A Replacement Promissory Note is utilized when parties need to substitute an existing promissory note with a new one, typically due to debt restructuring, modification of payment terms, interest rate adjustments, or other material changes to the original agreement. This document type is particularly relevant in Canadian jurisdictions where the Bills of Exchange Act governs negotiable instruments. The Replacement Promissory Note must include specific references to the original note being replaced, clear payment terms, interest calculations compliant with the Interest Act, and any security interests or guarantees that may be carried forward or modified. It's essential that the document clearly establishes the replacement nature while ensuring all elements required for a valid promissory note under Canadian law are maintained.
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1. Original Note Reference: Details of the original promissory note being replaced, including its date, parties, and amount
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
3. Payment Terms: Specific details about when and how payment will be made, including payment schedule and maturity date
4. Interest Rate: Clear statement of the interest rate, calculation method, and payment frequency
5. Place of Payment: Specific location or method where/how payments are to be made
6. Replacement Declaration: Express statement that this note replaces and supersedes the original note
7. Signatures: Execution section including date and signature lines for maker and any co-makers
1. Security Interest: Include when the note is secured by collateral or other assets
2. Guarantor Provisions: Include when there are third-party guarantors for the note
3. Prepayment Terms: Include when there are specific provisions about early payment options or penalties
4. Default Provisions: Include when specific consequences of default need to be outlined
5. Assignment Rights: Include when there are specific provisions about the right to assign the note
6. Acceleration Clause: Include when circumstances triggering immediate full payment need to be specified
7. Collection Costs: Include when the maker will be responsible for collection costs and attorney fees
1. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
2. Security Agreement: If applicable, details of any collateral or security interests securing the note
3. Original Note: Copy of the original note being replaced, marked as cancelled
4. Guarantor Acknowledgment: If applicable, formal acknowledgment by guarantors of the replacement note
Relevant legal definitions
Original Note
Replacement Note
Principal Amount
Interest Rate
Default Rate
Business Day
Payment Date
Maturity Date
Place of Payment
Maker
Payee
Guarantor
Event of Default
Security Interest
Collateral
Original Indebtedness
Payment Schedule
Permitted Prepayment
Default Interest
Related Documents
Banking Institution
Due Date
Acceleration Event
Legal Fees
Collection Costs
Governing Law
Successor and Assigns
Security Agreement
Replacement Note
Principal Amount
Interest Rate
Default Rate
Business Day
Payment Date
Maturity Date
Place of Payment
Maker
Payee
Guarantor
Event of Default
Security Interest
Collateral
Original Indebtedness
Payment Schedule
Permitted Prepayment
Default Interest
Related Documents
Banking Institution
Due Date
Acceleration Event
Legal Fees
Collection Costs
Governing Law
Successor and Assigns
Security Agreement
Clauses
Promise to Pay
Replacement Declaration
Interest Rate
Payment Terms
Security Interest
Default
Acceleration
Prepayment
Assignment
Presentment and Demand
Governing Law
Amendment
Severability
Successor and Assigns
Notice
Waiver
Collection Costs
Guaranty
Joint and Several Liability
Reference to Original Note
Cancellation of Original Note
Representations and Warranties
Registration and Transfer
Replacement Declaration
Interest Rate
Payment Terms
Security Interest
Default
Acceleration
Prepayment
Assignment
Presentment and Demand
Governing Law
Amendment
Severability
Successor and Assigns
Notice
Waiver
Collection Costs
Guaranty
Joint and Several Liability
Reference to Original Note
Cancellation of Original Note
Representations and Warranties
Registration and Transfer
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Private Lending
Investment Management
Small Business
Corporate Finance
Agriculture
Manufacturing
Professional Services
Construction
Retail
Relevant Teams
Legal
Finance
Treasury
Credit & Collections
Risk Management
Commercial Lending
Corporate Banking
Debt Recovery
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Financial Controller
Legal Counsel
Corporate Lawyer
Loan Officer
Account Manager
Risk Manager
Collections Manager
Business Development Manager
Commercial Lending Officer
Debt Restructuring Specialist
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