The Credit Commitment Letter serves as a preliminary binding document in Singapore's lending landscape, bridging the gap between initial credit approval and final facility documentation. It provides borrowers with certainty of funding while protecting lenders through clearly defined terms and conditions. The document typically precedes more detailed facility agreements and is particularly crucial in time-sensitive transactions where formal documentation may take longer to prepare. Under Singapore law, these letters must comply with MAS guidelines and banking regulations, particularly regarding disclosure requirements and lending limits.
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1. Date and Reference: Opening details including date and reference number of the credit commitment letter
2. Addressee Details: Full name and address of the borrower, including registration details if a company
3. Facility Type and Amount: Clear statement of the credit facility type and committed amount, including currency
4. Key Terms: Core terms including interest rate, tenure, repayment schedule, and purpose of facility
5. Conditions Precedent: List of conditions that must be satisfied before the facility can be drawn
6. Representations and Warranties: Standard confirmations from borrower regarding their status and capacity
7. Acceptance Block: Section for borrower's acknowledgment and acceptance of the terms
1. Security Requirements: Details of any collateral or security required, used when facility is secured
2. Special Covenants: Additional requirements specific to the borrower or facility type, used for complex facilities
3. Fee Structure: Detailed breakdown of fees, used when multiple fees apply beyond standard interest
4. Events of Default: Specific default triggers, used for complex facilities or higher-risk borrowers
1. Term Sheet: Detailed breakdown of all commercial terms and conditions of the facility
2. Fee Schedule: Comprehensive list of all applicable fees and charges
3. Security Details: List and description of required security documents and collateral requirements
4. Conditions Precedent Checklist: Detailed list of required documents and conditions to be met before drawdown
5. Compliance Requirements: List of ongoing compliance requirements and reporting obligations
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