The Credit Agreement Letter is a crucial document used in Singapore's financial sector to formalize credit arrangements between lenders and borrowers. It serves as the primary instrument for documenting loan terms, incorporating requirements from Singapore's Banking Act, MAS guidelines, and other relevant regulations. This document typically includes detailed information about the credit facility, interest rates, repayment schedule, security arrangements, and conditions precedent. The Credit Agreement Letter is particularly important in Singapore's highly regulated financial environment, where strict compliance with banking and consumer protection laws is essential.
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1. Lender Details: Full name, registration number, and address of the lending institution
2. Borrower Details: Full name, identification/registration number, and address of the borrower
3. Facility Amount: The amount of credit being extended
4. Interest Rate: Applicable interest rate(s) and calculation method
5. Repayment Terms: Payment schedule, installment amounts, and duration
6. Security/Collateral: Details of any security or collateral provided
1. Guarantor Details: Required when there is a guarantor for the credit facility
2. Special Conditions: Any specific conditions or covenants applicable to the facility
3. Early Repayment Terms: Conditions and fees for early repayment
1. Repayment Schedule: Detailed breakdown of payment dates and amounts
2. Fee Schedule: List of applicable fees and charges
3. Security Documents: List of security documents required and their status
4. Conditions Precedent: List of conditions to be fulfilled before drawdown
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