A Renewal Promissory Note is utilized when parties wish to extend or modify the terms of an existing promissory note while maintaining the underlying debt obligation. This document type is commonly used in Canadian business and personal lending contexts when the original note is approaching maturity, or when parties agree to modify payment terms, interest rates, or other conditions. The renewal note must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as provincial contract law and security legislation. It typically includes references to the original note, updated payment terms, interest calculations, and any security arrangements. The Renewal Promissory Note serves as a crucial tool for debt management and restructuring, providing clarity and legal certainty for both lenders and borrowers while preserving the enforceability of the original obligation.
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1. Date and Place of Execution: Specifies the date and location where the renewal promissory note is executed
2. Parties: Identifies the maker (debtor) and payee (creditor) with full legal names and addresses
3. Original Note Reference: Details of the original promissory note being renewed, including its date and principal amount
4. Promise to Pay: Unconditional promise to pay the specified amount, including the principal sum and currency
5. Interest Rate: States the interest rate, calculation method, and compounding frequency in compliance with the Interest Act
6. Payment Terms: Specifies payment schedule, installment amounts, and maturity date
7. Place of Payment: Designates where payments are to be made
8. Default Provisions: Outlines what constitutes default and its consequences
9. Prepayment Terms: Conditions and procedures for early payment of the note
10. Signature Block: Space for signatures of maker and witness
1. Security Interest: Include when the note is secured by collateral or other assets
2. Guarantor Provisions: Required when there is a third-party guarantor for the note
3. Late Payment Penalties: Optional terms for additional charges on late payments
4. Assignment Rights: Terms regarding the right to assign or transfer the note
5. Acceleration Clause: Allows payee to demand full payment under specified circumstances
6. Governing Law Selection: Include when parties are in different provinces or jurisdictions
7. Joint and Several Liability: Include when there are multiple makers of the note
8. Acknowledgment of Original Debt: Include when specific recognition of original debt is required for limitation periods
1. Payment Schedule: Detailed schedule of payment dates and amounts if installment payments are involved
2. Collateral Description: Detailed description of any security or collateral when the note is secured
3. Original Note: Copy of the original promissory note being renewed
4. Amortization Schedule: Breakdown of principal and interest portions of each payment
5. Security Registration Details: Details of any PPSA or other security registrations if applicable
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