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Promissory Note And Security Agreement
"I need a Promissory Note And Security Agreement under Singapore law for a SGD 2 million business loan to be secured against company equipment, with monthly repayments over 36 months starting from March 2025."
1. Parties: Identification of lender and borrower
2. Background: Context of the loan and security arrangement
3. Definitions: Key terms used in the agreement
4. Promise to Pay: Core obligation to repay the principal amount
5. Interest Rate: Specification of interest rate and calculation method
6. Security Interest: Description of collateral and security arrangement
7. Payment Terms: Schedule and method of payments
8. Events of Default: Circumstances constituting default
9. Enforcement Rights: Lender's rights upon default
1. Prepayment Provisions: Terms for early repayment when permitted
2. Guarantor Provisions: Terms relating to guarantors when a guarantor is involved
3. Insurance Requirements: Requirements for insuring collateral when applicable
4. Assignment Rights: Terms for transferring rights under the note when assignment is to be included
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Schedule: Detailed description of security assets
3. Interest Calculation Schedule: Detailed method for calculating interest
4. Form of Notice: Template for default notices or other communications
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