Promissory Agreement

Promissory Agreement Template for Denmark

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Document background

The Promissory Agreement serves as a fundamental financial instrument in Danish business and personal transactions, documenting monetary obligations between parties. It is commonly used when one party lends money to another and requires formal documentation of the debt and repayment terms. The agreement must comply with Danish contract law, particularly the Danish Contracts Act (Aftaleloven) and the Danish Instruments of Debt Act (Gældsbrevsloven). This document type is essential for both commercial and private lending, providing clear evidence of debt, protecting the lender's interests, and establishing unambiguous repayment obligations for the borrower. The Promissory Agreement includes crucial details such as the principal amount, interest rates, payment schedules, default provisions, and any security arrangements, making it a comprehensive record of the debt obligation.

Suggested Sections

1. Parties: Identification of the Lender (Promisee) and Borrower (Promisor) with full legal names, addresses, and registration numbers if applicable

2. Background: Context of the promissory agreement, including the circumstances leading to the debt obligation

3. Definitions: Definitions of key terms used throughout the agreement

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

5. Payment Terms: Detailed payment schedule, including due dates, installment amounts, and payment methods

6. Interest: Interest rate, calculation method, and payment frequency

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

8. Representations and Warranties: Basic declarations by the Borrower regarding their capacity and authority to enter into the agreement

9. Notices: Process and requirements for formal communications between parties

10. Governing Law and Jurisdiction: Confirmation of Danish law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Include when the promissory note is secured by collateral or guarantees

2. Prepayment Terms: Include when early repayment is permitted, specifying any penalties or conditions

3. Assignment: Include when the note is intended to be transferable or when assignment rights need to be restricted

4. Insurance Requirements: Include when specific insurance coverage is required to protect the loan

5. Financial Covenants: Include for business borrowers when ongoing financial requirements need to be maintained

6. Co-signer Provisions: Include when there is a co-signer or guarantor for the debt

7. Late Payment Penalties: Include when specific late payment fees or penalties apply beyond statutory interest

8. Cross-Default Provisions: Include when default on other obligations should trigger default under this agreement

Suggested Schedules

1. Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown

2. Security Details: Description and documentation of any collateral or security arrangements

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

4. Form of Notice: Template for required notices under the agreement

5. Evidence of Authority: Corporate resolutions or other authorization documents if required

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