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Partnership Loan Agreement
"Need a Partnership Loan Agreement for our 5-partner accounting firm to borrow SGD 500,000 from United Bank, with quarterly repayments over 3 years starting March 2025, secured against partnership assets and personal guarantees from two senior partners."
1. Parties: Identification and details of the lender and borrower partnership
2. Background: Context of the loan and relationship between parties
3. Definitions: Key terms used throughout the agreement
4. Loan Amount and Purpose: Specified amount and intended use of the loan
5. Interest Rate and Calculations: Interest rate, calculation method, and payment schedule
6. Repayment Terms: Schedule and method of repayment
7. Security: Any collateral or guarantees provided
8. Events of Default: Circumstances constituting default and consequences
9. Governing Law and Jurisdiction: Specification of Singapore law as governing law and jurisdiction for disputes
1. Representations and Warranties: Optional section for statements of fact by parties, typically included for larger loans or complex partnerships
2. Covenants: Optional section for ongoing obligations of the borrower, used when specific behavior or conditions need to be maintained
3. Assignment Provisions: Optional section covering rights to transfer the loan, included when transfer rights are important to either party
4. Anti-Money Laundering Provisions: Optional section for compliance with AML regulations, particularly important for larger loans or regulated entities
1. Schedule 1 - Repayment Schedule: Detailed breakdown of repayment dates and amounts
2. Schedule 2 - Partnership Details: Details of the borrowing partnership structure including partners and ownership
3. Schedule 3 - Security Documents: Details of any collateral or security arrangements
4. Schedule 4 - Form of Notices: Template formats for formal communications between parties
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