202 Annual Report 2021 32. LOANS AND BORROWINGS (CONT’D) Term loan VII of RMNil (2020: RM4,911,304) is repayable in 12 quarterly principal instalments commencing 48th month from the day of first drawdown. The term loans are secured and supported as follows: (a) facility agreement and security sharing agreement; (b) legal charge over the oil palm plantation land of a subsidiary in Indonesia; (c) deed of fiduciary by way of fixed and floating charge over the oil palm plantation in Indonesia; (d) charge over a designated bank account of a subsidiary in Indonesia; (e) pledge of 95% shares of a subsidiary and substantial shareholder of a subsidiary; (f) assignment over all applicable insurance policies; (g) negative pledge over a subsidiary’s assets; and (h) corporate guarantee of the Company. Secured revolving credit X of RM20,000,000 (2020: RM21,000,000) is repayable on demand. The revolving credit is secured and supported as follows: (a) legal charge over the leasehold land and building of a subsidiary; (b) legal assignment over debt service account; (c) legal assignment over all tenancy and rent agreements; (d) specific debenture on fixed and floating charge over the leasehold land and building of a subsidiary; (e) deed of subordinate in respect of shareholders advances and loans to the subsidiary; (f) legal assignment of all of the subsidiary’s present and future rights, title and benefits in and under such insurance policies procure in respect of the charge; and (g) corporate guarantee of the Company. Term loan VIII of RM4,008,705 (2020: RM4,174,542) is repayable in 300monthly principal instalments of RM25,435 each, commencing November 2014 and is secured and supported as follows: (a) legal charge over the freehold buildings of a subsidiary; (b) first party open monies deed of assignment; and (c) corporate guarantee of the Company. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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