Amended Promissory Note Template for Singapore

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Key Requirements PROMPT example:

Amended Promissory Note

"Need an Amended Promissory Note to modify the interest rate from 5% to 3.5% and extend the maturity date to March 15, 2025, for an existing business loan of SGD 250,000."

Document background

An Amended Promissory Note is utilized when parties need to modify the terms of an existing promissory note while maintaining the underlying debt obligation. This document is particularly relevant in Singapore's commercial context, where it must comply with the Bills of Exchange Act and related financial regulations. The amendment might address changes in payment terms, interest rates, security arrangements, or other material terms. The document serves as a formal record of the modified agreement while preserving the legal enforceability of the original promise to pay.

Suggested Sections

1. Date: Date of amendment of the promissory note

2. Original Note Reference: Details and date of the original promissory note being amended

3. Parties: Identification of maker and payee, including full legal names and addresses

4. Amendment Details: Specific modifications being made to the original note, clearly stating what is being changed

5. Promise to Pay: Updated unconditional promise to pay, including the amount, currency, and payment terms

6. Signatures: Execution block for all parties with attestation requirements

Optional Sections

1. Recitals: Background information explaining the circumstances and reasons for the amendment

2. Security Provisions: Details of any collateral or security arrangements securing the note

3. Default Provisions: Terms specifying events of default and consequences of default

Suggested Schedules

1. Schedule A - Original Promissory Note: Complete copy of the original promissory note being amended

2. Schedule B - Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved

3. Schedule C - Security Details: Comprehensive description of any collateral or security arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Finance
Real Estate
Small Business
Private Lending

Relevant Teams

Finance
Legal
Treasury
Credit
Compliance

Relevant Roles

Chief Financial Officer
Finance Manager
Treasury Manager
Credit Manager
Legal Counsel

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Let's create your Amended Promissory Note

Authors

Alex Denne

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