The Promissory Agreement is a vital financial instrument used when one party (the promisor) makes a written promise to pay a specified sum of money to another party (the promisee) under specific terms and conditions. This document type is commonly used in Canada for both business and personal lending arrangements, from simple personal loans to complex commercial financing. The agreement must comply with Canadian federal legislation, particularly the Bills of Exchange Act and Interest Act, as well as relevant provincial laws. A properly drafted Promissory Agreement includes essential elements such as the principal amount, interest rate, payment terms, and default provisions, making it a crucial tool for documenting and enforcing debt obligations in various contexts.
Your data doesn't train Genie's AI
You keep IP ownership of your information
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
OR
Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc
1. Parties: Identification of the Lender (Promisee) and Borrower (Promisor) with full legal names and addresses
2. Background: Context of the loan agreement and relationship between the parties
3. Definitions: Key terms used throughout the agreement including 'Principal Sum', 'Interest Rate', 'Maturity Date', etc.
4. Promise to Pay: The fundamental promise to pay, including the principal amount, currency, and recipient
5. Interest Rate: Clear statement of the interest rate, calculation method, and payment frequency in compliance with the Interest Act
6. Payment Terms: Details of payment schedule, installment amounts, and payment methods
7. Prepayment Rights: Terms regarding early payment options and any associated penalties or benefits
8. Events of Default: Circumstances that constitute default and consequences
9. Remedies: Rights and remedies available to the lender in case of default
10. Notice: How and where formal notices must be delivered between parties
11. Governing Law: Specification of Canadian jurisdiction governing the agreement
12. Execution: Signature blocks and execution requirements
1. Security: Details of any collateral or security interests - include when the note is secured
2. Guarantor Provisions: Terms relating to any guarantors of the debt - include when there are third-party guarantors
3. Late Payment Charges: Additional fees or interest for late payments - include when applicable
4. Acceleration Clause: Right to demand full payment under specific circumstances - include for higher-risk loans
5. Assignment: Terms regarding the transfer or assignment of the note - include when transferability is desired
6. Subordination: Provisions regarding priority of this debt relative to other debts - include when relevant to other creditors
7. Joint and Several Liability: Terms for multiple borrowers - include when there is more than one borrower
8. Tax Provisions: Allocation of responsibility for taxes - include when tax implications are significant
1. Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Security Description: Detailed description of any collateral or security interests
3. Guarantor Acknowledgment: Formal acknowledgment and acceptance by guarantors
4. Permitted Prepayment Calculation: Formula and examples for calculating prepayment amounts and penalties
Relevant legal definitions
Agreement
Business Day
Default
Default Interest Rate
Event of Default
Effective Date
Guarantor
Interest
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Maturity Date
Notice
Outstanding Principal
Parties
Payment Date
Place of Payment
Prepayment
Principal Amount
Principal Sum
Promisor
Promisee
Required Payment
Security
Security Interest
Term
Transfer
Business Day
Default
Default Interest Rate
Event of Default
Effective Date
Guarantor
Interest
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Maturity Date
Notice
Outstanding Principal
Parties
Payment Date
Place of Payment
Prepayment
Principal Amount
Principal Sum
Promisor
Promisee
Required Payment
Security
Security Interest
Term
Transfer
Clauses
Promise to Pay
Interest
Payment Terms
Prepayment
Default
Acceleration
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Assignment
Notice
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Entire Agreement
Force Majeure
Guaranty
Subordination
Set-Off
Currency
Joint and Several Liability
Counterparts
Time of Essence
Further Assurances
Interest
Payment Terms
Prepayment
Default
Acceleration
Security
Representations and Warranties
Covenants
Events of Default
Remedies
Assignment
Notice
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Entire Agreement
Force Majeure
Guaranty
Subordination
Set-Off
Currency
Joint and Several Liability
Counterparts
Time of Essence
Further Assurances
Relevant Industries
Financial Services
Banking
Real Estate
Small Business
Construction
Manufacturing
Professional Services
Retail
Agriculture
Technology
Healthcare
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Corporate Governance
Executive Leadership
Accounting
Business Development
Relevant Roles
Chief Financial Officer
Finance Manager
Financial Controller
Accountant
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Treasury Manager
Business Development Manager
Loan Officer
Collections Manager
Company Secretary
Chief Executive Officer
Small Business Owner
Find the exact document you need
Note Secured By (Real Estate)
A Canadian legal document establishing a debt obligation secured by real estate property, combining promissory note elements with security features.
find out more
Landlord Tenant Promissory Note For Rent Payment
A Canadian legal document that formalizes a tenant's promise to pay outstanding or future rent payments to their landlord, governed by federal and provincial laws.
find out more
Promissory Note For Funeral
A Canadian legal document establishing a promise to pay for funeral services, governed by federal and provincial regulations.
find out more
Promissory Note For Late Rental Payment
A Canadian legal document formalizing an agreement between landlord and tenant for the repayment of overdue rent, including payment terms and conditions.
find out more
Straight Note (Real Estate)
A Canadian legal document establishing a secured real estate debt obligation, detailing repayment terms and property security arrangements.
find out more
Simple Promissory Note For Family Loan
A Canadian legal document that formalizes and documents the terms of a loan between family members, ensuring clarity and legal compliance while protecting both parties' interests.
find out more
Promissory Note For Real Estate Purchase
A Canadian legal document evidencing a borrower's promise to pay a specified sum for real estate purchase, governed by federal and provincial laws.
find out more
Unconditional Promissory Note
A Canadian legal document containing an unconditional written promise to pay a specified sum of money, governed by federal and provincial laws including the Bills of Exchange Act.
find out more
Cash Promissory Note
A Canadian legal document containing a written, signed, and unconditional promise to pay a specified sum of money to a named party, either on demand or at a defined future date.
find out more
Installment Promissory Note
A Canadian law-governed installment promissory note establishing structured repayment terms for a debt obligation with scheduled payments.
find out more
International Promissory Note
A Canadian-law governed promissory note for international transactions, documenting a formal promise to pay with cross-border considerations.
find out more
Trust Deed And Note
A Canadian legal document establishing a trust structure combined with a debt instrument, setting out trust arrangements and note terms under federal and provincial legislation.
find out more
Promissory Note Letter For Delayed Payment
A Canadian legal document containing a written promise to pay a specified sum of money at a future date, governed by federal and provincial laws.
find out more
Promissory Note For Car
A Canadian legal document combining a promissory note with vehicle security provisions, documenting a borrower's promise to repay a car loan.
find out more
Promissory Note Compound Interest
A Canadian legal document evidencing a debt obligation with compound interest terms, compliant with federal and provincial lending laws.
find out more
Senior Promissory Note
A Canadian-law governed debt instrument documenting a senior-ranking promise to pay a specified sum with defined payment terms and conditions.
find out more
Recourse Promissory Note
A Canadian-law governed financial instrument documenting a borrower's promise to repay a debt, with the lender maintaining recourse rights against the borrower's other assets.
find out more
Promissory Note With Real Estate Mortgage
A Canadian legal document combining a promissory note with real estate mortgage security, subject to federal and provincial laws, used to evidence and secure debt against property.
find out more
Promissory Note With Collateral
A Canadian legal document combining a promise to pay with security interests in collateral, governed by federal and provincial legislation including the Bills of Exchange Act and PPSA.
find out more
Promissory Note Repayment Schedule
A Canadian-law governed document that establishes the detailed repayment schedule and terms for a promissory note, including payment amounts, frequencies, and due dates.
find out more
Promissory Note Cosigner Agreement
Canadian legal agreement establishing a cosigner's guarantee of a promissory note, outlining obligations and responsibilities under federal and provincial law.
find out more
Promissory Note Convertible To Equity
A Canadian-law governed convertible debt instrument that allows for the conversion of a loan into equity shares under specified conditions, commonly used in early-stage financing.
find out more
Promissory Note Secured By A Deed Of Trust
A Canadian legal instrument combining a promissory note with real property security through a trust deed arrangement, establishing loan terms and security rights under Canadian law.
find out more
Generic Promissory Note
A Canadian-law governed document containing a written promise to pay a specified sum of money, including payment terms and conditions.
find out more
Standby Promissory Note
A Canadian law-governed contingent payment instrument that combines features of traditional promissory notes with standby payment obligations, becoming payable upon specific triggering events.
find out more
Refinance Promissory Note
A Canadian legal document evidencing a borrower's promise to repay a refinanced debt under new terms, complying with federal and provincial lending regulations.
find out more
Partial Claim Promissory Note
A Canadian legal document establishing terms for partial debt payment arrangements, governed by federal and provincial legislation.
find out more
Consumer Promissory Note
A legally binding financial document used in Canada that records a consumer's promise to repay a specific sum of money to a lender, subject to federal and provincial consumer protection laws.
find out more
Promissory Note From Corporation To Shareholder
A Canadian law-governed promissory note documenting a corporation's legally binding promise to repay a specified sum to a shareholder, including payment terms and conditions.
find out more
Old Promissory Note
A Canadian-law governed financial instrument documenting an unconditional promise to pay a specific sum of money, structured according to federal and provincial requirements.
find out more
Multiple Advance Promissory Note
A Canadian-law governed financial instrument that establishes terms for multiple loan advances up to a maximum amount, including draw conditions, interest, and repayment terms.
find out more
Simple Note Payable
A Canadian-compliant legal document evidencing a promise to pay a specified sum of money with defined interest rates and payment terms.
find out more
Unsecured Promissory Note Issued By A Corporation
A Canadian law-governed unsecured promissory note template for corporate borrowers, establishing terms for repayment of debt without collateral.
find out more
Credit Card Promissory Note
A Canadian legal document that converts credit card debt into a formal promise to pay, establishing repayment terms and conditions under Canadian federal and provincial laws.
find out more
6 Month Promissory Note
A Canadian law-governed financial instrument documenting a six-month promise to pay a specified sum with defined interest and payment terms.
find out more
Promissory Note With Balloon Payment
A Canadian-law governed financial instrument documenting a debt obligation with regular payments and a larger final balloon payment, including interest terms and security provisions.
find out more
Personal Promissory Note
A Canadian legal document establishing a promise to pay a specific sum of money under defined terms, governed by federal and provincial legislation.
find out more
Secured Demand Promissory Note
A Canadian legal document combining a demand promissory note with security interests in collateral, governed by federal and provincial laws.
find out more
Renewal Promissory Note
A Canadian legal document that renews and potentially modifies an existing promissory note, establishing new payment terms while maintaining the original debt obligation.
find out more
Interest Only Promissory Note With Balloon Payment
A Canadian promissory note structure where the borrower makes interest-only payments with a final balloon payment of the principal at maturity.
find out more
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it
.png)
.png)