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Promissory Note In English
"I need a Promissory Note In English under Singapore law for a business loan of SGD 250,000 with 5% annual interest, to be repaid in monthly installments over 36 months starting from March 2025, with my company's equipment as collateral."
1. Promise to Pay: Unconditional written promise to pay a specified sum, including clear statement of the principal amount in both numbers and words
2. Payment Terms: Specific date or timeline for payment, including due date and any installment arrangements
3. Maker Details: Full legal name, address, and signature of the person making the promise
4. Payee Details: Full legal name and address of the person to whom payment is promised
5. Place of Payment: Specific location where payment is to be made or method of payment
1. Interest Rate Clause: Terms of interest including rate and calculation method, used when the note accrues interest
2. Security/Collateral Clause: Description of assets securing the note and terms of security arrangement
3. Acceleration Clause: Conditions under which full payment becomes immediately due and payable
4. Default Provisions: Consequences of default and remedies available to the payee
5. Prepayment Clause: Terms and conditions for early payment of the note
1. Payment Schedule: Detailed breakdown of payment installments including dates and amounts
2. Collateral Schedule: Detailed description and documentation of any security or collateral provided
3. Interest Calculation Schedule: Detailed breakdown of interest calculations and payment schedule if applicable
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