A standard form of simple promissory note used to document a term loan.
A promissory note is an unconditional promise to pay made by a person (the “payor” or “maker”) to the “payee” or “holder” (the person to whom the note is payable) or “to bearer” (the person in possession of a note that is payable to bearer). A promissory note can be either payable on demand or at a specific time. This is a precedent form of promissory note that is payable at a specific time — also known as a term note.
Promissory notes are often used in sales transactions where payment for goods is on credit or for other delayed payment transactions.For further information on the subject, visit Corporate Law.
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