A Senior Promissory Note is commonly used in Malaysian business transactions where a formal, written promise of payment with senior ranking is required. This document type is particularly useful in corporate financing, structured lending arrangements, and business transactions requiring documented payment obligations. The Senior Promissory Note includes essential elements such as the principal amount, interest terms, payment schedule, and senior ranking status. Under Malaysian law, particularly the Bills of Exchange Act 1949 and Contracts Act 1950, such notes must meet specific formal requirements to be legally enforceable. The senior status of the note ensures that the payment obligation takes priority over other subordinated debt in the event of default or bankruptcy.
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1. Parties: Identification of the maker (promisor) and payee, including full legal names, registration/identification numbers, and addresses
2. Promise to Pay: Unconditional promise to pay a specific sum of money, clearly stating the principal amount in both numbers and words
3. Payment Terms: Details of payment including due date, interest rate, calculation method, and payment schedule
4. Place of Payment: Specific location or method where payment should be made
5. Seniority Status: Clear statement of the note's senior status and its priority in relation to other debts
6. Events of Default: Specific circumstances that constitute default and consequences thereof
7. Acceleration Clause: Conditions under which the full amount becomes immediately due and payable
8. Governing Law: Statement that the note is governed by Malaysian law
1. Security: Details of any collateral or security provided for the note, if applicable
2. Guarantor Details: Information about any guarantors and their obligations, if guaranteed
3. Prepayment Terms: Conditions and procedures for early payment, if allowed
4. Transfer Rights: Terms regarding the transferability or assignability of the note
5. Notice Requirements: Procedures for giving notices between parties
6. Amendment Provisions: Process for modifying the terms of the note, if permitted
7. Tax Provisions: Allocation of responsibility for any applicable taxes
1. Payment Schedule: Detailed schedule of payment dates and amounts, particularly if involving installment payments
2. Interest Calculation Method: Detailed explanation of interest calculation including examples if complex
3. Security Details: Detailed description of any collateral or security, if applicable
4. Guarantor Confirmation: Separate confirmation and acknowledgment by guarantors, if applicable
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