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Working Capital Loan Agreement for Singapore

Working Capital Loan Agreement Template for Singapore

A Working Capital Loan Agreement under Singapore law is a legally binding document that establishes the terms and conditions for short-term financing provided to businesses for their operational needs. The agreement, governed by Singapore's banking and contract laws, details the loan amount, interest rates, repayment terms, security arrangements, and obligations of both parties. It includes specific provisions compliant with MAS regulations and Singapore's financial regulatory framework.

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What is a Working Capital Loan Agreement?

The Working Capital Loan Agreement is essential for businesses seeking short-term financing in Singapore to manage their day-to-day operations, including inventory purchases, payroll, and other operational expenses. This document, structured under Singapore's legal framework, provides clarity on loan terms, borrower obligations, and lender rights. It incorporates specific requirements under Singapore banking regulations and MAS guidelines, making it suitable for various business sizes and sectors. The agreement typically includes provisions for drawdown mechanisms, interest calculations, security arrangements, and default scenarios.

What sections should be included in a Working Capital Loan Agreement?

1. Parties: Identifies the lender and borrower with full legal names and addresses

2. Background: Recitals explaining the context and purpose of the working capital loan

3. Definitions: Key terms used throughout the agreement

4. Facility Amount and Purpose: Details of loan amount and permitted uses

5. Interest and Fees: Interest rate, calculation method, and applicable fees

6. Drawdown Conditions: Prerequisites and procedures for loan disbursement

7. Repayment Terms: Schedule and methods of repayment

8. Representations and Warranties: Borrower's declarations regarding their status and capacity

9. Events of Default: Circumstances constituting default and consequences

10. Governing Law and Jurisdiction: Specification of Singapore law and courts' jurisdiction

What sections are optional to include in a Working Capital Loan Agreement?

1. Security: Details of any collateral or guarantees - used when loan is secured

2. Insurance Requirements: Mandatory insurance coverage for borrower - used when specific insurance is required

3. Financial Covenants: Financial ratios and conditions to maintain - used for larger loans or higher-risk borrowers

4. Assignment and Transfer: Rights to assign or transfer the loan - used when transferability is contemplated

What schedules should be included in a Working Capital Loan Agreement?

1. Drawdown Notice: Template for requesting loan disbursement

2. Repayment Schedule: Detailed payment dates and amounts

3. Conditions Precedent: List of documents and conditions required before drawdown

4. Security Documents: Forms and details of security arrangements if applicable

5. Fee Schedule: Detailed breakdown of all applicable fees

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

Banking Act (Cap. 19): Primary legislation governing banking institutions and their lending activities in Singapore

Moneylenders Act (Cap. 188): Regulates moneylending activities and provides framework for legal money lending operations

Companies Act (Cap. 50): Governs corporate borrowers' capacity to borrow and related corporate matters

Unfair Contract Terms Act (Cap. 396): Controls the use of unfair terms in contracts and protects against unreasonable contract provisions

MAS Guidelines on Business Lending: Regulatory guidelines issued by Monetary Authority of Singapore for business lending practices

Financial Advisers Act (Cap. 110): Regulates financial advisory services and ensures proper disclosure of financial information

Securities and Futures Act (Cap. 289): Relevant if the loan involves securities or is secured by investment instruments

Conveyancing and Law of Property Act (Cap. 61): Governs property-related security arrangements and mortgage documentation

Registration of Deeds Act (Cap. 269): Provides framework for registration of legal documents including loan security instruments

Bankruptcy Act (Cap. 20): Governs insolvency proceedings and creditors' rights in bankruptcy situations

Insolvency, Restructuring and Dissolution Act 2018: Modern framework for corporate insolvency, restructuring, and dissolution matters

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

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

Association of Banks Singapore Fair Lending Rules: Industry guidelines for fair lending practices issued by the Association of Banks in Singapore

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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