The Intercompany Promissory Note is essential for documenting financial obligations between affiliated companies in Canada. It is commonly used when one company within a corporate group provides financing to another, requiring formal documentation of the debt arrangement. The document must comply with the Canadian Bills of Exchange Act and relevant provincial legislation, while also considering tax implications, particularly transfer pricing rules under the Income Tax Act. This template is specifically designed for Canadian jurisdictions and includes all necessary elements for a valid promissory note, including promise to pay, payment terms, interest provisions, and events of default. It's particularly useful for corporate restructuring, internal financing arrangements, or documenting existing intercompany obligations for tax or audit purposes.
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1. Parties: Identification of the maker (debtor) and payee (creditor) companies, including full legal names, registration numbers, and registered addresses
2. Background: Brief context of the intercompany relationship and purpose of the note
3. Definitions: Key terms used in the note, including 'Business Day', 'Interest Rate', 'Default', etc.
4. Promise to Pay: Unconditional promise to pay the principal sum, specifying the amount and currency
5. Interest Rate: Specification of the applicable interest rate, calculation method, and payment frequency
6. Payment Terms: Details of when and how payments will be made, including maturity date and any installment provisions
7. Events of Default: Circumstances that constitute default and consequences thereof
8. Prepayment Rights: Terms and conditions for early repayment of the note
9. Governing Law: Specification of applicable Canadian jurisdiction
10. Execution: Signature blocks for authorized representatives of both companies
1. Security: Details of any security or collateral provided for the note - include when the note is secured
2. Guarantee: Terms of any corporate guarantee - include when there is a parent company or third-party guarantee
3. Tax Provisions: Specific tax-related provisions including withholding tax - include for cross-border intercompany notes
4. Subordination: Provisions regarding priority of the note relative to other debt - include when there are multiple corporate creditors
5. Assignment: Terms governing the transfer or assignment of the note - include when transfer rights are important
6. Currency Conversion: Provisions for handling currency conversions - include for multi-currency notes
7. Representations and Warranties: Basic corporate representations - include for more formal or high-value notes
1. Payment Schedule: Detailed schedule of installment payments if not a single bullet payment
2. Interest Calculation Examples: Examples of interest calculations for complex interest provisions
3. Security Details: Description of any security or collateral (if applicable)
4. Corporate Authorizations: Copies of relevant board resolutions or authorizations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Energy and Resources
Technology
Real Estate
Professional Services
Healthcare
Retail
Transportation and Logistics
Construction and Infrastructure
Relevant Teams
Legal
Finance
Treasury
Tax
Accounting
Corporate Development
Company Secretariat
Compliance
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Corporate Controller
Finance Director
Tax Director
Legal Counsel
Corporate Secretary
Financial Controller
Accounting Manager
Treasury Analyst
Tax Manager
Corporate Finance Manager
Finance Operations Manager
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