The Promissory Note with Collateral is commonly used in Canadian lending transactions where a lender requires security for a loan in addition to a promise to pay. This document is particularly useful in business financing, asset purchases, and restructuring situations where the borrower has assets to pledge as collateral. It combines the straightforward nature of a promissory note with the security features of a collateral agreement, making it an efficient tool for secured lending. The document must comply with both federal requirements under the Bills of Exchange Act and provincial secured transaction laws, particularly the Personal Property Security Act (PPSA) of the relevant province. It's typically used when parties want a simpler alternative to a full loan agreement while still maintaining the protection of collateral.
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1. Parties: Identification of the Lender (Payee) and Borrower (Maker) with full legal names and addresses
2. Promise to Pay: Unconditional promise to pay a specific sum with clear payment amount, currency, and maturity date
3. Interest Rate: Specification of interest rate, calculation method, and payment frequency
4. Payment Terms: Details of payment schedule, installment amounts, and payment methods
5. Collateral Description: Detailed description of assets provided as security for the note
6. Security Interest: Creation and terms of the security interest in the collateral
7. Default Provisions: Definition of events of default and consequences
8. Remedies: Lender's rights and remedies upon default, including collateral enforcement
9. Representations and Warranties: Borrower's declarations regarding authority, collateral ownership, and legal compliance
10. Governing Law: Specification of applicable Canadian jurisdiction
1. Prepayment Terms: Include when early payment options are permitted, specifying any penalties or conditions
2. Guarantor Provisions: Include when a third party is guaranteeing the note
3. Insurance Requirements: Include when specific insurance must be maintained on the collateral
4. Cross-Default Provisions: Include when the note is part of a larger financing arrangement
5. Assignment Rights: Include when transfer rights need to be specifically addressed
6. Late Payment Charges: Include when additional fees for late payments are applicable
7. Subordination Provisions: Include when the note needs to be subordinated to other debt
1. Schedule A - Collateral Description: Detailed inventory and description of all assets serving as collateral
2. Schedule B - Payment Schedule: Amortization table showing payment dates, amounts, and interest allocation
3. Schedule C - Insurance Requirements: Specific insurance requirements for the collateral
4. Appendix 1 - PPSA Financing Statement: Copy of or reference to the PPSA registration details
5. Appendix 2 - Collateral Valuation: Independent valuation or assessment of the collateral
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Commercial Real Estate
Small Business
Manufacturing
Agriculture
Equipment Leasing
Retail
Construction
Technology
Professional Services
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Legal
Finance
Risk Management
Credit
Treasury
Compliance
Commercial Banking
Collections
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
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Corporate Lawyer
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Loan Officer
Commercial Banking Officer
Credit Analyst
Collections Manager
Treasury Manager
Business Development Manager
Account Manager
Compliance Officer
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