Promissory Note - Secured (Term)

When a person or entity ("Lender��) loans money to another person or entity ("Borrower��), the loan is typically formalized with a promissory note. In this type of promissory note (a term promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, on or before a certain date in the future. A promissory note will set forth, among other things, the repayment schedule, the interest rate, and defaults. (continued ...)