The Future Advance Promissory Note is commonly used in Austrian business and financial transactions where parties need flexibility in their lending arrangements. This document type is particularly useful when the exact amount of funding needed is not known at the outset, but a maximum limit can be established. It provides a structured framework for managing multiple advances while maintaining the simplicity of a single promissory note. The document includes essential elements required under Austrian law, such as clear identification of parties, specific payment obligations, interest terms, and conditions for future advances. It's frequently used in construction financing, business expansion projects, or ongoing business operations where periodic funding may be needed. The document must comply with Austrian banking regulations, civil law requirements, and, where applicable, consumer protection provisions.
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1. Parties: Identification of the lender (payee) and borrower (maker) with full legal names and addresses
2. Recitals: Background information explaining the purpose of the note and the intention to allow for future advances
3. Definitions: Key terms used throughout the document, including 'Future Advance', 'Principal Sum', 'Interest Rate', etc.
4. Promise to Pay: The fundamental promise to repay the principal sum plus interest, including the maximum amount of future advances
5. Interest Rate: Specification of the interest rate(s), calculation method, and payment schedule
6. Future Advance Mechanism: Detailed terms governing how and when future advances can be requested and provided
7. Repayment Terms: Schedule and methods of repayment, including any installment provisions
8. Events of Default: Circumstances constituting default and consequences thereof
9. Notice Requirements: Procedures for giving notices regarding advances, payments, or defaults
1. Security: Terms regarding any collateral securing the note, used when the note is secured
2. Guarantees: Terms of any guarantees provided, included when there are third-party guarantors
3. Prepayment Provisions: Terms allowing early repayment, included when prepayment is permitted
4. Draw Period: Specification of the period during which future advances can be requested, included when there's a limited draw period
5. Currency Provisions: Terms dealing with currency conversion, included for cross-border transactions
6. Tax Provisions: Allocation of tax responsibilities, included when tax implications are significant
1. Advance Request Form: Standard form for requesting future advances under the note
2. Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Security Details: Description of any collateral securing the note
4. Calculation Examples: Examples of interest calculations and future advance scenarios
5. Required Notices: Forms of various notices required under the note
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