BILL OF SALE



THIS BILL OF SALE is made on the .

BETWEEN

() at (hereinafter called “the Borrower”) of the one part

AND

(UEN ) of (hereinafter called “Singa Credit”) of the other part.



WITNESSETH THAT in consideration of the sum of Singapore Dollars (S$ ) now paid to the Borrower by Singa Credit (the receipt whereof the said Borrower acknowledges, the Borrower DOTH HEREBY ASSIGN unto Singa Credit its successors and assigns ALL AND SINGULAR the several chattels and things specified in the Schedule hereto (hereinafter referred to as “the said chattels”) by way of security for the payment of the sum of Singapore Dollars (S$ ) (“the Loan”) and interest thereon at the rate of FOUR percent ( 4%) per annum.



AND the Borrower doth hereby agree and declare that: -

(1) The Borrower will pay Singa Credit the Loan aforesaid together with the interest then due by equal monthly payments of Singapore Dollars (S$ ) on the 01 Day of each month commencing from .
(2) During the continuance of this security, the Borrower agrees to deposit and keep the said chattels with the Escrow Agent pursuant to an Escrow Agreement which the Borrower has signed with the Escrow Agent and Singa Credit and the Borrower will not at any time without the consent in writing of Singa Credit remove the said chattels (except for the purpose of effecting necessary repairs only) deposited with the Escrow Agent.
(3) During the continuance of this security, the Borrower will at all times pay the Escrow Agent the Escrow Fees which at any time during the continuance of this security may be due and payable under the Escrow Agreement. If the Borrower shall make default thereof, it shall be lawful for Singa Credit to pay the Escrow fees to the Escrow Agent on behalf of the Borrower and charge the costs thereof with interest at 0.1%, zero point one percent per month/annum to the Borrower and the same shall be included in this security.
(4) During the continuance of this security, the Borrower keep the said chattels insured against loss or damage by fire with an insurance company to be approved by Singa Credit and in the name of Singa Credit in the sum of Singapore Dollars (S$ ) and will punctually pay all premiums necessary for such purpose and will within seven (7) days after any premium of such insurance shall become due, deliver the receipt of the same to Singa Credit and in default thereof it shall be lawful for Singa Credit to keep in effect such insurance and charge the costs thereof with interest at the rate of FOUR percent ( 4%) per annum to the said Borrower and the same shall be included in this security.
(5) During the continuance of this security, the Borrower agrees and consents to Singa Credit filing Renewal of registration of this Bill of Sale where twelve (12) months of its registration had elapsed and this Bill of Sale is still a subsisting security.
(6) That in case the Borrower shall make default in payment of the Loan aforesaid or of any part thereof or of the interest thereon at the times hereinbefore appointed for payment thereof respectively or in the performance of any covenant or agreement contained herein and necessary for maintaining this security or if the Borrower shall do or suffer any matter or thing whereby the Borrower shall become a bankrupt or shall suffer the said chattels or any of them to be distrained for rent rates or taxes or if the Borrower shall fraudulently either removed the said chattels or suffer the same or any of them to be removed from the Escrow Agent in which they are or shall be or if execution shall during the continuance of this security have been levied against the said chattels of the Borrower under any judgment at law then and in any such case it shall be lawful for the said Singa Credit his servants or agents without previous notice to the Borrower to seize and take possession of the said chattels in this security from the Escrow Agent or in whatever place or places they may happen to be.
(7) That if Singa Credit shall become entitled to seize the said chattels hereby assigned Singa Credit and his agents may enter and remain upon the Escrow Agent’s premises or any premises where the said chattels may be and if necessary break open doors and windows in order to obtain admission and after the expiration of five clear days from the day of seizure may sell the said chattels by public auction or private contract on or off the said premises and retain out of the proceeds of sale the expenses of the said sale and so much of the said principal sum as may then remain unpaid and the interest then due and all costs and expenses which Singa Credit may have incurred and all payments Singa Credit may have made pursuant to clause 1, 3 and 4 hereof and the surplus (if any) shall be paid to the Borrower.
(8) And Singa Credit shall be entitled out of the proceeds of any such sale to retain the principal sum aforesaid or so much thereof as may remain unpaid and the interest then due together with the sum charged upon the said chattels under clauses 3 and 4 hereof and all other costs charges payments and expenses incurred made or sustained in: -
(a) entering upon the Escrow Agent’s premises;
(b) discharging any distress execution or other incumbrance on the said chattels or any of them;
(c) seizing taking retaining and keeping possession of the said chattels or any of them;
(d) effecting the carriage removal warehousing valuing or sale (including the cost of inventories catalogues and advertising) of the said chattels or any of them; and
(e) maintaining and defending Singa Credit’s rights hereunder and after payment of the Loan and interest and such costs charges payments expenses and incumbrances as aforesaid shall pay over the surplus (if any) of the proceeds of such sale to the Borrower.
(9) During the continuance of this security, if the valuation of the said chattels falls by ten percent (10%) of the principal sum, Singa Credit shall have the right to require the Borrower to: -
(a) repay part of the Loan in accordance with the fall in the value of the said chattels;
(b) change the terms and conditions of the Loan or restrict or reduce the amount of the Loan; or
(c) recall the Loan.
(10) That upon payment of the Loan and interest and the sums costs charges payments and expenses specified in clause 7 or 8 hereof this security shall be void.
(11) That the Borrower and every other person claiming by or through the Borrower any interest in the said chattels or any of them will at all times at the cost of the Borrower execute and do all such assurances and things as may be lawfully required by Singa Credit for further and better assuring unto Singa Credit all or any of the said chattels and for enabling Singa Credit to obtain possession of the same.
(12) And the Borrower doth further agree as follows: -
(a) that where any of the said chattels is seized or taken into possession by Singa Credit and sale of any of the said chattel is made by public auction and that sale by public auction is unsuccessful after one (1) attempt either at its inception of half way through process of the public auction, then Singa Credit shall be permitted to sell any of the said chattel by private sale or agreement with any interested third party.
Provided that the chattels hereby assigned shall not be liable to seizure or to be taken possession by Singa Credit for any cause other than those specified in Section 8 of the Bills Act 1886.






IN WITNESS WHEREOF the Borrower has hereunto caused his/her/their hand(s) and seal(s) to be affixed the day and year first above written.

The Schedule

The Inventory

SIGNED, SEALED and DELIVERED)
by the Borrower )
in the presence of me-)
after I the belownamed explained to the)
Borrower the nature and effect hereof: - )   ____________________________________________


______________________________

Name:

NRIC No.

Description [Advocate & Solicitor / Commissioner for Oaths]