A Promissory Note And Security Agreement is a vital financial and legal instrument used in Malaysian business transactions where a party requires both documentation of a debt obligation and security for its repayment. This document type is commonly used in lending arrangements, asset financing, and business transactions where credit is extended with security backing. It combines the features of a promissory note under the Bills of Exchange Act 1949 with security provisions that create enforceable rights over specific assets. The document is particularly useful in situations where parties want to avoid more complex loan documentation but still require adequate security and enforceability. It must comply with Malaysian legal requirements for both negotiable instruments and security creation, making it suitable for both corporate and individual transactions.
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1. Parties: Identification of the Maker (borrower/promissor) and Payee (lender/promissee)
2. Background: Context of the loan arrangement and security agreement
3. Definitions: Key terms used throughout the agreement
4. Promise to Pay: Unconditional promise to pay a specific sum, including interest rate and payment terms
5. Security Grant: Creation and terms of the security interest over specified assets
6. Representations and Warranties: Maker's declarations regarding their capacity and the security assets
7. Covenants: Ongoing obligations of the Maker regarding the secured assets and payment obligations
8. Events of Default: Circumstances constituting default and triggering enforcement rights
9. Enforcement Rights: Payee's rights and remedies upon default
10. Notices: Communication requirements and contact details
11. Governing Law and Jurisdiction: Specification of Malaysian law and jurisdiction
1. Guarantor Provisions: Required when a third party guarantees the payment obligations
2. Insurance Requirements: Needed when security includes physical assets requiring insurance
3. Assignment and Transfer: Include when the note needs to be negotiable or transferable
4. Security Agent: Required when multiple lenders are involved requiring a security agent
5. Priority Arrangements: Needed when there are multiple security interests or lenders
6. Tax Provisions: Include when specific tax implications need to be addressed
7. Registration Requirements: Required when security needs specific registration under Malaysian law
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and interest calculations
2. Security Assets Schedule: Comprehensive description and details of the secured assets
3. Form of Notice: Template for any required notices under the agreement
4. Security Documents: Copies of relevant security registration forms or supporting documents
5. Conditions Precedent: List of documents and conditions required before the agreement becomes effective
6. Authorized Signatories: List of persons authorized to act on behalf of the parties
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Trading and Commerce
Agriculture
Construction
Small and Medium Enterprises
Technology
Healthcare
Education
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit Administration
Corporate Secretarial
Commercial Operations
Business Development
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Risk Manager
Corporate Secretary
Chief Financial Officer
Treasury Manager
Loan Officer
Compliance Officer
Security Trustee
Commercial Director
Business Development Manager
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