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Private Lending Term Sheet for Singapore

Private Lending Term Sheet Template for Singapore

A comprehensive legal document governed by Singapore law that outlines the key commercial and legal terms of a private lending arrangement. It captures essential elements including loan amount, interest rates, repayment terms, security arrangements, and default provisions, while ensuring compliance with Singapore's Moneylenders Act and related regulations. The document serves as the foundation for the final loan agreement and provides clarity on the rights and obligations of all parties involved.

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Private Lending Term Sheet

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What is a Private Lending Term Sheet?

The Private Lending Term Sheet Template is a crucial document used in Singapore's lending landscape when private parties wish to formalize lending arrangements. It serves as a preliminary agreement outlining the fundamental terms of the loan, including financial conditions, security arrangements, and compliance requirements under Singapore law. This document is particularly important given Singapore's strict regulatory environment for moneylending activities, including the Moneylenders Act and associated regulations. The term sheet typically precedes the full loan agreement and helps parties align on key terms while ensuring regulatory compliance.

What sections should be included in a Private Lending Term Sheet?

1. Parties: Details of the lender and borrower, including full legal names, registration numbers (if applicable), and addresses

2. Background: Brief context of the lending arrangement and purpose of the loan

3. Definitions: Key terms used throughout the term sheet

4. Loan Amount: Principal amount to be borrowed

5. Interest Rate: Applicable interest rate, calculation method, and payment frequency

6. Term: Duration of the loan and repayment schedule

7. Security/Collateral: Details of any assets pledged as security

8. Events of Default: Circumstances that constitute default and consequences

What sections are optional to include in a Private Lending Term Sheet?

1. Conditions Precedent: Prerequisites that must be satisfied before loan disbursement, typically including documentation requirements and verification procedures

2. Representations and Warranties: Statements of fact by borrower about their status and ability to repay, including financial condition and legal capacity

3. Covenants: Ongoing obligations of the borrower during the loan term, including financial covenants and reporting requirements

4. Prepayment Terms: Conditions and penalties (if any) for early repayment of the loan

What schedules should be included in a Private Lending Term Sheet?

1. Repayment Schedule: Detailed breakdown of payment dates and amounts, including principal and interest components

2. Security Details: Detailed description of collateral and valuation, including any registration requirements

3. KYC Documentation: List of required identity and verification documents as per Singapore regulatory requirements

4. Fee Schedule: Comprehensive breakdown of all applicable fees and charges, including processing fees and late payment charges

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

Jurisdiction

Singapore

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions




































Clauses

































Industries

Moneylenders Act: Primary legislation governing money lending in Singapore (Chapter 188). Covers licensing requirements, interest rate caps, and operational regulations for money lenders.

Moneylenders Rules 2009: Subsidiary legislation providing detailed requirements for money lending operations, including specific forms, procedures, and calculation methods.

Securities and Futures Act: Chapter 289 - Relevant when the loan involves any form of securities or if the lending arrangement could be classified as a securities offering.

Banking Act: Chapter 19 - Relevant for understanding banking regulations that might impact private lending, especially if the lender conducts regular financing activities.

Contract Law: Chapter 2 - Fundamental legislation governing contract formation, validity, and enforcement in Singapore.

Civil Law Act: Chapter 43 - Contains provisions relevant to civil matters including contract law and interest rate regulations.

Consumer Protection (Fair Trading) Act: Ensures fair trading practices and protects borrowers from unfair practices in lending arrangements.

Personal Data Protection Act 2012: Governs the collection, use, and disclosure of personal data in lending documentation and processes.

Interest Rate Restrictions: Regulatory limits on maximum interest rates, compound interest calculations, and late payment fees under Singapore law.

Disclosure Requirements: Mandatory requirements for disclosure of effective interest rates, fees, charges, and warning statements in lending documents.

Documentation Requirements: Essential terms, language requirements, and copy provision requirements for lending documentation.

Security and Collateral Regulations: Rules governing acceptable security types, registration requirements, and enforcement mechanisms for secured lending.

AML Requirements: Anti-Money Laundering requirements including KYC, due diligence obligations, and transaction reporting requirements for lenders.

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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