MKH Annual Report 2018

177 MKH Berhad Annual Report 2018 28. LOANS AND BORROWINGS (Cont’d) Term loan IX of RMNil (2017: RM384,253) is part of the total term loan of RM13,000,000 and is repayable by 5 quarterly principal instalments of RM2,167,000 each and final principal instalment of RM2,165,000 or any balance outstanding with the first repayment to commence on the 33rd month following the date of first drawdown or payment by way of redemption whichever is earlier. Secured revolving credit IX of RM4,000,000 (2017: RMNil) is part of total revolving credit of RM5,000,000 and is repayable by 4 quarterly principal instalments of RM1,250,000 each with the first repayment to commence on 39th month following the date of first drawdown or payment by way of redemption whichever is earlier. The term loan and revolving credit are secured and supported as follows: (a) legal charge over the freehold land held for property development of a subsidiary; (b) specific debenture over the project land; and (c) corporate guarantee of the Company. Term loan X of RMNil (2017:RM14,324,646) is repayable by 48 monthly principal instalments commencing from the 4th year following to the date of the first drawdown or payment by way of redemption, whichever is earlier and is secured and supported as follows: (a) specific debentures by way of fixed and floating charge for all present and future assets of the project; (b) deed of assignment over the rights under the joint development agreement; (c) legal assignment and charge over all sales proceed; and (d) corporate guarantee of the Company. Term loan XI of RM4,843,597 (2017: RMNil) is part of the total term loan of RM55,000,000 and repayable by 9 quarterly principal instalments over 3 year commencing on the first day of the 30th month following the date of first drawdown or payment by way of redemption whichever is earlier. Secured revolving credit X of RM1,400,000 (2017: RMNil) is part of the total revolving credit of RM15,000,000 is repayable by 3 quarterly principal instalments of RM5,000,000 each over 2 year commencing on the first day of the 36th month following the date of first drawdown or payment by way of redemption whichever is earlier. The term loan and revolving credit are secured and supported as follows: (a) specific charge and assignment over all designated accounts to be opened with the bank of subsidiary; (b) specific debenture by way of fixed and floating charge over all present of future assets in relation to the project of subsidiary; and (c) corporate guarantee of the Company. Term loan XII of RM147,169,723 (2017: RM190,544,167) is repayable in 20 quarterly principal instalments commencing 9th month from the day of first drawdown. Secured revolving credit XI of RM44,050,466 (2017: RM53,438,636) is repayable on demand. The term loan and revolving credits are secured and supported as follows: (a) legal charge over the oil palm plantation land of a subsidiary in Indonesia; (b) pledged of shares of a subsidiary; and (c) corporate guarantee of the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2018