The Senior Promissory Note is a crucial financing instrument in Canadian business transactions, typically used when companies or individuals need to document a senior-ranking debt obligation. This document is particularly valuable in situations requiring formal documentation of loans with priority status in the borrower's capital structure. The note must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as applicable provincial laws. It includes specific provisions regarding the promise to pay, payment terms, interest calculations, events of default, and enforcement rights. Senior Promissory Notes are commonly used in corporate financing, acquisition financing, bridge loans, and other commercial lending scenarios where the lender requires senior ranking and formal documentation of the debt obligation.
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1. Date and Parties: Identifies the date of issuance and the parties: the maker (borrower/issuer) and the payee (initial holder of the note)
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount in numbers and words
3. Payment Terms: Details of payment schedule, including maturity date, installment amounts (if applicable), and payment methods
4. Interest Rate: Specification of interest rate, calculation method, and payment frequency
5. Senior Status: Declaration of the note's senior status and priority in relation to other debt obligations
6. Events of Default: Definition of events that constitute default and consequences thereof
7. Acceleration: Circumstances under which the full amount becomes immediately due and payable
8. Governing Law: Specification of applicable jurisdiction and governing law
9. Signature Block: Space for authorized signature(s) and witness requirements
1. Security Interest: Include when the note is secured by specific assets or collateral
2. Guarantor Provisions: Required when there is a third-party guarantor for the note
3. Prepayment Terms: Include if early payment is allowed, specifying any penalties or conditions
4. Transfer and Assignment: Include if there are specific restrictions or conditions on transferability
5. Tax-Related Provisions: Include when tax implications need to be addressed, such as withholding tax requirements
6. Currency Provisions: Include when payments may be made in multiple currencies or there are currency conversion terms
7. Notice Requirements: Include when specific notice procedures need to be outlined
8. Registration Rights: Include if the note needs to be registered with regulatory authorities
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and interest calculations
2. Security Description: Detailed description of any collateral or security interests (if applicable)
3. Subordination Terms: Detailed terms of subordination to other specified debt obligations
4. Form of Notice: Standard form for providing required notices under the note
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Finance
Real Estate
Manufacturing
Energy and Resources
Technology
Healthcare
Infrastructure
Private Equity
Venture Capital
Professional Services
Retail and Consumer Goods
Relevant Teams
Legal
Finance
Treasury
Corporate Development
Risk Management
Compliance
Credit
Investment
Corporate Banking
Business Development
Relevant Roles
Chief Financial Officer
Treasury Manager
Corporate Finance Director
Financial Controller
Legal Counsel
Corporate Secretary
Finance Manager
Credit Manager
Investment Officer
Risk Manager
Compliance Officer
Business Development Director
Account Manager
Corporate Banking Officer
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