A Registered Promissory Note is typically used in Canadian lending transactions where the lender requires both a negotiable debt instrument and security for the obligation. This document type is particularly useful in commercial lending, asset-based financing, and business-to-business transactions where the parties want to combine the simplicity of a promissory note with the protection of a registered security interest. The note must comply with the Bills of Exchange Act for validity as a negotiable instrument while also meeting provincial personal property security registration requirements. It includes essential terms such as payment obligations, interest calculations, security details, and enforcement provisions. The registered aspect provides additional protection to the creditor by creating a public record of the security interest and establishing priority rights in the collateral.
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1. Parties: Identification of the maker (debtor) and payee (creditor) with full legal names and addresses
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
3. Payment Terms: Details of how and when payments will be made, including payment schedule, installment amounts, and maturity date
4. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
5. Security Interest: Description of the security interest being registered and the collateral securing the note
6. Events of Default: Specific circumstances that constitute default and trigger acceleration of the note
7. Remedies: Rights and remedies available to the holder upon default
8. Registration Details: Information regarding the registration of the security interest in the applicable personal property registry
1. Prepayment Rights: Include when the maker has the right to prepay the note before maturity, specifying any penalties or conditions
2. Guaranty: Include when there is a third-party guarantor for the note
3. Assignment: Include when there are specific restrictions or permissions regarding the assignment or transfer of the note
4. Late Payment Charges: Include when there are additional fees or charges for late payments
5. Currency Provisions: Include for cross-border transactions or when payments can be made in multiple currencies
6. Tax Provisions: Include when there are specific tax considerations or withholding requirements
1. Payment Schedule: Detailed amortization table showing payment dates, amounts, and allocation between principal and interest
2. Collateral Description: Detailed description of assets serving as collateral for the note
3. Guarantor Information: Details of guarantor(s) and specific terms of the guarantee, if applicable
4. Registration Particulars: Copy of registration details from the personal property registry
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Private Lending
Equipment Financing
Manufacturing
Construction
Small Business
Agriculture
Mining
Technology
Retail
Relevant Teams
Legal
Finance
Treasury
Credit & Collections
Risk Management
Compliance
Commercial Lending
Corporate Services
Business Development
Document Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Commercial Lending Officer
Risk Manager
Corporate Lawyer
Legal Counsel
Compliance Officer
Account Manager
Business Development Manager
Financial Controller
Collections Manager
Security Registration Specialist
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