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Promissory Note Addendum for Canada

Promissory Note Addendum Template for Canada

A Promissory Note Addendum is a legal document used in Canadian jurisdictions to modify the terms of an existing promissory note without creating an entirely new agreement. The document operates under both federal legislation (such as the Bills of Exchange Act) and provincial contract law. It allows parties to amend specific terms of the original note, such as payment schedules, interest rates, or security arrangements, while maintaining the validity of the original agreement. The addendum must clearly reference the original note and specify which terms are being modified while affirming the continuing validity of unchanged terms.

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What is a Promissory Note Addendum?

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.

What sections should be included in a Promissory Note Addendum?

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

What sections are optional to include in a Promissory Note Addendum?

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

What schedules should be included in a Promissory Note Addendum?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Canada

Publisher

Ƶ

Document Type

Amendment Agreement

Cost

Free to use
Relevant legal definitions
























Clauses





















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

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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