A Standard Promissory Note Unsecured is a fundamental financial instrument used when one party needs to formalize a promise to repay a debt to another party without providing collateral. Under English and Welsh law, this document creates a legally binding obligation that specifies the amount owed, payment terms, interest rates, and consequences of default. It's particularly useful for documenting loans between parties who have established trust, where formal security isn't required or practical. The note must comply with the Bills of Exchange Act 1882 and, where applicable, the Consumer Credit Act 1974.
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1. Date: Date of execution of the promissory note
2. Parties: Details of maker (promisor) and payee (promisee)
3. Promise to Pay: Unconditional promise to pay a specific sum
4. Payment Terms: Amount, currency, interest rate, and payment schedule
5. Event of Default: Circumstances constituting default and consequences
6. Governing Law: Specification of English and Welsh law as governing law
1. Prepayment Provisions: Terms for early repayment, use when early repayment is allowed
2. Late Payment Terms: Additional charges or interest for late payment, use when specific penalties apply
3. Assignment Clause: Rights to assign the note, use when transfer rights are important
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Interest Calculation: Method and examples of interest calculation
Relevant legal definitions
Clauses
Promise to Pay
Payment Terms
Interest
Default Interest
Prepayment
Events of Default
Acceleration
Representations and Warranties
Notices
Assignment
Amendments
Severability
Waiver
Set-off
Costs and Expenses
Governing Law
Jurisdiction
Counterparts
Entire Agreement
Force Majeure
Remedies
No Security Interest
Transferability
Currency
Time of Essence
Payment Terms
Interest
Default Interest
Prepayment
Events of Default
Acceleration
Representations and Warranties
Notices
Assignment
Amendments
Severability
Waiver
Set-off
Costs and Expenses
Governing Law
Jurisdiction
Counterparts
Entire Agreement
Force Majeure
Remedies
No Security Interest
Transferability
Currency
Time of Essence
Relevant Industries
Relevant Teams
Relevant Roles
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