Simple Note Payable Agreement Template for Belgium

The Simple Note Payable Agreement is a fundamental financial instrument used in Belgian business and personal transactions to formalize debt obligations. This document is typically employed when one party (the borrower) needs to document a promise to pay a specific sum to another party (the lender), whether in a business or personal context. The agreement is structured to comply with Belgian civil and commercial law requirements, including regulations on interest rates, payment terms, and debt enforcement. It's particularly useful for straightforward lending arrangements where parties need a clear, legally binding document that outlines the terms of repayment, interest, and consequences of default. The Simple Note Payable Agreement can be used for various purposes, from business loans to personal lending, and can be either secured or unsecured depending on the parties' requirements.

1. Parties: Identification of the Lender (Payee) and Borrower (Maker), including full legal names and addresses

2. Background: Brief context of the loan arrangement and purpose of the note

3. Definitions: Key terms used throughout the agreement, including 'Principal Sum', 'Interest Rate', 'Maturity Date', and 'Event of Default'

4. Promise to Pay: Formal promise by the Borrower to pay the specified amount plus interest, including the principal sum and payment date

5. Interest Rate: Specification of the interest rate, calculation method, and payment frequency in compliance with Belgian interest rate regulations

6. Payment Terms: Details of payment schedule, method of payment, and currency

7. Prepayment: Terms and conditions for early repayment of the note

8. Events of Default: Circumstances constituting default and consequences thereof

9. Remedies: Rights and remedies available to the Lender in case of default

10. Governing Law: Specification of Belgian law as governing law and jurisdiction

11. Signatures: Execution block with date and signatures of both parties