A Future Advance Promissory Note is commonly used in situations where funding requirements are staged or uncertain. This document, governed by English and Welsh law, provides flexibility for borrowers who need access to funds over time while giving lenders security and clear terms for the advancing of funds. It's particularly useful in construction projects, business expansion, or any scenario where capital needs are progressive rather than immediate. The note typically includes maximum facility amount, interest rates, draw-down conditions, repayment terms, and any security arrangements.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Principal Amount: Maximum amount that can be borrowed under the note
3. Interest Rate: Specified rate of interest and calculation method
4. Payment Terms: Schedule and method of repayment
5. Draw Down Provisions: Terms governing future advances under the note
6. Default Provisions: Consequences of default and remedies available
1. Security Provisions: Details of any collateral securing the note - include when the note is secured by assets
2. Guarantor Provisions: Terms of any guarantee provided - include when there is a third-party guarantor
3. Prepayment Terms: Conditions for early repayment - include when early repayment is permitted
1. Draw Down Schedule: Detailed schedule of planned advances and conditions precedent
2. Repayment Schedule: Detailed amortization schedule if applicable
3. Security Schedule: Details of secured assets if applicable
Relevant legal definitions
Advance
Advance Date
Available Facility
Business Day
Conditions Precedent
Default
Default Interest Rate
Default Notice
Draw Down
Draw Down Notice
Draw Down Period
Facility
Facility Amount
Final Repayment Date
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Loan
Material Adverse Effect
Maximum Facility Amount
Outstanding Amount
Payment Date
Permitted Purpose
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Taxes
Transaction Documents
Unutilised Amount
Advance Date
Available Facility
Business Day
Conditions Precedent
Default
Default Interest Rate
Default Notice
Draw Down
Draw Down Notice
Draw Down Period
Facility
Facility Amount
Final Repayment Date
Interest Payment Date
Interest Period
Interest Rate
Law
Lender
Loan
Material Adverse Effect
Maximum Facility Amount
Outstanding Amount
Payment Date
Permitted Purpose
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Taxes
Transaction Documents
Unutilised Amount
Clauses
Principal and Advances
Interest
Repayment
Draw Down Conditions
Representations and Warranties
Security
Events of Default
Acceleration
Payment Mechanics
Notices
Set-off
Assignment and Transfer
Amendments and Waivers
Costs and Expenses
Indemnities
Tax Gross-up
Currency
Severability
Counterparts
Governing Law
Jurisdiction
Service of Process
Remedies and Waivers
Calculations and Certificates
Partial Invalidity
Interest
Repayment
Draw Down Conditions
Representations and Warranties
Security
Events of Default
Acceleration
Payment Mechanics
Notices
Set-off
Assignment and Transfer
Amendments and Waivers
Costs and Expenses
Indemnities
Tax Gross-up
Currency
Severability
Counterparts
Governing Law
Jurisdiction
Service of Process
Remedies and Waivers
Calculations and Certificates
Partial Invalidity
Relevant Industries
Relevant Teams
Relevant Roles
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