The Business Loan Promissory Note serves as a fundamental financial instrument in Malaysian business financing, commonly used when businesses require formal documentation of loan obligations. This document is essential for compliance with Malaysian financial regulations, particularly the Bills of Exchange Act 1949 and Financial Services Act 2013. It contains critical information including loan amount, interest rates, payment terms, and default provisions, while establishing legal obligations between the lender and borrower. The document is typically used in conjunction with broader loan agreements and may require proper stamping under the Stamp Act 1949. It provides security for lenders while offering borrowers a clear understanding of their repayment obligations and the consequences of default.
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1. Parties: Identification of the Maker (borrower) and Payee (lender) with full legal names and registration details
2. Background: Brief context of the loan arrangement and relationship between parties
3. Definitions: Key terms used throughout the document including Business Day, Default Interest Rate, Maturity Date
4. Promise to Pay: Unconditional promise to pay the principal sum with specified interest rate
5. Payment Terms: Details of payment schedule, installment amounts, and payment method
6. Interest Rate: Specification of interest rate, calculation method, and payment frequency
7. Default Interest: Additional interest rate applicable upon default and its calculation
8. Events of Default: Circumstances constituting default and consequences
9. Representations and Warranties: Basic declarations about legal capacity and authority to enter into the agreement
10. Stamp Duty Declaration: Confirmation of proper stamping as required under Malaysian Stamp Act
11. Governing Law: Specification of Malaysian law as governing law
12. Execution: Signature blocks and execution requirements
1. Security: Include when the note is secured by collateral or guarantees
2. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions
3. Assignment: Include when the note may be transferred or assigned to other parties
4. Insurance Requirements: Include when specific insurance coverage is required for the business or collateral
5. Cross Default: Include when default on other obligations should trigger default under this note
6. Financial Covenants: Include when specific financial ratios or conditions must be maintained
7. Notice Requirements: Include when specific notice procedures are required beyond standard communication
8. Force Majeure: Include when specific provisions for unforeseen circumstances are needed
1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Security Details: Description and documentation of any collateral or security provided
3. Business Plan: Summary of business plan and use of funds if required
4. Financial Statements: Recent financial statements of the borrower if required
5. Guarantor Information: Details of guarantors and their obligations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small and Medium Enterprises
Corporate Finance
Manufacturing
Retail
Technology
Real Estate
Agriculture
Construction
Healthcare
Hospitality
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Secretarial
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Business Development Manager
Risk Manager
Compliance Officer
Financial Controller
Treasury Manager
Company Secretary
Banking Relationship Manager
Credit Analyst
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