Promissory Note - Template, Sample Form to Fill out Pro · AU-law
✓ Valid in Australia · drafted to comply with local law
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PROMISSORY NOTE
This Promissory Note (this "Note") is made and takes effect on the ________ day of ________ 20________ by and between the parties identified below.
BORROWER (the "Borrower"):
________ (ABN/ACN, if applicable: ________), of:
________
LENDER (the "Lender"):
________ (ABN/ACN, if applicable: ________), of:
________
PRINCIPAL AMOUNT (the "Principal"): AUD $________ (________ Australian Dollars only).
BACKGROUND
A. The Lender has agreed to advance, and the Borrower acknowledges having received, the Principal.
B. FOR VALUE RECEIVED, the Borrower unconditionally promises to repay the Principal, together with all interest and other amounts payable under this Note, on the terms set out below.
(1) DEFINITIONS AND INTERPRETATION
(a) "Business Day" means a day other than a Saturday, Sunday or public holiday in the State or Territory identified in clause 13.
(b) "Event of Default" has the meaning given in clause 3.
(c) "Maturity Date" means the date specified in clause 2.
(d) A reference to a party includes that party's heirs, executors, administrators, legal personal representatives, successors and permitted assigns.
(e) Headings are for convenience only and do not affect interpretation.
(2) REPAYMENT AND INTEREST
(a) The Borrower must repay the Principal in full on ________ (the "Maturity Date"), together with all interest accrued and any costs, fees, expenses or charges then owing under this Note.
(b) Interest accrues on the outstanding Principal from the date of advance until repayment in full at the rate of ________% per annum, calculated daily on the basis of a 365 day year and payable ________.
(c) All amounts payable under this Note are payable without set-off, deduction or counterclaim, except to the extent required by law.
(3) EVENTS OF DEFAULT AND ACCELERATION
(a) An "Event of Default" occurs if the Borrower fails to pay any amount of Principal or interest on the date it falls due, breaches any other obligation under this Note, becomes insolvent, commits an act of bankruptcy, or has a controller, administrator or liquidator appointed in respect of it.
(b) Upon the occurrence of an Event of Default, the whole of the unpaid Principal together with all accrued interest and other amounts owing under this Note shall, at the election of the Lender, become immediately due and payable without further notice or demand.
(4) DEFAULT INTEREST
While any Event of Default subsists, interest shall accrue on all overdue amounts at the rate of ________% per annum (the "Default Rate"), or, if the maximum rate of interest permitted by law is less than the Default Rate, that lower permissible rate. Such default interest is payable on demand and is in addition to, and not in substitution for, any other right of the Lender.
(5) ADDITIONAL COSTS
(6) PREPAYMENT
The Borrower may prepay the whole or any part of the outstanding Principal at any time prior to the Maturity Date without penalty. Any such prepayment is applied first to any accrued interest, costs, fees, expenses or charges then owing under this Note, and the balance towards reduction of the Principal then outstanding.
(7) MANNER OF PAYMENT
(8) SEVERABILITY
If any provision of this Note is or becomes illegal, invalid or unenforceable, that provision is severed to the extent of the illegality, invalidity or unenforceability, without affecting the remaining provisions of this Note, which continue in full force and effect.
(9) WAIVER
No failure or delay by the Lender to exercise any right, power or remedy under this Note operates as a waiver of that or any other right, power or remedy. A single or partial exercise of any right, power or remedy does not preclude any further exercise of it or of any other right, power or remedy. A waiver is effective only if given in writing and signed by the Lender.
(10) WARRANTIES REGARDING LEGAL ADVICE
Each party (the "Warranting Party" as the context requires) respectively warrants:
(a) that the Warranting Party fully understands the terms of this Note;
(b) that the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Note and has either:
(I) taken such independent legal advice; or
(II) elected not to take such independent legal advice; and
(c) that the Warranting Party has not been induced to enter this Note by any representation made by the other party or by any officer, employee, director, agent, contractor, assignee, successor or other representative of the other party, except as expressly set out in this Note.
(11) NO CREDIT REGULATED PURPOSE
The parties acknowledge and agree that the credit provided under this Note is not provided wholly or predominantly for personal, domestic or household purposes and accordingly is not regulated by the National Consumer Credit Protection Act 2009 (Cth) and the National Credit Code, unless the parties otherwise agree in writing.
(12) BINDING EFFECT
(a) This Note binds and enures to the benefit of the heirs, executors, administrators, legal personal representatives, successors and permitted assigns of the Borrower and the Lender respectively.
(b) The Borrower waives presentment for payment, demand, protest, notice of protest, and notice of non payment and dishonour of this Note.
(c) The Borrower may not assign or transfer its obligations under this Note without the prior written consent of the Lender.
(13) GOVERNING LAW AND JURISDICTION
This Note is governed by and construed in accordance with the laws in force in the State or Territory of ________. The parties submit to the non-exclusive jurisdiction of the courts of that State or Territory and of the courts competent to hear appeals from those courts.
EXECUTED AS A DEED on the ________ day of ________ 20________.
Signed, Sealed and Delivered by ________ (Borrower):
..................................................
Signature of Borrower
________
In the presence of:
................................................
Witness Signature
________
Witness Name
________
Witness Occupation
________
Witness Address
Signed, Sealed and Delivered by ________ (Lender):
..................................................
Signature of Lender
________
In the presence of:
................................................
Witness Signature
________
Witness Name
________
Witness Occupation
________
Witness Address
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