A Secured Promissory Note is commonly used in New Zealand business and lending transactions where a lender requires security over specific assets while documenting a debt obligation. This document type is particularly useful for business loans, asset financing, and structured lending arrangements where the lender seeks additional protection beyond a simple promise to pay. The note combines elements of a traditional promissory note with security provisions that comply with the Personal Property Securities Act 1999 and other relevant New Zealand legislation. It is typically used when parties want to document a loan with security in a single instrument, rather than having separate loan and security agreements. The document includes comprehensive details about the debt, security arrangements, repayment terms, and enforcement rights, making it suitable for both straightforward and complex secured lending transactions.
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Key Requirements PROMPT example:
Secured Promissory Note
"I need a Secured Promissory Note for a $500,000 business equipment loan, with the manufacturing equipment as security, monthly repayments starting March 2025, and an early repayment option without penalties."
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1. Parties: Identifies the lender (holder) and borrower (maker) of the promissory note, including full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose of the promissory note
3. Definitions: Key terms used throughout the document, including 'Security Interest', 'Secured Property', 'Payment Date', etc.
4. Promise to Pay: The core promise to repay the principal amount, including the exact sum and currency
5. Interest Rate and Calculations: Specifies the interest rate, calculation method, and payment frequency
6. Payment Terms: Details of payment schedule, including due dates, installment amounts, and payment methods
7. Security Interest: Description of the security interest being granted, including the secured property and PPSA requirements
8. Events of Default: Defines what constitutes a default and the consequences thereof
9. Enforcement Rights: Lender's rights and remedies upon default, including security enforcement
10. Representations and Warranties: Borrower's confirmations regarding their ability to enter into the agreement and the status of the secured property
11. Execution: Signature blocks and execution requirements
1. Prepayment Provisions: Include when early repayment is allowed, specifying any penalties or calculations
2. Guarantor Provisions: Required when a third party is guaranteeing the debt obligation
3. Insurance Requirements: Include when specific insurance must be maintained on the secured property
4. Assignment and Transfer: Include when the note needs to be transferable or when assignment rights need to be restricted
5. Additional Security Provisions: Include when multiple assets are being provided as security or when there are complex security arrangements
6. Cross-Default Provisions: Include when the note is part of a larger financing arrangement with cross-default implications
7. Tax Provisions: Include when specific tax implications need to be addressed or when withholding tax is relevant
1. Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
2. Security Property Description: Detailed description and/or list of all assets subject to the security interest
3. Guarantor Details: If applicable, full details of guarantors and their obligations
4. Permitted Security Interests: List of any pre-existing or permitted security interests over the secured property
5. Insurance Requirements: Detailed specifications of required insurance coverage for secured property
6. Special Conditions: Any special conditions or requirements specific to the loan arrangement
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