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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
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