Promissory Note-Unsecured

Description

Unsecured Promissory Note with Conditions. A promissory note is a financial instrument that contains a written promise by one party (the issuer of the note) to pay another party (the note’s payee) a definite sum of money, at a specified future date. The Note will also set out the Conditions of Repayment of this amount of money by the Lender. The issuer of the promissory note writes a promise to pay an amount of money to the lender. The Note is issued subject to the Conditions endorsed on it which form part of it. It is expected that the Lender will repay this principal amount, with or without interest on a determined due date. This amount can be paid in one single sum or by instalments, as agreed between the Borrower and the Lender. The promissory note will usually also contain clauses concerning matters related to late/default payment, transferral of the note, notices, waivers, severability etc. When the Note is properly repaid, the Note will be cancelled by the Lender.

This agreement has 8 pages