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Secured Promissory Note
"I need a Secured Promissory Note for a S$500,000 business loan to be secured against commercial property, with quarterly interest payments and full principal repayment due by March 2025, including early repayment options."
1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan arrangement and purpose
3. Definitions: Key terms used in the note including 'Security', 'Interest Rate', 'Default', etc.
4. Promise to Pay: Core commitment to repay principal and interest, including the principal amount
5. Interest Rate: Specified interest rate, calculation method, and payment frequency
6. Security Details: Description of collateral securing the note and its valuation
7. Payment Terms: Repayment schedule, methods of payment, and due dates
8. Events of Default: Circumstances constituting default and consequences
9. Enforcement Rights: Lender's rights and remedies upon default
1. Prepayment Provisions: Terms for early repayment including any penalties or notices required
2. Late Payment Penalties: Additional charges and interest rates applicable for delayed payments
3. Assignment Rights: Conditions under which the note may be assigned or transferred
4. Representations and Warranties: Additional assurances regarding the borrower's capacity and security
1. Schedule A - Payment Schedule: Detailed repayment timeline with amounts and due dates
2. Schedule B - Security Description: Detailed description of collateral including registration numbers and locations
3. Appendix 1 - Valuation Report: Independent valuation of security assets
4. Appendix 2 - Security Registration Documents: Copies of security registration certificates and filing records
Authors
Borrower
Business Day
Collateral
Default
Default Rate
Due Date
Event of Default
Interest Rate
Interest Payment Date
Lender
Loan Amount
Maturity Date
Payment Date
Permitted Transferee
Principal Amount
Repayment Schedule
Secured Obligations
Security
Security Documents
Security Interest
Singapore Dollars
Term
Interest
Security
Repayment Terms
Default
Acceleration
Representations and Warranties
Covenants
Security Enforcement
Assignment
Notices
Governing Law
Jurisdiction
Amendments
Waiver
Severability
Prepayment
Late Payment
Costs and Expenses
Further Assurance
Set-off
Registration
Counterparts
Entire Agreement
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