The Line of Credit Promissory Note is essential for businesses and individuals seeking flexible financing options in Malaysia. This document is typically used when a borrower requires ongoing access to funds rather than a one-time loan disbursement. It combines the legal certainty of a promissory note with the flexibility of a revolving credit facility, making it particularly valuable for managing working capital, seasonal cash flow variations, or project-based funding needs. The document must comply with Malaysian banking regulations and financial services laws, including requirements for proper execution, stamping, and registration where applicable. It provides detailed terms for credit limits, interest calculations, draw-down procedures, and repayment obligations, while also addressing security arrangements and default scenarios.
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1. Parties: Identification of the lender and borrower with complete legal names and addresses
2. Background: Brief context of the credit facility arrangement and purpose
3. Definitions: Key terms used throughout the document including 'Credit Limit', 'Interest Rate', 'Draw Period', etc.
4. Credit Facility: Details of the line of credit including the maximum amount, availability period, and draw conditions
5. Interest Rate and Charges: Specification of interest rate, calculation method, and any applicable fees
6. Repayment Terms: Payment obligations, minimum payments, and repayment schedule
7. Events of Default: Circumstances that constitute default and consequences
8. Representations and Warranties: Basic declarations by the borrower regarding their capacity and authority
9. Governing Law: Specification of Malaysian law as the governing law
10. Execution: Signature blocks and witnessing requirements
1. Security Arrangements: Include when the line of credit is secured by collateral or guarantees
2. Insurance Requirements: Include when insurance is required for secured assets
3. Draw Procedures: Include when specific procedures for drawing on the credit line need to be detailed
4. Financial Covenants: Include when specific financial ratios or conditions must be maintained
5. Change of Circumstances: Include when provisions for market disruption or changes in law are needed
6. Assignment and Transfer: Include when rights to assign or transfer the note need to be specified
1. Payment Schedule: Detailed breakdown of payment dates and minimum payment requirements
2. Draw Down Schedule: Schedule of permitted draw down periods and amounts if applicable
3. Interest Rate Calculation: Detailed methodology for interest calculation and examples
4. Security Details: Description of any collateral or security arrangements if applicable
5. Fee Schedule: Breakdown of all applicable fees and charges
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