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Promise To Pay Agreement
"I need a Promise To Pay Agreement for a business loan of SGD 50,000, to be repaid in monthly installments over 24 months starting from March 2025, with a company-provided vehicle as security."
1. Parties: Identification and details of the creditor and debtor
2. Background: Context of the debt and circumstances leading to the agreement
3. Definitions: Key terms used in the agreement
4. Amount Owed: Clear statement of the principal amount owed
5. Payment Terms: Payment schedule, method, and deadlines
6. Interest Rate: Applicable interest rate and calculation method
7. Default Provisions: Consequences of missing payments
8. Governing Law: Specification of Singapore law as governing law
1. Security: Details of any collateral or security provided - use when debt is secured by assets
2. Guarantor Provisions: Terms relating to any guarantors - use when a third party guarantees the debt
3. Early Payment Provisions: Terms for early repayment - use when early repayment is allowed
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Security Details: Description of any security or collateral provided as part of the agreement
3. Interest Calculation Schedule: Detailed method for calculating interest and examples of calculations
Authors
Payment Terms
Interest
Default Interest
Security
Representations and Warranties
Events of Default
Acceleration
Remedies
Set-off Rights
Assignment
Notices
Amendment
Severability
Waiver
Force Majeure
Entire Agreement
Counterparts
Governing Law
Dispute Resolution
Costs and Expenses
Time of Essence
Further Assurance
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