The Replacement Promissory Note is utilized when parties need to substitute an existing promissory note with a new one, typically due to modifications in payment terms, interest rates, or other material conditions of the original note. This document type is governed by South African law, particularly the Bills of Exchange Act 34 of 1964, and may be subject to additional regulations depending on the parties involved and the nature of the transaction. The replacement note must clearly reference the original note being replaced and explicitly state that it supersedes the previous instrument. It contains all essential elements of a promissory note including the unconditional promise to pay, specified amount, payment terms, and parties' details, while also addressing the replacement aspect of the transaction.
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1. Heading and Date: Title identifying document as Replacement Promissory Note and date of execution
2. Parties: Identification of Maker (person/entity promising to pay) and Payee (person/entity to whom payment is promised)
3. Original Note Reference: Details of the original promissory note being replaced, including its date and parties
4. Promise to Pay: Unconditional promise to pay a specific sum of money
5. Payment Terms: Amount, currency, interest rate, payment date(s), and method of payment
6. Replacement Declaration: Statement that this note replaces and supersedes the original note
7. Place of Payment: Specific location or method where payment should be made
8. Default Provisions: Consequences of default and acceleration clause
9. Governing Law: Specification that South African law governs the note
10. Signature Block: Space for maker's signature, witnesses if required
1. Security Provisions: Include when the note is secured by collateral or guarantees
2. Prepayment Terms: Include when early payment is allowed or restricted
3. Transfer Rights: Include when specific restrictions or permissions for transfer/assignment are needed
4. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
5. Tax Provisions: Include when specific tax implications need to be addressed
6. Electronic Execution: Include when the note may be executed electronically
1. Schedule A - Original Note: Copy or details of the original promissory note being replaced
2. Schedule B - Payment Schedule: Detailed payment schedule if installment payments are involved
3. Schedule C - Security Details: Details of any security or collateral if the note is secured
4. Appendix 1 - Calculation Method: Details of interest calculation method if complex interest arrangements apply
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