The Replacement Promissory Note is utilized when parties need to substitute an existing promissory note with a new one, typically due to modifications in payment terms, interest rates, or other material conditions of the original note. This document type is governed by South African law, particularly the Bills of Exchange Act 34 of 1964, and may be subject to additional regulations depending on the parties involved and the nature of the transaction. The replacement note must clearly reference the original note being replaced and explicitly state that it supersedes the previous instrument. It contains all essential elements of a promissory note including the unconditional promise to pay, specified amount, payment terms, and parties' details, while also addressing the replacement aspect of the transaction.
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1. Heading and Date: Title identifying document as Replacement Promissory Note and date of execution
2. Parties: Identification of Maker (person/entity promising to pay) and Payee (person/entity to whom payment is promised)
3. Original Note Reference: Details of the original promissory note being replaced, including its date and parties
4. Promise to Pay: Unconditional promise to pay a specific sum of money
5. Payment Terms: Amount, currency, interest rate, payment date(s), and method of payment
6. Replacement Declaration: Statement that this note replaces and supersedes the original note
7. Place of Payment: Specific location or method where payment should be made
8. Default Provisions: Consequences of default and acceleration clause
9. Governing Law: Specification that South African law governs the note
10. Signature Block: Space for maker's signature, witnesses if required
1. Security Provisions: Include when the note is secured by collateral or guarantees
2. Prepayment Terms: Include when early payment is allowed or restricted
3. Transfer Rights: Include when specific restrictions or permissions for transfer/assignment are needed
4. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
5. Tax Provisions: Include when specific tax implications need to be addressed
6. Electronic Execution: Include when the note may be executed electronically
1. Schedule A - Original Note: Copy or details of the original promissory note being replaced
2. Schedule B - Payment Schedule: Detailed payment schedule if installment payments are involved
3. Schedule C - Security Details: Details of any security or collateral if the note is secured
4. Appendix 1 - Calculation Method: Details of interest calculation method if complex interest arrangements apply
Relevant legal definitions
Business Day
Default Event
Default Interest Rate
Due Date
Effective Date
Interest Rate
Maker
Original Note
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Replacement Date
Security
Signature Date
Specified Currency
Termination Date
Transfer
Original Parties
Prescribed Rate
Prime Rate
Maturity Date
Applicable Law
Electronic Payment
Force Majeure Event
Permitted Assignee
Security Interest
Default Event
Default Interest Rate
Due Date
Effective Date
Interest Rate
Maker
Original Note
Outstanding Amount
Payee
Payment Date
Place of Payment
Principal Amount
Replacement Date
Security
Signature Date
Specified Currency
Termination Date
Transfer
Original Parties
Prescribed Rate
Prime Rate
Maturity Date
Applicable Law
Electronic Payment
Force Majeure Event
Permitted Assignee
Security Interest
Clauses
Promise to Pay
Replacement Declaration
Payment Terms
Interest
Security
Default
Acceleration
Representations and Warranties
Assignment and Transfer
Notices
Amendment
Severability
Governing Law
Jurisdiction
Force Majeure
Costs
Electronic Execution
Entire Agreement
Waiver
Original Note Cancellation
Prepayment
Registration
Enforcement
Counterparts
Replacement Declaration
Payment Terms
Interest
Security
Default
Acceleration
Representations and Warranties
Assignment and Transfer
Notices
Amendment
Severability
Governing Law
Jurisdiction
Force Majeure
Costs
Electronic Execution
Entire Agreement
Waiver
Original Note Cancellation
Prepayment
Registration
Enforcement
Counterparts
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Corporate Finance
Private Equity
Small and Medium Enterprises
Construction and Development
Agriculture
Manufacturing
Professional Services
Retail
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit Control
Corporate Secretariat
Debt Recovery
Contract Administration
Relevant Roles
Chief Financial Officer
Financial Manager
Legal Counsel
Corporate Lawyer
Finance Director
Credit Manager
Treasury Manager
Compliance Officer
Risk Manager
Financial Controller
Legal Director
Company Secretary
Banking Relationship Manager
Debt Recovery Officer
Contract Administrator
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