74 All figures are in A$000's Note 2023 2022 Current Obligations under finance leases - Singapore Vehicles 15(a) 89 103 Chattel mortgage at 5.68% 15(b) - 11 Chattel mortgage at 5.34% to 6.41% 15(c) 11 72 Microsoft Financing 15(d) 1,958 - United Overseas Bank Limited (UOB) - Term loan facility 15(e) 23,081 - Total current interest bearing borrowings 25,139 186 Non-current Obligations under finance leases - Singapore Vehicles 15(a) 21 103 Chattel mortgage at 5.34% to 6.41% 15(c) - 11 Total non-current interest bearing borrowings 21 114 Total capitalised lease obligations 18 110 206 15(a) - The Group has entered into finance lease agreements in Singapore for the sale and leaseback of construction equipment. The term of the obligation is average 2.5 years with an average cost of funding of 2.9% - 3.5%. The leases have no terms of renewal and no obligation to repurchase. Finance lease obligations are secured against the equipment purchased. 15(b) - In April 2015 the Group entered into an Equipment Chattel Mortgage. The term of the obligation is four years with a fixed cost of funding of 5.68%. The mortgage is secured against the equipment purchased. This mortgage was fully repaid in July 2022. 15(c) - Between June 2015 to February 2019 the Group entered into Equipment Chattel Mortgages. The term of the obligations are three years with a fixed cost of funding of 5.34% to 6.41%. The mortgages are secured against the equipment purchased. 15(d) - In May 2023 the Group entered into a master installment payment agreement with Microsoft Financing for the Group licencing requirements to be paid in 11 equal monthly installments ending 31 March 2024 with a cost of funding of 7.7%. 15(e) - In June 2023, the Company converted an amount owing to UOB of $28,081,398 to a 12 month term loan with a cost of funding of BBSY + 4%. A $5,000,000 repayment was made on 30 June 2023. The mortgages are secured against the property, plant and equipment purchased. Information regarding foreign exchange, interest rate and liquidity risk exposures are set out in Note 20. Consolidated 15. Interest bearing borrowings Notes to the annual financial statements (continued) for the year ended 30 June 2023
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