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A Simple Note Payable is commonly used in Canadian business and personal transactions where one party agrees to pay a specific sum of money to another party under defined terms. This document is essential when formalizing lending arrangements, whether for business financing, personal loans, or asset purchases. The Simple Note Payable must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as provincial regulations regarding interest rates, limitations periods, and contract formation. It typically includes details about the principal amount, interest rate, payment schedule, default provisions, and any security or guarantees. This document is particularly useful for smaller loans or straightforward lending arrangements where a more complex loan agreement isn't necessary but legal documentation of the debt obligation is required.

1. Date and Parties: Identifies the date of the note and the parties (Lender and Borrower) with their full legal names and addresses

2. Promise to Pay: Clear statement of the principal amount, promise to pay, and the currency

3. Interest Rate: Specifies the interest rate, how it's calculated, and frequency of compounding

4. Payment Terms: Details of payment schedule, including due date(s), installment amounts, and payment method

5. Events of Default: Defines what constitutes default and the consequences

6. Notice: How and where notices between parties must be delivered

7. Governing Law: Specifies that the note is governed by Canadian law and the applicable province