The Bank Facilities Letter is a crucial document in Singapore's banking sector, used when a financial institution agrees to provide credit facilities to a borrower. It comprehensively details the terms and conditions of the facilities, including loan amounts, interest rates, security requirements, and covenants. Under Singapore law, this document must comply with MAS guidelines and the Banking Act, making it legally binding and enforceable. The letter serves as the primary reference point for both parties throughout the facility period, outlining their respective rights and obligations.
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1. Facility Details: Type, amount, and purpose of the facility, including credit limits and tenure
2. Interest Rate and Fees: Applicable interest rates, processing fees, commitment fees, and other charges
3. Terms and Conditions: Key conditions for facility utilization, maintenance, and repayment terms
4. Security Requirements: Required collateral, guarantees, and security documentation requirements
5. Representations and Warranties: Standard declarations by the borrower regarding their legal and financial status
1. Special Conditions: Project-specific or borrower-specific conditions, included when facility has unique requirements or restrictions
2. Financial Covenants: Specific financial ratios and metrics to be maintained, typically included for corporate borrowers
3. Insurance Requirements: Specific insurance coverage requirements, included when collateral requires protection or risk mitigation
1. Facility Schedule: Detailed breakdown of facility limits, sub-limits, and specific terms for each facility type
2. Fee Schedule: Comprehensive breakdown of all applicable fees, charges, and commission rates
3. Security Schedule: Detailed list of required security documents, their status, and specific requirements
4. Conditions Precedent: List of documents and conditions required to be fulfilled before facility utilization
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