This document is a template used as an Unsecured Loan Note with Conditions. This is similar to a private issuance of the bond. Bonds and Notes are negotiable debt instruments generally issued by Companies or government authorities. It is a way to borrow money from investors without having to go to the banks.
The issuer of the debt instrument writes an unconditional promise to pay an amount of money to the investors at a determined future date under specific terms. Bonds and Notes can be secured or unsecured. Debentures generally are unsecured to raise capital for specific projects and business expansion and is typically backed up only on the basis of the good name and credit history of the issuer. These debt securities carry either a floating or a fixed-interest coupon rate with a maturity date to repay the principal to the investors.
All Notes as and when issued shall rank pari passu and rateable without discrimination or preference and as unsecured obligations of the Company.
This document should be carefully read by the Individual Borrower and Lender.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed by 1-2 witnesses.
The Principal Loan to be promised and repaid, Interest Rate, and Interest Payment Date should all be clearly stated in the promissory note.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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Please get all parties to review the document carefully and make any final modifications to ensure that the details are correct before signing the document. Each party should have a copy of the executed document.