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Promissory Note For Partial Payment
"I need a Promissory Note For Partial Payment to document a £50,000 business loan to be repaid in monthly installments of £2,500 starting March 2025, with 5% annual interest and acceleration clause in case of default."
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1. Date: Date of issuance of the promissory note
2. Parties: Full legal names and addresses of maker (promisor) and payee (promisee)
3. Amount: Total sum owed and details of partial payment arrangement
4. Payment Terms: Schedule of payments, including dates and amounts
5. Interest Rate: Specification of any applicable interest rate and calculation method
1. Security: Details of any collateral or security arrangements securing the note
2. Default Provisions: Consequences of default and available remedies
3. Acceleration Clause: Conditions under which full payment becomes immediately due
4. Prepayment Terms: Conditions and terms for early repayment of the note
5. Governing Law: Explicit statement that the note is governed by English and Welsh law
1. Payment Schedule: Detailed breakdown of payment installments, including dates and amounts
2. Security Details: Comprehensive description of any security or collateral provided
3. Calculation of Interest: Detailed methodology for calculating interest, if applicable
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