Document background
A Loan Modification Agreement is essential when parties need to alter the terms of an existing loan arrangement under Singapore law. This document is commonly used during financial hardship, restructuring, or when market conditions necessitate changes to loan terms. It provides a formal framework for documenting modifications while ensuring compliance with Singapore's banking regulations and financial services legislation. The agreement typically includes details of the original loan, specific modifications, effective dates, and any additional security arrangements or guarantor consents required.
