Movable Hypothec Promissory Note

Company Letterhead

{{company_name}}

{{company_address}}

Phone: {{phone}} | Email: {{email}}

Website: {{website}}

PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, {{borrower_company_name}}, located at {{borrower_address}} (hereinafter referred to as "Borrower"), promises to pay to the order of {{lender_company_name}}, located at {{lender_address}} (hereinafter referred to as "Lender"), the principal sum of {{currency}} {{amount}} ({{amount_in_words}}), together with interest thereon at the rate of {{interest_rate}}% per annum.

Payment Terms

The principal sum and accrued interest shall be repaid by the Borrower to the Lender in {{number_of_installments}} equal monthly installments of {{currency}} {{installment_amount}} each, commencing on {{first_payment_date}} and continuing on the {{day_of_month}} day of each subsequent month thereafter until the entire principal sum and all accrued interest are fully paid. All payments shall be made at the address of the Lender as set forth above, or at such other place as the Lender may designate in writing.

In the event that any payment is not made within {{grace_period}} days of its due date, a late fee of {{currency}} {{late_fee_amount}} shall be applied to the outstanding payment.

Movable Hypothec (Pledge without Divestment)

To secure the repayment of the principal sum, interest, and all other obligations under this Promissory Note, the Borrower hereby constitutes a movable hypothec without divestment over the following movable assets (hereinafter referred to as the "Hypothecated Assets"): {{description_of_hypothecated_assets}}.

The Borrower declares that the Hypothecated Assets are free from any other encumbrances, charges, or security interests, and that the Borrower has full power and authority to hypothecate the same.

The Borrower undertakes to maintain the Hypothecated Assets in good condition and to insure them against all risks to their full replacement value, with the Lender being named as loss payee. Proof of insurance shall be provided to the Lender upon request.

Events of Default

The occurrence of any of the following shall constitute an "Event of Default" under this Promissory Note:

a) Failure of the Borrower to pay any installment of principal or interest when due.

b) Failure of the Borrower to perform any covenant or obligation under this Promissory Note or the hypothec agreement.

c) Any representation or warranty made by the Borrower in this Promissory Note proving to be false or misleading in any material respect.

d) Insolvency or bankruptcy of the Borrower, or the commencement of any proceedings by or against the Borrower under any bankruptcy or insolvency law.

Remedies on Default

Upon the occurrence of an Event of Default, the entire unpaid principal sum, together with all accrued interest and any other amounts due under this Promissory Note, shall, at the option of the Lender, immediately become due and payable without presentment, demand, protest, or further notice of any kind.

In such an event, the Lender shall have all rights and remedies available at law or in equity, including but not limited to the right to enforce the movable hypothec over the Hypothecated Assets in accordance with applicable laws.

Governing Law and Jurisdiction

This Promissory Note shall be governed by and construed in accordance with the laws of {{country_name}}.

Any dispute arising out of or in connection with this Promissory Note shall be subject to the exclusive jurisdiction of the courts of {{city}}, {{country_name}}.

Miscellaneous

No delay or omission on the part of the Lender in exercising any right hereunder shall operate as a waiver of such right or of any other right under this Promissory Note.

This Promissory Note may not be amended or modified except by a written instrument signed by both the Borrower and the Lender.

SIGNATURES

IN WITNESS WHEREOF, the Borrower has executed this Promissory Note on this {{day}} day of {{month}}, {{year}}.

______________________________

{{borrower_signatory_name}}

{{borrower_signatory_title}}

For and on behalf of {{borrower_company_name}}

______________________________

{{lender_signatory_name}}

{{lender_signatory_title}}

For and on behalf of {{lender_company_name}}