[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-172155-105":53,"doc-detail-172155-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","corporate-customer-transition-letter-switch-out-of-your-sor-based-loan","Corporate Customer Transition Letter - Switch Out of Your SOR-Based Loan","","This template supports a coordinated industry transition for banks’ in-scope legacy SOR loan portfolios. It urges customers with SOR-based bilateral loans governed by Singapore or English law to contact their banks by 31 March 2023 to transition to alternative benchmark rates. It provides notice that, after SOR discontinuation, loan documentation will automatically be amended through Fallback Rate (SOR) Amendment and subsequently MAS Recommended Rate (MRR) Amendment, with customer acceptance evidenced by conduct. The notice is legally binding and outlines scope limits, last-resort use, and risk disclaimers.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":41,"@type":70,"position":76},"https://docshare.wps.com/template/letters/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/corporate-customer-transition-letter-switch-out-of-your-sor-based-loan/172155/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/corporate-customer-transition-letter-switch-out-of-your-sor-based-loan/172155.png","ImageObject",442,249,{"name":88,"@type":89},"River Wang","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/vnd.openxmlformats-officedocument.wordprocessingml.document","2026-10-18","2026-09-01",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",6,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Which SOR-based loans are covered by this template?","Question",{"text":109,"@type":110},"The template targets in-scope bilateral loans governed by Singapore or English law that are unsecured or secured by 1st party all monies security, either hedged or unhedged, and either disbursed or both committed and undisbursed. Other loans, including certain syndicated or uncommitted-and-undisbursed loans, are excluded.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"What do customers need to do and by when?",{"text":114,"@type":110},"Customers are strongly urged to contact their banks to switch out of their SOR-based loan(s) by 31 March 2023 to minimize disruption and enable selection of a revised loan package.",{"name":116,"@type":107,"acceptedAnswer":117},"What happens if a customer does not switch by 31 March 2023?",{"text":118,"@type":110},"After SOR discontinuation, the loan documentation will be automatically amended to reference Fallback Rate (SOR), and later to MAS Recommended Rate (MRR), based on the timing stated in the notice. Customer servicing conduct may be construed as acceptance of these amendments, and the amendments are intended to be legally binding without further signatures.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},172155,1790460341,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":40,"category_name":41,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":30,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":101},1099514067438,"https://ap-avatar.wpscdn.com/avatar/100002539ee87300030?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780474512215547542","IMPORTANT NOTICE FOR BANKS\nThis template is intended to be the document that is used to effect a coordinated and orderly industry transition across in-scope loans in the legacy SOR loan portfolios of banks. The recommended scope of this template is:\nAll SOR-based bilateral loans governed by Singapore law or English law that are:\nUnsecured\nSecured by 1st party all monies security governed by Singapore law or English law\nEither hedged or unhedged (but please note that each bank will need to separately assess repapering requirements for hedging arrangements, as this letter does not amend the terms of such hedging arrangements)\nEither disbursed, or both committed and undisbursed.\nFor avoidance of doubt, all other loans not listed above, including syndicated loans and loans that are both uncommitted and undisbursed, are not in-scope of this template.\nFor loans that are in-scope, it serves three main purposes:\nIt strongly urges customers with in-scope legacy SOR loans to contact their banks by 31 March 2023, reinforcing the call to voluntary action in previous banks’ communications, such as the letter termed by the industry as the “Corporate Customer Engagement Letter”, a template of which was made available for adoption, together with accompanying infographic, in July 2021.\nIt gives customers notice of the intended bank-facilitated conversion date, whereby the documentation of each in-scope loan will be automatically amended to reference Fallback Rate (SOR), instead of SOR, as the interest rate benchmark (“Fallback Rate (SOR) Amendment”), on or after discontinuation of SOR, and, thereafter, to the MAS Recommended Rate (“MRR Amendment”) on or after discontinuation of Fallback Rate (SOR). The advance notice provides time for customers, who do not switch out their in-scope legacy SOR loans by 31 March 2023, to demonstrate acceptance by conduct of the Fallback Rate (SOR) Amendment and the MRR Amendment via continued servicing of their SOR-based loans (by way of an acceptable method set out in Appendix B).\nIt is a legally binding document termed by the industry as the “Corporate Customer Transition Letter”. It gives customers notice that their conduct in servicing their SOR-based loans will be construed by their bank as evidencing a clear intention to continue their loan arrangements with the bank and to accept the Fallback Rate (SOR) Amendment and, subsequently, the MRR Amendment. The bank will therefore rely on and act on each customer’s acceptance by conduct, to vary the contract through effecting the Fallback Rate (SOR) Amendment and, subsequently, the MRR Amendment. The Fallback Rate (SOR) Amendment and, subsequently, the MRR Amendment will be legally valid, binding and enforceable between the bank and each customer without parties having to sign any other legal document.\nNotwithstanding the legally binding nature of the Corporate Customer Transition Letter, SC-STS strongly encourages banks to give customers ample notice of the switch of their interest rate benchmark from SOR to Fallback Rate (SOR), and, subsequently, from Fallback Rate (SOR) to MRR, as the case may be.\nNo representation or warranty is given by the SC-STS, any of its industry working or sub-groups or The Association of Banks in Singapore as to the suitability of this template for any particular product and/or transaction; or that this template will cover any eventuality. Individual parties may decide to depart from its terms and should always satisfy themselves of the implications of its use, including (without limitation), from a legal, compliance, tax, regulatory and accounting perspective.\nThis template is meant to be used as a last resort (i.e. only in tough legacy loan contracts and where all communications/remediation efforts with a customer have failed).\nBanks are expected to continue to ensure they take reasonable efforts to remediate their SOR loans properly (i.e. either by incorporating adequate hardwired fallback language or replacing the existing SOR lo","cbCaihi9KXXCsKoE","https://ap.wps.com/l/cbCaihi9KXXCsKoE","docx",78933,"English","# IMPORTANT NOTICE FOR BANKS\n## Recommended scope of the template\n## Purpose and customer actions\n## Legal effect and reliance on acceptance by conduct\n## Disclaimers and last-resort use\n# Dear Customer\n## Switch out your SOR-based loan\n## Automatic conversion if not switched by 31 March 2023","[{\"question\":\"Which SOR-based loans are covered by this template?\",\"answer\":\"The template targets in-scope bilateral loans governed by Singapore or English law that are unsecured or secured by 1st party all monies security, either hedged or unhedged, and either disbursed or both committed and undisbursed. Other loans, including certain syndicated or uncommitted-and-undisbursed loans, are excluded.\"},{\"question\":\"What do customers need to do and by when?\",\"answer\":\"Customers are strongly urged to contact their banks to switch out of their SOR-based loan(s) by 31 March 2023 to minimize disruption and enable selection of a revised loan package.\"},{\"question\":\"What happens if a customer does not switch by 31 March 2023?\",\"answer\":\"After SOR discontinuation, the loan documentation will be automatically amended to reference Fallback Rate (SOR), and later to MAS Recommended Rate (MRR), based on the timing stated in the notice. Customer servicing conduct may be construed as acceptance of these amendments, and the amendments are intended to be legally binding without further signatures.\"}]","Corporate Customer Transition Letter - Switch Out of Your SOR-Based Loan | DOCX",1788289938]