A Refinance Promissory Note is utilized when an existing loan is being restructured or refinanced under new terms in Canada. This document is essential when borrowers seek to modify their existing loan terms, potentially to obtain better interest rates, extend the repayment period, or consolidate multiple debts. The note must comply with Canadian federal legislation, including the Interest Act and Criminal Code provisions regarding interest rates, as well as applicable provincial laws governing secured transactions and consumer protection. The document typically includes detailed information about the original loan being refinanced, new payment terms, interest rates, and any security interests or guarantees. It serves as a crucial legal instrument in both consumer and commercial refinancing transactions, providing clear documentation of the new debt obligations and terms.
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1. Parties: Identifies the lender and borrower with their full legal names and addresses
2. Background: States the context of the refinancing, including reference to the original loan being refinanced
3. Definitions: Defines key terms used throughout the document, including 'Principal Amount', 'Interest Rate', 'Payment Date', etc.
4. Promise to Pay: The fundamental promise by the borrower to repay the principal amount plus interest
5. Principal Amount: States the total amount being refinanced, including any additional funds advanced
6. Interest Rate: Specifies the interest rate, calculation method, and frequency of compounding
7. Payment Terms: Details the payment schedule, including amount, frequency, and due dates
8. Place of Payment: Specifies where and how payments are to be made
9. Events of Default: Lists circumstances that constitute default and the consequences
10. Remedies: Outlines the lender's rights and remedies upon default
11. Governing Law: Specifies that the note is governed by Canadian law and the applicable province
1. Security Interest: Include when the note is secured by specific assets or property
2. Prepayment Rights: Include when the borrower has the right to prepay the loan, specifying any penalties or conditions
3. Late Payment Charges: Include when there are specific penalties for late payments
4. Guarantor Provisions: Include when there is a guarantor for the loan
5. Insurance Requirements: Include when specific insurance must be maintained on secured property
6. Cross-Default Provisions: Include when default on other obligations constitutes default under this note
7. Assignment Rights: Include when either party has specific rights to assign the note
8. Acceleration Clause: Include when the lender has the right to demand full payment under specific circumstances
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and principal/interest breakdown
2. Schedule B - Property Description: Detailed description of any property securing the note (if applicable)
3. Schedule C - Original Loan Details: Summary of the original loan being refinanced, including outstanding balance and terms
4. Appendix 1 - Calculation of Interest: Detailed explanation of interest calculation method and examples
5. Appendix 2 - Prepayment Calculations: Formula and examples for calculating prepayment amounts and penalties (if applicable)
Relevant legal definitions
Agreement
Applicable Law
Business Day
Default Interest Rate
Event of Default
Guarantor
Interest Rate
Late Payment Fee
Lender
Loan Documents
Maturity Date
Original Loan
Original Note
Payment Date
Permitted Assigns
Place of Payment
Prepayment
Principal Amount
Refinanced Amount
Regular Interest Rate
Security
Security Interest
Term
Outstanding Balance
Payment Schedule
Refinancing Date
Related Parties
Secured Property
Taxes
Transfer
Applicable Law
Business Day
Default Interest Rate
Event of Default
Guarantor
Interest Rate
Late Payment Fee
Lender
Loan Documents
Maturity Date
Original Loan
Original Note
Payment Date
Permitted Assigns
Place of Payment
Prepayment
Principal Amount
Refinanced Amount
Regular Interest Rate
Security
Security Interest
Term
Outstanding Balance
Payment Schedule
Refinancing Date
Related Parties
Secured Property
Taxes
Transfer
Clauses
Payment Obligation
Interest Rate
Security Interest
Default
Acceleration
Prepayment
Late Payment
Representations and Warranties
Assignment
Notices
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Set-Off Rights
Calculation of Interest
Payment Application
Registration and Filing
Costs and Expenses
Entire Agreement
Further Assurances
Time of Essence
Joint and Several Liability
Successors and Assigns
Currency
Counterparts
Interest Rate
Security Interest
Default
Acceleration
Prepayment
Late Payment
Representations and Warranties
Assignment
Notices
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Set-Off Rights
Calculation of Interest
Payment Application
Registration and Filing
Costs and Expenses
Entire Agreement
Further Assurances
Time of Essence
Joint and Several Liability
Successors and Assigns
Currency
Counterparts
Relevant Industries
Financial Services
Banking
Real Estate
Mortgage Lending
Private Lending
Consumer Finance
Commercial Finance
Investment
Relevant Teams
Legal
Finance
Credit
Compliance
Risk Management
Treasury
Loan Operations
Commercial Banking
Consumer Banking
Document Management
Collections
Mortgage Administration
Relevant Roles
Loan Officer
Credit Manager
Financial Advisor
Mortgage Broker
Legal Counsel
Compliance Officer
Risk Manager
Finance Manager
Banking Officer
Credit Analyst
Debt Recovery Specialist
Commercial Lending Officer
Treasury Manager
Contract Administrator
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