Promissory Term Note (England and Wales)

When a person or entity (the “Lender”) loans money to another person or entity (the “Borrower”), the loan is typically formalised with a written promissory note. This Promissory Note Term requires the Borrower to pay off the entire principal amount of the note, and remaining accrued interest, on a specific date. Having a written Promissory Term Note will prove invaluable if the borrower defaults on repaying the loan or in the event of litigation. (continued ...)