC can be drawn
8. Required Documents: Comprehensive list of documents required to be presented for drawing on the SLOC
1. Automatic Extension Clause: Optional provision detailing the terms and conditions for automatic extension of the SLOC in line with lease extensions
2. Partial Drawing Rights: Optional clause allowing for multiple partial drawings against the SLOC amount
3. Transfer Provisions: Optional terms governing the transfer of SLOC rights to another beneficiary in case of property ownership changes
4. Electronic Presentation: Optional provisions for electronic presentation of documents and demands
1. Form of Demand: Standard template for making a demand under the SLOC, including required declarations and certifications
2. Lease Agreement Details: Key details of the underlying lease agreement including dates, parties, and property description
3. Bank's Standard Terms: Standard terms and conditions of the issuing bank applicable to SLOCs
4. Required Declarations: Templates of any required declarations or certifications needed for drawing on the SLOC
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