The Credit Facility Letter is a fundamental document in Singapore's banking and finance sector, used when a financial institution agrees to extend credit to a borrower. It must comply with Singapore's stringent regulatory framework, including MAS guidelines and the Banking Act. The document typically includes facility limits, interest rates, fees, security requirements, representations and warranties, and conditions precedent. Credit Facility Letters are essential for both corporate and individual lending, providing a clear framework for the lending relationship while ensuring regulatory compliance with Singapore's financial services regulations.
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1. Facility Details: Type, amount, and purpose of the facility
2. Interest Rate and Fees: Interest rate, calculation method, and applicable fees
3. Repayment Terms: Repayment schedule, method, and prepayment conditions
4. Security Requirements: Required collateral or guarantees
5. Conditions Precedent: Conditions to be met before facility availability
6. Representations and Warranties: Borrower's declarations regarding their status and capacity
1. Insurance Requirements: Required when facility involves specific assets or risks requiring insurance coverage
2. Foreign Exchange Provisions: Currency conversion terms and requirements for facilities involving foreign currency
3. Special Covenants: Additional borrower obligations for corporate borrowers or complex facilities
1. Fee Schedule: Detailed breakdown of all applicable fees and charges
2. Security Details: Detailed description of security arrangements and documentation
3. Drawdown Notice Format: Template for requesting disbursement of funds
4. Compliance Certificate: Template for periodic compliance reporting
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