Partial Recourse Promissory Note for Singapore

Partial Recourse Promissory Note Template for Singapore

A Partial Recourse Promissory Note under Singapore law is a financial instrument that combines elements of both recourse and non-recourse debt. It provides the holder with limited rights to pursue the maker's assets beyond any specified collateral, but only under specific conditions detailed in the note. This document is governed by Singapore's Bills of Exchange Act and related financial regulations, offering a balanced approach to risk allocation between parties.

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What is a Partial Recourse Promissory Note?

A Partial Recourse Promissory Note is commonly used in Singapore's financial markets when parties seek to balance risk allocation in lending arrangements. This document type provides more protection than a non-recourse note while offering more limited liability than a full-recourse instrument. It specifies conditions under which the holder can pursue the maker's assets beyond any designated collateral, typically triggered by specific events such as fraud or material breach. Under Singapore law, these notes must comply with the Bills of Exchange Act and related banking regulations, making them particularly suitable for structured finance, property development, and commercial lending transactions.

What sections should be included in a Partial Recourse Promissory Note?

1. Promise to Pay: Unconditional promise to pay a specific sum, including the amount and payee details

2. Payment Terms: Detailed terms including amount, interest rate, payment schedule, and method of payment

3. Partial Recourse Provisions: Specific conditions and circumstances under which the lender can seek recourse against the maker

4. Default Provisions: Consequences and remedies available in case of default, including acceleration rights

5. Governing Law: Statement of Singapore law application and jurisdiction

What sections are optional to include in a Partial Recourse Promissory Note?

1. Security Provisions: Details of any collateral or security arrangements when the note is secured by specific assets

2. Guarantor Details: Information about any guarantors and the extent of their obligations when a third party guarantees the note

3. Prepayment Terms: Conditions and procedures for early repayment, including any prepayment penalties or notices required

What schedules should be included in a Partial Recourse Promissory Note?

1. Payment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest

2. Security Details Schedule: Comprehensive description of any collateral or security arrangements including asset details

3. Recourse Conditions Schedule: Detailed listing of partial recourse conditions, triggers, and associated procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Banking and Finance
Real Estate
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Commercial Lending

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Finance
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Risk Management
Credit

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Chief Financial Officer
Treasury Manager
Finance Director
Credit Manager
Investment Manager

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Unsecured Promissory Note

A legally binding promise to pay under Singapore law, documenting an unsecured debt obligation between parties.

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What is a Partial Recourse Promissory Note?

What sections should be included in a Partial Recourse Promissory Note?

What sections are optional to include in a Partial Recourse Promissory Note?

What schedules should be included in a Partial Recourse Promissory Note?

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