A Non Recourse Promissory Note is commonly used in Singapore when parties wish to structure a loan where the lender's recovery is strictly limited to specific collateral. This document is particularly relevant for asset-based financing where the borrower seeks to limit personal liability. Under Singapore law, it must comply with the Bills of Exchange Act and Civil Law Act, requiring clear specification of the loan amount, payment terms, interest rates, and most importantly, the explicit limitation of the lender's recourse to the specified collateral. The document provides security for the lender while offering protection to the borrower against personal liability beyond the collateral value.
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1. Promise to Pay: Unconditional promise to pay a specific sum with clear payment terms
2. Principal Amount: Clear statement of the principal sum being borrowed
3. Interest Rate: Specification of applicable interest rate and calculation method
4. Payment Terms: Details of payment schedule, including due dates and payment methods
5. Non-Recourse Provision: Clear limitation of lender's recovery to specified collateral only
6. Collateral Description: Detailed description of the collateral securing the note
1. Prepayment Terms: Terms governing early repayment, used when early repayment is permitted
2. Default Provisions: Consequences of default, used when specific default terms are required
3. Assignment Clause: Terms governing transfer of the note, used when transfer rights are needed
1. Collateral Schedule: Detailed listing and description of all collateral securing the note
2. Payment Schedule: Detailed payment schedule if installment payments are involved
3. Valuation Report: Professional valuation of collateral, if required
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