MKH Annual Report 2020

204 FINANCIAL STATEMENTS ANNUAL REPORT 2020 32. LOANS AND BORROWINGS (CONT’D) Term loan V of RM35,429,822 (2019: RM13,121,570) is part of the total term loan of RM55,000,000 and is repayable by 4 quarterly principal instalments of RM5,000,000 each and 5 quarterly principal instalments of RM7,000,000 commencing on the last day of the 30th month from the date of first drawdown or payment by way of redemption whichever is earlier. Secured revolving credit VI of RM15,000,000 (2019: RM12,900,000) is repayable by 3 quarterly principal instalments of RM5,000,000 each over 3 years commencing on the last 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 a subsidiary; (b) specific debenture by way of fixed and floating charge over all present of future assets in relation to the project of a subsidiary; and (c) corporate guarantee of the Company. Term Loan VI of RM5,199,471 (2019: RMNil) is part of the total term loan of RM30,000,000 and is repayable by 8 quarterly principal instalments of RM3,750,000 each commencing 24th months from the day of first drawdown or by way of redemption whichever is earlier. Secured revolving credits VII of RM2,300,000 (2019: RM2,300,000) is part of the total revolving credits of RM8,000,000 and is repayable by 3 yearly repayment commencing 24th months from the day of first drawdown or payment by way of redemption whichever is earlier. The revolving credit and term loan are secured and supported as follows: (a) legal charge over the designated account of a subsidiary: (b) assignment over all applicable insurance policies; (c) assignment of sales proceeds to be deposited into the designated account; (d) specific debenture by way of fixed and floating charge over all present of future assets of the project of a subsidiary; and (e) corporate guarantee of the Company. Term loan VII of RM13,174,890 (2019: RM2,300,000) is part of the total term loan of RM28,000,000 and is repayable by 5 quarterly principal instalments of RM4,700,000 each and final payment of RM4,500,000 or any balance outstanding with the first repayment to commence on 33rd month following the date of first drawdown or payment by way of redemption whichever is earlier. Secured revolving credits VIII of RM14,300,000 (2019: RM10,300,000) is part of the total revolving credits of RM15,000,000 and is repayable by 4 quarterly principal instalments of RM3,750,000 each or any balance outstanding with the first repayment to commence 39th month 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 debenture over the project land of a subsidiary; (b) charge over the designated accounts; and (c) corporate guarantee of the Company.