VIEWS: 34,165 PAGES: 4 CATEGORY: Financing With Debt POSTED ON: 12/8/2007
This document is a template for a promissory note between a lending party (Lender) and a loaning party (Debtor). A promissory note contains an unconditional promise by the borrower to repay the note under specified terms. As drafted, this promissory note is unsecured. This document contains both standard clauses as well as opportunities for customization to best fit the needs of the drafting parties.
This document is a template for a promissory note between a lending party (Lender) and a loaning party (Debtor). A promissory note contains an unconditional promise by the borrower to repay the note under specified terms. As drafted, this promissory note is unsecured. This document contains both standard clauses as well as opportunities for customization to best fit the needs of the drafting parties. UNSECURED PROMISSORY NOTE AMOUNT: _________dollars ($__) DATE: ___________________ INTEREST RATE: ______percent (___%) DUE: On Demand [Comment: User has the option to have payment due “on demand” or at a set future date] FOR VALUE RECEIVED, the undersigned, ______________, (the “Debtor”) hereby promises to pay to the order of _____________________ (the “Lender”) at _____________________________ [address] the principal sum of ________________ dollars ($___________), payable on demand, with interest thereon, at the rate of __________ percent (_____%) annually. THIS PROMISSORY NOTE is not secured. NO COURSE OF DEALING between the Debtor and the Lender or any delay on the part of the Lender in exercising any rights hereunder shall operate as a waiver of any rights of the Lender. All of the covenants, stipulations, promises, and agreements contained in this Promissory Note made by or on behalf of the Debtor shall bind the Debtor’s heirs, executors, administrators, successors, and assigns, whether or not so expressed. DEBTOR MAY, at any time, without notice, bonus, or penalty, prepay or cause to be prepaid the whole or any part of the principal amount remaining unpaid hereunder. THIS PROMISSORY NOTE shall be governed by the laws of the State of ________________, which laws shall be applicable to the interpretation, construction, and enforcement hereof. IN THE EVENT OF (1) payment of interest or any other amounts secured by this Promissory Note, (2) bankruptcy or insolvency of the Debtor, (3) filing of a petition in bankruptcy against the Debtor, or (4) the making of a proposal in bankruptcy by the Debtor, the whole of the monies (or any part thereof) secured by this Promissory Note remaining unpaid shall, at the option of the Lender, forthwith become due and payable and all the powers in and by the Promissory Note, or by law conferred in case of default, shall become exercisable. DATED this _____ day of ____________________, _______. Name of witness: Name of Debtor: Title: © Copyright 2013 Docstoc Inc. 2 [Comment: Use the company signature block if the debtor is a company] [Insert Company name and address] Name: Title: I am an agent of the above-named company and I have the authority to bind the company. © Copyright 2013 Docstoc Inc. 3
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