Promissory Note Template Page 9
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28PLEASE NOTE THAT ITEMS HIGHLIGHTED IN YELLOW MAY BE VARIABLE BETWEEN
PROMISSORY NOTES, DEPENDING ON THE COMMERCIAL TERMS SET OUT
3.2
On the date this Note is issued, CM shall present the Borrower with the Aggregate Principal as
agreed in writing by way of a cheque, cashier’s order or bank transfer. All payments will be
made according to the Borrower’s payment details as set out in Schedule 1.
3.3
The Borrower is required to acknowledge and execute a Funds Receipt provided under
Schedule 3 of this Note immediately upon receipt of the Aggregate Principal and promptly
forward the original copy of the same to CM for safekeeping. Any costs or expenses incurred
by CM in ascertaining whether a Funds Receipt has been executed to its reasonable
satisfaction shall be payable by the Borrower.
3.4
If within seven (7) calendar days of the issuance of this Note, the Borrower does not inform CM
that it has not received the Aggregate Principal in full, the Borrower will be deemed to have
received the same in full.
4.
INTEREST
4.1
Interest shall start to accrue from the issuance of this Note and is calculated on a daily basis,
based on a 360-day year with twelve (12) months and thirty (30) days per month (“Interest
Rate”). An interest, calculated using the Interest Rate, on the Aggregate Principal (“Interest”),
shall be payable in arrears, on each Repayment Date (as defined below) by the Borrower.
Details of the Interest Rate and Interest payable is set out in the Promissory Note and Schedule
1 to this Note.
4.2
If the Borrower fails to make any payment due under this Note on any Repayment Date, interest
shall be charged on the total outstanding payment due under this Note, and such interest shall
be compounded daily and accrues from the date of non-payment to the date of the actual
payment, at the Interest Rate.
5.
REPAYMENT
The Borrower shall repay the Aggregate Principal in equal payments (the “Instalment”), and
5.1
the Interest accrued and due, at intervals (usually monthly) to be determined by CM
(“Repayment Date”) over the term of the Promissory Note, as specified in the Promissory Note.
5.2
The Aggregate Principal shall be payable in full by the Maturity Date, such Maturity Date to be
no longer than twelve (12) months from the date of issuance of the Promissory Note.
Repayment shall be made by the Borrower via General Interbank Recurring Order (“GIRO”),
5.3
into the account maintained by CM with a local bank, a cheque, or any other payment method
as may be agreed between the parties in writing.
Repayments made to each individual Lender shall be reflected on each individual Lender’s
5.4
account on the Platform.
5.5
Should any Lender wish to transfer monies in their account on the Platform to their own personal
bank accounts, the Lender should submit a request through the Platform.
5.6
If any of the Repayment Date falls on a Saturday, Sunday or gazetted public holiday in
Singapore, the Repayment Date shall be extended to the next Business Day.
5.7
In the event that the GIRO payment or cheque for any payments hereunder bounces twice,
whether consecutively or not, the Borrower agrees to pay to CM, for CM’s account, an
administrative fee of S$100 for the third and each subsequent unsuccessful payment. This
administrative fee shall be immediately payable upon CM notifying the Borrower of such
unsuccessful payment in writing.
5.8
If CM receives from the Borrower a payment for application against amounts due under this
Note that is insufficient to discharge all the amounts then due and payable by the Borrower
under this Note, CM shall apply that payment in the following order:
Page 9 of 28
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