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Senior Promissory Note
"I need a Senior Promissory Note for a secured loan of SGD 5 million to be repaid in quarterly installments over 3 years, starting from March 2025, with my manufacturing company as maker and ABC Bank as payee."
1. Promise to Pay: Unconditional promise to pay a specific sum with clear identification of maker and payee
2. Payment Terms: Detailed terms including principal amount, interest rate, payment schedule, and maturity date
3. Senior Status Declaration: Clear statement of senior priority status and ranking in relation to other debt obligations
4. Place and Date: Location where note is made and date of execution
5. Events of Default: Comprehensive list of circumstances that trigger immediate repayment obligation
6. Governing Law: Specification of Singapore law as governing law and jurisdiction
1. Security Provisions: Details of any collateral or security arrangements, include when note is secured
2. Guarantees: Terms of third-party guarantees, include when guarantors are involved
3. Subordination Terms: Provisions regarding relationship with junior creditors, include when there is subordinated debt
4. Transfer and Assignment: Terms governing transferability of the note, include when note is intended to be negotiable
5. Prepayment Provisions: Terms for early repayment, include when early repayment is permitted
1. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
2. Security Details: Comprehensive description of any collateral or security arrangements if note is secured
3. Guarantor Information: Details of guarantors including their obligations and financial information if applicable
4. Compliance Certificate: Form of compliance certificate to be delivered by maker periodically
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