The Non-Recourse Promissory Note is commonly used in Malaysian financing transactions where lenders agree to look solely to specific collateral for repayment, without recourse to the borrower's other assets. This document type is particularly valuable in project financing, real estate development, and asset-based lending, where the financed asset's value is the primary security. The note must comply with Malaysian law, particularly the Contracts Act 1950 and Bills of Exchange Act 1949, and requires proper stamping under the Stamp Act 1949. It typically includes detailed descriptions of the collateral, payment terms, events of default, and enforcement mechanisms, while explicitly limiting the lender's recovery rights to the specified collateral. This structure provides borrowers with liability protection while giving lenders clear rights to specific assets.
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1. Promise to Pay: Clear statement of the principal amount, payee name, and unconditional promise to pay
2. Payment Terms: Detailed specification of interest rate, payment dates, and payment calculation methods
3. Non-Recourse Provision: Explicit limitation of recourse to specified collateral and waiver of personal liability
4. Collateral Description: Specific identification and description of the collateral securing the note
5. Events of Default: Definition of circumstances constituting default and consequences thereof
6. Enforcement Rights: Specification of lender's rights regarding the collateral upon default
7. Governing Law: Statement that the note is governed by Malaysian law
8. Notice Requirements: Procedures and addresses for giving notices under the note
9. Execution: Signature blocks and date of execution
1. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or conditions
2. Transfer and Assignment: Include when the note needs to be transferable or assignable
3. Security Registration: Include when the collateral requires registration under Malaysian law
4. Tax Provisions: Include when specific tax considerations need to be addressed
5. Insurance Requirements: Include when collateral must be insured
6. Currency Provisions: Include when payments may be made in multiple currencies
7. Force Majeure: Include when specific events beyond control need to be addressed
1. Payment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Collateral Details: Comprehensive description and documentation of the collateral
3. Property Documents: If real property is collateral, relevant title and registration documents
4. Insurance Certificates: If required, certificates of insurance covering the collateral
5. Valuation Reports: Professional valuations of the collateral assets
Relevant legal definitions
Business Day
Collateral
Default Interest Rate
Event of Default
Interest Payment Date
Interest Rate
Issue Date
Issuer
Maturity Date
Note
Outstanding Principal
Payee
Payment Date
Permitted Security Interest
Principal Amount
Secured Obligations
Security Documents
Security Interest
Specified Asset
Malaysian Ringgit
Collateral
Default Interest Rate
Event of Default
Interest Payment Date
Interest Rate
Issue Date
Issuer
Maturity Date
Note
Outstanding Principal
Payee
Payment Date
Permitted Security Interest
Principal Amount
Secured Obligations
Security Documents
Security Interest
Specified Asset
Malaysian Ringgit
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Infrastructure
Energy and Resources
Manufacturing
Construction
Asset Management
Investment Services
Commercial Property
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Finance
Investment
Asset Management
Property Management
Securities Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Investment Manager
Credit Risk Manager
Asset Manager
Property Manager
Loan Officer
Transaction Manager
Security Trustee
Compliance Officer
Financial Controller
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