Private Promissory Note

Private Promissory Note Template for Denmark

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Document background

A Private Promissory Note serves as a fundamental legal instrument in Danish financial transactions, providing a formal documentation of debt obligations between private parties. This document type is commonly used when individuals or entities need to formalize a loan agreement, whether for personal, business, or investment purposes. The Private Promissory Note must comply with Danish legal requirements, particularly the Promissory Notes Act (Gældsbrevsloven) and related financial regulations. It includes essential details such as the loan amount, interest rates, payment terms, and consequences of default, while offering legal protection for both the lender and borrower. The document is particularly valuable in situations requiring clear documentation of debt obligations, making it a crucial tool in private lending arrangements under Danish jurisdiction.

Suggested Sections

1. Parties: Identification of the lender (promisee) and borrower (promisor), including full legal names, addresses, and any registration numbers

2. Background: Brief context of the loan agreement and relationship between the parties

3. Definitions: Key terms used in the promissory note

4. Promise to Pay: Clear statement of the principal amount, currency, and unconditional promise to repay

5. Payment Terms: Schedule of payments, including due dates, installment amounts (if applicable), and method of payment

6. Interest Rate: Specification of the interest rate, calculation method, and payment frequency

7. Events of Default: Circumstances that constitute default and their consequences

8. Notices: How and where formal communications between parties should be made

9. Governing Law: Confirmation that Danish law governs the promissory note

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

Optional Sections

1. Security: Details of any collateral or security provided for the loan, used when the note is secured

2. Guarantor Provisions: Terms relating to any guarantor of the debt, included when there is a third-party guarantee

3. Prepayment Terms: Conditions and penalties for early repayment, if applicable

4. Late Payment Penalties: Additional charges or increased interest rates for late payments

5. Assignment Rights: Terms regarding the transfer or assignment of the note to third parties

6. Tax Provisions: Allocation of responsibility for any taxes arising from the loan

7. Force Majeure: Provisions for unforeseen circumstances affecting repayment ability

Suggested Schedules

1. Payment Schedule: Detailed schedule of payment dates and amounts, particularly important for installment payments

2. Security Details: Detailed description of any collateral or security provided

3. Calculation of Interest: Detailed methodology for interest calculations and examples

4. Guarantor Documentation: Additional documentation related to guarantor commitments and proof of capacity

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