An Amended Promissory Note is utilized when parties need to modify the terms of an existing promissory note without creating an entirely new debt instrument. This document type is essential in Canadian business and lending practices when circumstances require adjustments to payment terms, interest rates, maturity dates, or other key provisions of an original promissory note. The amendment must comply with the Canadian Bills of Exchange Act and provincial contract laws, ensuring the note maintains its status as a negotiable instrument while incorporating the desired modifications. Common scenarios for using this document include debt restructuring, payment term modifications, interest rate adjustments, or changes in security arrangements. The document must be carefully drafted to maintain the enforceability of the original note while clearly delineating which terms are being modified and which remain unchanged.
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1. Original Note Reference: Details of the original promissory note including date, parties, and amount
2. Parties: Identification of the maker (debtor) and payee (creditor) of the note
3. Amendment Declaration: Clear statement that this document amends the original note and the effective date of amendments
4. Amended Terms: Specific listing of each term being modified from the original note
5. Principal Amount: Current outstanding principal amount and any modifications to the original amount
6. Interest Rate: Specification of interest rate, calculation method, and payment terms
7. Payment Terms: Modified payment schedule, amounts, and methods
8. Maturity Date: New or confirmed date when the full amount becomes due
9. Confirmation of Other Terms: Statement confirming all unmodified terms from original note remain in effect
10. Representations: Declarations by the maker regarding their ability and intention to pay
11. Signatures: Execution block for all parties
1. Security Interest: Include when the note is secured by collateral or assets
2. Guarantor Acknowledgment: Required when the original note had guarantors who must acknowledge the amendments
3. Default Provisions: Include if modifying or adding specific events of default and remedies
4. Prepayment Terms: Include if allowing early payment or specifying prepayment penalties
5. Assignment Rights: Include if specifying rights to assign or transfer the note
6. Currency Specifications: Include for international transactions or when multiple currencies are involved
7. Tax Provisions: Include when there are specific tax implications or withholding requirements
1. Schedule A - Original Promissory Note: Copy of the original promissory note being amended
2. Schedule B - Amended Payment Schedule: Detailed schedule of modified payment amounts and dates
3. Schedule C - Collateral Description: If secured, detailed description of security or collateral
4. Appendix 1 - Calculation Method: Details of interest calculation method if complex or modified
5. Appendix 2 - Consent Forms: Any required consent forms from guarantors or other parties
Relevant legal definitions
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Legal
Finance
Treasury
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Risk Management
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Corporate Finance Manager
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