Canada Grid (Term) Promissory Note for Multiple Advances

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Canada Grid (Term) Promissory Note for Multiple Advances Powered By Docstoc
					                                TERM PROMISSORY NOTE

AMOUNT: CAD $_________                                                         Due: __________________

Address for Payment: _______________________


FOR VALUE RECEIVED the undersigned, ____________ (hereinafter the “Borrower”), hereby promises
to pay __________________ (hereinafter the “Lender”), to bearer or to order at the above address for
payment, in lawful money of Canada, the lesser of:

(a)       the principal sum of $____________; and

(b)       the aggregate unpaid principal balance of all advances made by the Lender as recorded on the
          reverse of this note or on any attachment, with interest on the principal amount calculated as
          described below.


This note is issued to evidence advances by the Lender to the undersigned under a loan agreement dated
____________ between the undersigned and the Lender, as the same may be amended or modified (the
“Loan Agreement”).

The principal and interest under this note are payable in accordance with the terms of the Loan
Agreement which provides, among other things, that on the occurrence of certain events of default the
entire principal amount and accrued interest may become due and payable.

The undersigned authorizes the Lender to record on the reverse of this note or on any attachme
				
DOCUMENT INFO
Description: Canadian lenders, prepare a Grid Note (or Term Note) for multiple loan advances with this customizable template form for Canada. - The Note covers multiple advances or stages of funding under a lending agreement between the borrower and the lender. - This form of Note is commonly used for construction financing, where more than one advance of loan proceeds would be made. The Canada Grid (Term) Promissory Note for Multiple Advances is provided in MS Word format, and is easy to download, fill in with your details, and print.
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