The Promissory Note Addendum is essential in Canadian lending practices when modifications to an existing promissory note are required without creating a new agreement. This document type is commonly used when circumstances necessitate changes to payment terms, interest rates, security arrangements, or the addition/removal of parties. It must comply with Canadian federal legislation, including the Bills of Exchange Act and Interest Act, as well as applicable provincial laws governing contracts and secured transactions. The addendum serves as a formal modification instrument that preserves the original note's validity while clearly documenting agreed changes, making it crucial for maintaining legal clarity and enforceability in lending relationships.
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1. Original Note Reference: Identifies the original promissory note by date, parties, and amount
2. Parties: Lists and identifies all parties to the addendum, including the original note maker and holder
3. Background: Explains the context and reason for the addendum
4. Definitions: Defines key terms used in the addendum, including references to original note definitions
5. Modifications: Clearly states each term being modified from the original note
6. Confirmation of Other Terms: Affirms that all other terms of the original note remain unchanged and in full force
7. Effective Date: Specifies when the modifications take effect
8. Governing Law: Confirms the jurisdiction governing the addendum
9. Execution: Signature blocks for all parties
1. Additional Guarantors: Required if new guarantors are being added to the note
2. Collateral Modifications: Needed if changes are being made to any security or collateral arrangements
3. Interest Rate Changes: Required if modifying the interest rate structure
4. Payment Terms Modification: Used when changing payment schedule or terms
5. Release of Parties: Needed if any existing parties are being released from obligations
6. Conditions Precedent: Required if there are conditions that must be met before modifications take effect
7. Representations and Warranties: Optional section for new representations regarding changed circumstances
1. Schedule A - Modified Payment Schedule: Details of new payment terms if payment schedule is being modified
2. Schedule B - Modified Collateral Description: Updated description of collateral if security arrangements are changed
3. Schedule C - Amortization Table: New amortization schedule if payment terms are modified
4. Appendix 1 - Consent Forms: Any required consent forms from affected parties
5. Appendix 2 - Supporting Documents: Additional documentation supporting the modifications
Authors
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Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Private Lending
Manufacturing
Small Business
Construction
Agriculture
Professional Services
Retail
Relevant Teams
Legal
Finance
Credit
Risk Management
Treasury
Commercial Lending
Collections
Compliance
Corporate Services
Business Operations
Relevant Roles
Financial Manager
Credit Officer
Commercial Loan Officer
Legal Counsel
Corporate Attorney
Contracts Administrator
Business Development Manager
Risk Manager
Collections Manager
Treasury Manager
Chief Financial Officer
Lending Director
Account Manager
Compliance Officer
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