Standby Credit Agreement

Standby Credit Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Standby Credit Agreement governed by Singapore law for a USD 5 million facility to support our construction project tender, with drawing conditions linked to specific project milestones and an expiry date of March 2025."

Document background

The Standby Credit Agreement is commonly used in Singapore's financial markets to provide financial security and risk mitigation. This document is essential when parties require a contingent payment arrangement, typically used in international trade, construction projects, or performance guarantees. Under Singapore law, these agreements must comply with MAS regulations and often incorporate international banking standards such as ISP98. The agreement details credit terms, drawing conditions, compliance requirements, and remedies, providing a secure framework for contingent obligations.

Suggested Sections

1. Parties: Identification of the credit provider and beneficiary, including full legal names and registration details

2. Background: Context and purpose of the standby credit facility, including relevant business relationship context

3. Definitions: Key terms used tHRoughout the agreement, including banking and finance-specific terminology

4. Facility Terms: Amount, purpose, and conditions of the standby credit, including credit limit and validity period

5. Drawing Conditions: Requirements and procedures for drawing on the credit, including notice requirements and documentation

6. Representations and Warranties: Statements of fact by the parties regarding their capacity, authority, and financial condition

7. Covenants: Ongoing obligations of the parties during the term of the agreement

8. Events of Default: Circumstances constituting default and corresponding remedies available to the parties

9. Payments and Calculations: Terms regarding payment obligations, calculation methods, and currency provisions

10. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction

Optional Sections

1. Security Arrangements: Details of any collateral or security provided to support the facility, used when the credit is secured

2. Guarantees: Terms of any guarantees provided by third parties, included when guarantees form part of the credit support

3. Fee Structure: Detailed provisions for non-standard fees and charges, used when complex fee arrangements exist

4. Tax Provisions: Specific tax-related provisions and withholding requirements, included for cross-border transactions

Suggested Schedules

1. Form of Drawing Notice: Standard template for making drawing requests under the facility

2. Fee Schedule: Detailed breakdown of all applicable fees, charges, and commission rates

3. Security Documents: List and copies of security documentation where applicable

4. Conditions Precedent: Comprehensive list of required documents and conditions to be satisfied before facility effectiveness

5. Notice Details: Contact information and notice requirements for all parties

6. Form of Transfer Certificate: Standard form for transferring rights under the facility where permitted

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services
International Trade
Construction
Manufacturing

Relevant Teams

Treasury
Finance
Legal
Risk Management
Trade Finance
Compliance

Relevant Roles

Chief Financial Officer
Treasury Manager
Trade Finance Manager
Credit Risk Officer
Legal Counsel
Compliance Officer

Industries

Banking Act (Cap. 19): Primary legislation governing banking institutions and operations in Singapore, including provisions for credit facilities and banking transactions

Monetary Authority of Singapore Act (Cap. 186): Establishes MAS's regulatory authority and oversight of financial institutions, including supervision of credit facilities

Securities and Futures Act (Cap. 289): Regulates financial products and services, relevant if the standby credit involves securities or financial instruments

Contract Law (Cap. 43): Fundamental legislation governing contract formation, enforcement, and remedies in Singapore

MAS Notice 643: Regulatory notice governing transactions with related parties, ensuring proper management of conflicts of interest

MAS Notice 612: Guidelines on credit files, grading and provisioning requirements for banks and credit facilities

MAS Notice 610: Requirements for submission of statistics and returns related to credit facilities

International Standby Practices (ISP98): International rules governing standby letters of credit, providing standardized practices and procedures

UCP 600: Uniform Customs and Practice for Documentary Credits, international rules for documentary credits and standby letters

Unfair Contract Terms Act: Legislation protecting against unfair terms in contracts, ensuring fairness in credit agreements

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in Singapore, relevant for customer information handling

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations for financial transactions

MAS Guidelines on Fair Dealing: Regulatory guidelines ensuring fair treatment of customers in financial products and services

Singapore Code of Corporate Governance: Principles and guidelines for corporate governance, applicable for institutional parties in credit agreements

Competition Law: Regulations ensuring fair competition and preventing anti-competitive practices in financial services

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Authors

Alex Denne

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