An Intercompany Promissory Note is a critical financial instrument used to formalize and document internal lending arrangements between related companies in Australia. It serves as evidence of intragroup debt and can be particularly useful for tax purposes, internal restructuring, or group financing arrangements. The document must comply with Australian federal and state legislation, including the Bills of Exchange Act 1909 (Cth) and relevant corporations law. It typically includes key terms such as the principal amount, interest rate, payment schedule, and maturity date, while also addressing default scenarios and enforcement mechanisms. This type of document is commonly used in corporate groups for capital management, tax planning, and internal funding optimization.
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1. Parties: Identification of maker (promisor) and payee (promisee) with full legal entity names, ACN/ABN, and registered addresses
2. Background: Brief context of the intercompany relationship and purpose of the promissory note
3. Definitions: Key terms used in the note including 'Business Day', 'Interest Rate', 'Maturity Date', etc.
4. Promise to Pay: Clear statement of the unconditional promise to pay, specifying the principal amount in words and numbers
5. Interest: Interest rate, calculation method, and payment frequency
6. Payment Terms: Maturity date, payment schedule, method of payment, and currency
7. Events of Default: Circumstances constituting default and consequences
8. Governing Law: Specification of Australian law as governing law and jurisdiction
1. Security: Details of any security provided for the note - include when the note is secured by specific assets
2. Guarantee: Terms of any guarantee provided by a parent company or related entity - include when there is a guarantor
3. Transfer and Assignment: Conditions for transferring or assigning the note - include when transferability is desired
4. Tax Provisions: Specific tax considerations and gross-up provisions - include when tax implications need to be addressed explicitly
5. Subordination: Provisions regarding priority of the debt - include when there are multiple creditors
6. Early Repayment: Terms for early repayment or prepayment - include when early repayment is permitted
1. Payment Schedule: Detailed schedule of payment dates and amounts if multiple payments are involved
2. Security Details: Description of security assets and PPSR registration details if security is provided
3. Calculation of Interest: Detailed methodology for interest calculation if complex interest arrangements apply
4. Group Structure Chart: Diagram showing relationship between the parties if complex corporate group structure
Relevant legal definitions
Acceleration Event
Applicable Law
Business Day
Default Interest Rate
Default Notice
Due Date
Event of Default
Group
Interest Payment Date
Interest Period
Interest Rate
Issue Date
Maker
Maturity Date
Outstanding Amount
Payee
Payment Date
Permitted Transfer
Principal Amount
Principal Outstanding
Related Body Corporate
Repayment Schedule
Security Interest
Subsidiary
Tax
Working Capital
Applicable Law
Business Day
Default Interest Rate
Default Notice
Due Date
Event of Default
Group
Interest Payment Date
Interest Period
Interest Rate
Issue Date
Maker
Maturity Date
Outstanding Amount
Payee
Payment Date
Permitted Transfer
Principal Amount
Principal Outstanding
Related Body Corporate
Repayment Schedule
Security Interest
Subsidiary
Tax
Working Capital
Clauses
Relevant Industries
Financial Services
Mining and Resources
Manufacturing
Real Estate and Property
Infrastructure
Retail
Technology
Healthcare
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Tax
Corporate Finance
Company Secretariat
Accounting
Risk Management
Relevant Roles
Chief Financial Officer
Financial Controller
Treasury Manager
Group Financial Manager
Tax Manager
Corporate Lawyer
Legal Counsel
Company Secretary
Finance Director
Group Accountant
Corporate Finance Manager
Financial Planning Manager
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