The Forgivable Loan Agreement is commonly used in Singapore for employee retention, professional development, and business support programs. It provides a structured approach to offering financial assistance while incentivizing specific outcomes through forgiveness provisions. This document type has gained prominence in Singapore's corporate landscape as a tool for talent retention and development, particularly in sectors requiring specialized skills or long-term commitment. The agreement must comply with Singapore's regulatory framework, including financial services legislation and employment laws, while clearly outlining the conditions for forgiveness, repayment terms, and consequences of default.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context and purpose of the loan agreement, including relationship between parties
3. Definitions: Key terms used throughout the agreement including Loan Amount, Forgiveness Date, Forgiveness Conditions
4. Loan Amount and Disbursement: Details of loan amount, currency, and disbursement method and timing
5. Interest Rate: Applicable interest rates, calculation method, and payment periods
6. Forgiveness Conditions: Specific conditions and criteria under which the loan may be forgiven, including timeline
7. Repayment Terms: Payment schedule, methods, and terms if loan is not forgiven
8. Events of Default: Circumstances constituting default and consequences thereof
9. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Security: Details of any collateral or security arrangements for the loan
2. Guarantees: Terms and conditions of any guarantees provided by third parties
3. Insurance Requirements: Specific insurance coverage requirements for borrower or collateral
4. Assignment: Rights and restrictions regarding assignment of the agreement
1. Schedule 1 - Repayment Schedule: Detailed payment timeline, amounts, and dates
2. Schedule 2 - Forgiveness Milestones: Specific targets, conditions, and timeline for loan forgiveness
3. Schedule 3 - Form of Forgiveness Notice: Template for formal notice of loan forgiveness
4. Schedule 4 - Security Documents: List and details of security documents if loan is secured
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