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Recourse Promissory Note

Recourse Promissory Note Template for New Zealand

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Key Requirements PROMPT example:

Recourse Promissory Note

"I need a Recourse Promissory Note for a $250,000 business loan to be repaid over 36 months with quarterly payments, including a security interest over company equipment and a personal guarantee from the company director."

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Document background
The Recourse Promissory Note is a crucial financial instrument in New Zealand business transactions, commonly used in lending arrangements where the lender requires additional security through recourse rights. This document type is particularly relevant when parties need to formalize debt obligations while ensuring the payee maintains the right to pursue the maker for payment. It must comply with New Zealand's Bills of Exchange Act 1908 and related financial regulations, making it a legally robust instrument for commercial and private lending. The document typically includes detailed payment terms, interest calculations, default provisions, and enforcement mechanisms, and may be secured by collateral or supported by guarantees. It's particularly useful in business loans, asset financing, and structured payment arrangements where the lender requires strong legal protection for debt recovery.
Suggested Sections

1. Parties: Identifies the maker (promisor) and payee (promisee) of the note, including full legal names and addresses

2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words

3. Payment Terms: Specifies the interest rate, payment schedule, maturity date, and method of payment

4. Recourse Provisions: Details the payee's right to seek payment from the maker if the note is not paid when due

5. Default and Acceleration: Defines events of default and the payee's right to accelerate the full payment of the note

6. Representations and Warranties: Maker's declarations regarding their authority to execute the note and validity of the obligation

7. Governing Law: Specifies that the note is governed by New Zealand law

Optional Sections

1. Security Interest: Include when the note is secured by collateral, describing the security interest and registration requirements

2. Guarantor Provisions: Include when there is a third-party guarantor for the note

3. Prepayment Terms: Include to specify whether early payment is permitted and any associated penalties or benefits

4. Assignment Rights: Include to specify whether and how the note can be assigned or transferred

5. Late Payment Penalties: Include to specify additional charges or increased interest rates for late payments

6. Collection Costs: Include to address responsibility for costs associated with collecting on the note

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment dates, amounts, and allocation between principal and interest

2. Security Details: If secured, detailed description of the collateral and security registration information

3. Guarantor Information: If guaranteed, detailed information about the guarantor and extent of guarantee

4. Calculation of Interest: Details of interest calculation methods and examples

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 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

Banking and Financial Services

Real Estate

Commercial Lending

Small Business

Agriculture

Manufacturing

Retail

Professional Services

Construction

Technology

Relevant Teams

Legal

Finance

Treasury

Credit and Collections

Risk Management

Compliance

Commercial Operations

Corporate Secretariat

Business Development

Accounts

Relevant Roles

Chief Financial Officer

Finance Manager

Legal Counsel

Commercial Lawyer

Credit Manager

Risk Manager

Treasury Manager

Business Development Manager

Account Manager

Compliance Officer

Financial Controller

Corporate Secretary

Loan Officer

Credit Analyst

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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