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Promissory Note Credit Agreement

Promissory Note Credit Agreement Template for Australia

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Key Requirements PROMPT example:

Promissory Note Credit Agreement

"I need a Promissory Note Credit Agreement for a secured business loan of AUD 500,000 to be disbursed on March 1, 2025, with quarterly repayments over 3 years, secured against commercial property and requiring annual financial covenant reporting."

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Document background
The Promissory Note Credit Agreement is a specialized financial instrument used in Australian lending transactions where parties require both the formal structure of a credit agreement and the transferability of a promissory note. This document type is particularly valuable when lenders need strong documentary evidence of debt while maintaining the option to negotiate or transfer the debt instrument. It must comply with Australian federal legislation, including the National Consumer Credit Protection Act 2009 and the Bills of Exchange Act 1909, as well as relevant state laws. The agreement typically includes comprehensive details about the credit facility, interest rates, repayment schedule, security arrangements (if any), events of default, and enforcement mechanisms. It's commonly used in business lending, structured finance transactions, and sophisticated private lending arrangements where the parties require a robust legal framework combined with potential transferability of the debt.
Suggested Sections

1. Parties: Identification of the lender (credit provider) and borrower, including full legal names, addresses, and ACN/ABN if applicable

2. Background: Context of the credit arrangement and purpose of the promissory note

3. Definitions: Key terms used throughout the agreement, including financial and legal terminology

4. Promise to Pay: The fundamental promise to repay the principal amount, including the specific sum and currency

5. Loan Amount and Disbursement: Details of the credit amount and how/when it will be provided to the borrower

6. Interest Rate and Calculations: Specification of interest rate, calculation method, and frequency of interest charges

7. Repayment Terms: Payment schedule, installment amounts, and payment methods

8. Events of Default: Circumstances constituting default and consequences thereof

9. Representations and Warranties: Statements of fact and assurances made by the borrower

10. Rights and Obligations: Key responsibilities and rights of both parties

11. Governing Law and Jurisdiction: Specification of Australian law application and jurisdiction for disputes

Optional Sections

1. Security Arrangements: Include when the note is secured by collateral or assets

2. Guarantor Provisions: Required when a third party guarantees the loan

3. Insurance Requirements: Include when specific insurance coverage is required for security or borrower

4. Early Repayment Terms: Include when early repayment options are offered, including any fees or penalties

5. Assignment and Transferability: Include when the note may be transferred or assigned to other parties

6. Financial Covenants: Include for business borrowers when specific financial ratios must be maintained

7. Cross-Default Provisions: Include when default on other obligations affects this agreement

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest

2. Security Details: Comprehensive description of any security or collateral provided

3. Fee Schedule: Itemized list of all applicable fees, charges, and their calculation methods

4. Compliance Certificate: Template for periodic confirmation of compliance with agreement terms

5. Direct Debit Authority: Form authorizing automatic payment arrangements

6. Credit Guide: Mandatory information about the credit provider as required by NCCP Act

7. Information Statement: Required statutory information about borrower's rights and obligations

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions







































Clauses



































Relevant Industries

Financial Services

Banking

Private Lending

Commercial Real Estate

Small Business

Corporate Finance

Investment Management

Asset Finance

Equipment Finance

Construction Finance

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Treasury

Commercial Banking

Corporate Finance

Document Management

Loan Administration

Risk Management

Relevant Roles

Credit Manager

Legal Counsel

Finance Manager

Lending Officer

Credit Risk Officer

Commercial Manager

Financial Controller

Compliance Officer

Treasury Manager

Account Manager

Corporate Lawyer

Banking Executive

Chief Financial Officer

Risk Manager

Document Controller

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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