Promissory Note Template Page 10
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28PLEASE NOTE THAT ITEMS HIGHLIGHTED IN YELLOW MAY BE VARIABLE BETWEEN
PROMISSORY NOTES, DEPENDING ON THE COMMERCIAL TERMS SET OUT
5.8.1
first, in or towards payment to each Lender of any Interest or Late Payment Interest
due but unpaid under this Note, of which CM shall be entitled to deduct its
Commission; and
5.8.2
second, in or towards payment to each Lender of any Principal due but unpaid under
this note;
5.8.3
third, in or towards payment to CM of its Processing Fee and Late Payment Fee or
other amounts due but unpaid under this Note.
6.
COMMISSION
6.1
In consideration of CM arranging and rendering its services under this Note, the Lenders shall
pay CM a commission of 20% of the Interests made by the Borrower, as set out in Schedule 2
(“Commission”). Pursuant to Clause 5.8 above, CM shall be entitled to deduct this Commission
from repayments received from the Borrower before remitting the remainder to the Lenders.
7.
PROCESSING FEE
7.1
In consideration of CM arranging and rendering its services under this Note, the Borrower
agrees to pay CM a processing fee, calculated in the manner as set out under Schedule 1 of
the Note (“Processing Fee”).
7.2
The Borrower shall pay the Processing Fee to CM in accordance with the schedule set out in
Schedule 2, by way of GIRO or such other payment method as may be prescribed by CM from
time to time.
7.3
The Processing Fee shall be payable each month to the date in which the Aggregate Principal
has been fully repaid.
8.
VOLUNTARY PREPAYMENT
8.1
No prepayment shall be allowed within the first three (3) months of the Tenor.
8.2
The Borrower may prepay part or the whole of the outstanding Aggregate Principal only upon
expiry of the first three (3) months of the Tenor, and by giving CM not less than thirty (30)
calendar days’ written notice (or such shorter period as the Lenders may agree in writing) or
thirty (30) calendar days’ interest in lieu of notice. For the avoidance of doubt, such written
notice may be given before the first three (3) months of the Tenor, such that prepayment may
be made immediately upon or after the date of the first three (3) months of the Tenor.
8.3
Where only a part of the Note is prepaid, such prepayment shall be in the sum of not less than
S$100.00 and in higher integral multiples of S$100.00 or such other amount(s) as may be
approved by CM from time to time.
8.4
If the Aggregate Principal is partially prepaid, the Borrower shall pay CM such revised monthly
instalment repayment calculated based on the outstanding Aggregate Principal over the
remaining Tenor. Prior to CM’s notice to the Borrower of the revised payment schedule, the
Borrower must continue to make its payments at such amounts under the repayment schedule
specified in the Promissory Note. Upon notice of the revised repayment schedule by CM, the
Borrower shall pay the revised monthly instalment repayment accordingly.
8.5
Notwithstanding Clause 7.3 above, in the event that the Aggregate Principal has been fully
repaid prior to the end of the Tenor, the Borrower agrees to pay to CM the amount of Processing
Fee that would have been payable till the end of the Tenor.
8.6
Interest shall be charged to the date in which the Aggregate Principal has been fully repaid.
8.7
The Borrower may not re-borrow any part of the Aggregate Principal which has been prepaid.
Page 10 of 28
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Miscellaneous