The Discount Promissory Note is a sophisticated financial instrument utilized in Canadian business transactions where immediate funding is required at a discount to the face value of the note. This document type is particularly useful in scenarios where businesses or individuals need to monetize future receivables or obtain immediate financing at a discount. The note must comply with the Canadian Bills of Exchange Act and provincial regulations, making it a negotiable instrument that can be transferred or used as security. The discount structure provides the lender with their return through the difference between the face value and the discounted amount advanced, rather than through periodic interest payments. The document includes essential elements such as the face amount, discount rate, payment terms, and any security arrangements, making it a valuable tool for short to medium-term financing needs.
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1. Promise to Pay: Unconditional promise to pay a specific sum, identifying the principal amount before discount
2. Discount Terms: Specifies the discount rate and calculated discounted amount to be advanced
3. Payment Terms: Details of payment date(s), whether lump sum or installments, and payment method
4. Place of Payment: Specific location or method where payment must be made
5. Interest on Default: Interest rate applicable to overdue amounts
6. Maker Details: Full legal name and address of the party promising to pay
7. Payee Details: Full legal name and address of the party to whom payment is promised
8. Date and Execution: Date of issuance and signature block
1. Security Interest: Include when the note is secured by collateral or other assets
2. Prepayment Terms: Include when early payment is permitted, specifying any penalties or calculations
3. Guarantor Provisions: Include when a third party is guaranteeing the payment obligation
4. Events of Default: Include when specific circumstances triggering immediate payment are needed
5. Assignment Rights: Include when transfer or assignment rights need to be specified
6. Notice Provisions: Include when formal notice requirements need to be established
7. Joint and Several Liability: Include when there are multiple makers of the note
1. Payment Schedule: Amortization table showing payment dates and amounts if installment payments are required
2. Collateral Description: Detailed description of any assets securing the note
3. Calculation of Discount: Detailed breakdown of discount calculation and effective interest rate
4. Guarantor Acknowledgment: Separate acknowledgment and confirmation by guarantor if applicable
Relevant legal definitions
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Real Estate
Manufacturing
Wholesale Trade
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Treasury
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Finance Director
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Financial Controller
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Corporate Secretary
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