The Cash Advance Promissory Note is commonly used in Canadian business and personal lending situations where immediate funds are provided with a structured repayment plan. This document is essential when businesses or individuals need short-term financing and want to formalize the lending arrangement in compliance with Canadian federal and provincial regulations. It includes critical elements such as the principal amount, interest rate (in accordance with the Interest Act), payment schedule, default provisions, and remedies. The document serves both as evidence of debt and a legally enforceable promise to repay, protecting both lender and borrower by clearly stating all terms and obligations. It's particularly important in situations requiring quick access to funds while maintaining legal compliance and documentation standards.
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1. Parties: Identifies the Lender and Borrower with their full legal names and addresses
2. Background: Brief context of the cash advance arrangement and acknowledgment of the receipt of funds
3. Definitions: Defines key terms used in the document including 'Principal Amount', 'Interest Rate', 'Payment Date', and 'Default'
4. Promise to Pay: The core promise to repay the principal amount plus interest, including the specific amount and payment date(s)
5. Interest Rate: Clearly stated interest rate, calculation method, and frequency of compounding in compliance with the Interest Act
6. Payment Terms: Details of payment schedule, acceptable payment methods, and application of payments to principal and interest
7. Prepayment Rights: Terms and conditions for early repayment, including any applicable penalties or benefits
8. Events of Default: Specific circumstances that constitute default and consequences thereof
9. Remedies: Lender's rights and remedies in case of default, including acceleration of the debt
10. Representations and Warranties: Borrower's assertions regarding their legal capacity and financial condition
11. Governing Law: Specifies that the note is governed by Canadian law and the applicable province
1. Security Interest: Include when the note is secured by collateral, describing the nature and terms of the security
2. Guarantor Provisions: Include when there is a guarantor for the loan, outlining their obligations and liabilities
3. Late Payment Charges: Optional provisions for additional charges on late payments, ensuring compliance with maximum legal rates
4. Assignment: Include if the note may be assigned to other parties, specifying conditions and notice requirements
5. Joint and Several Liability: Include when there are multiple borrowers, establishing their joint responsibility for the debt
6. Electronic Execution: Include when the note may be executed electronically, ensuring compliance with PIPEDA
1. Payment Schedule: Detailed breakdown of payment dates and amounts if multiple payments are involved
2. Security Agreement: If applicable, details of any collateral or security arrangements
3. Guarantor Agreement: If applicable, separate agreement detailing guarantor's obligations and commitments
4. Interest Calculation Example: Sample calculation showing how interest is computed and applied to the principal
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Small Business
Retail
Manufacturing
Professional Services
Real Estate
Construction
Technology
Healthcare
Relevant Teams
Finance
Legal
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Banking
Business Operations
Accounting
Commercial Lending
Relevant Roles
Chief Financial Officer
Finance Manager
Financial Controller
Credit Manager
Loan Officer
Treasury Manager
Accounts Receivable Manager
Business Development Manager
Risk Manager
Legal Counsel
Compliance Officer
Small Business Owner
Accountant
Financial Analyst
Corporate Banking Officer
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