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1. Date and Parties: Identification of the promissory note date and all parties involved (maker/promisor and payee/promisee)
2. Promise to Pay: Clear statement of the unconditional promise to pay, including the principal amount, currency, and payment terms
3. Interest Rate: Specification of applicable interest rate, calculation method, and payment frequency
4. Collateral Description: Detailed description of assets serving as security, including location, identification numbers, and value
5. Security Interest: Creation and terms of the security interest over the collateral
6. Default Provisions: Definition of events of default and consequences, including enforcement rights and remedies
7. Representations and Warranties: Standard representations regarding ownership of collateral, authority to enter agreement, and legal compliance
8. Governing Law: Specification of English and Welsh law as governing law and jurisdiction
1. Prepayment Terms: Optional terms for early repayment, including any prepayment penalties or notice requirements
2. Assignment Rights: Terms governing the right to assign or transfer the note, included when transferability is relevant
3. Insurance Requirements: Obligations to maintain insurance on collateral, used particularly for physical assets
4. Guarantor Provisions: Terms applicable to any third-party guarantors of the obligation
5. Further Assurance: Obligations to execute additional documents or take further steps to perfect security
1. Schedule 1 - Collateral Description: Detailed inventory and description of all collateral assets including specifications, serial numbers, and locations
2. Schedule 2 - Payment Schedule: Amortization table or payment timeline showing all payment dates, amounts, and interest calculations
3. Schedule 3 - Form of Notice: Standard forms for any notices required under the agreement, including default notices
4. Appendix A - Title Documents: Copies of relevant title documents, certificates, or registrations for collateral assets
Business Day
Collateral
Default Event
Default Interest Rate
Due Date
Effective Date
Enforcement Event
Interest Rate
Lender
Maker
Maturity Date
Note Amount
Payment Date
Permitted Encumbrances
Principal Amount
Proceeds
Secured Obligations
Security Interest
Security Period
Specified Assets
Title Documents
Transfer
Valuation
Interest
Security Grant
Payment Terms
Default
Enforcement
Representations and Warranties
Covenants
Collateral Maintenance
Insurance
Assignment
Notices
Governing Law
Jurisdiction
Amendment
Severability
Waiver
Prepayment
Registration
Further Assurance
Costs and Expenses
Indemnification
Force Majeure
Entire Agreement
Counterparts
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