The Senior Promissory Note is a key financing instrument used in Austrian business transactions when a formal documentation of debt is required with senior ranking status. It is commonly used for corporate financing, real estate transactions, and other business purposes where a structured debt obligation is needed. The document, governed by Austrian law, provides clear evidence of debt, including specific terms for repayment, interest calculations, and the rights of the holder. It contains provisions that establish its senior ranking status among the issuer's obligations and typically includes detailed default and remedy provisions. The note must comply with Austrian documentation requirements and commercial practices, making it a reliable and enforceable instrument in Austrian courts.
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1. Parties: Identification of the issuer and the initial holder of the note
2. Background: Context of the issuance and any relevant background information
3. Definitions: Key terms used throughout the note
4. Principal Amount and Issuance: Specification of the principal amount, currency, and issuance details
5. Interest: Interest rate, calculation method, and payment dates
6. Repayment Terms: Schedule and method of principal repayment
7. Ranking and Status: Senior status of the note and its ranking relative to other obligations
8. Payment Mechanics: Details of how payments will be made and processed
9. Representations and Warranties: Standard declarations by the issuer regarding their capacity and authority
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Rights and actions available to the holder upon default
12. Notices: Communication requirements and contact details
13. Governing Law and Jurisdiction: Confirmation of Austrian law governance and jurisdiction
1. Security: Include when the note is secured by specific assets or guarantees
2. Tax Provisions: Include when specific tax treatments or gross-up provisions are required
3. Transfer Restrictions: Include when there are limitations on transferability of the note
4. Financial Covenants: Include when specific financial metrics must be maintained
5. Registration Rights: Include when the note may be registered with authorities
6. Prepayment Terms: Include when early repayment is permitted
7. Insurance Requirements: Include when specific insurance coverage is required
1. Repayment Schedule: Detailed schedule of principal and interest payment dates and amounts
2. Form of Transfer Certificate: Standard form for documenting transfers of the note
3. Calculation Methods: Detailed procedures for calculating interest and other amounts
4. Security Details: If applicable, detailed description of any security or collateral
5. Form of Notice: Standard forms for various notices required under the note
6. Contact Details: Complete contact information for all parties
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