Guarantee of Claim Promissory Note

{{company_name}}

{{company_address}}

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

Guarantee of Claim Promissory Note

Guarantee of Claim Promissory Note

PROMISSORY NOTE

FOR VALUE RECEIVED, the undersigned, {{borrower_name}} (hereinafter referred to as "Maker"), with physical address at {{borrower_address}}, hereby unconditionally promises to pay to the order of {{lender_name}} (hereinafter referred to as "Payee"), with physical address at {{lender_address}}, the principal sum of {{amount_in_words}} ({{currency}} {{amount_in_figures}}) on or before {{due_date}}, or upon demand by the Payee.

This Promissory Note is issued as a guarantee of a claim related to {{description_of_claim_guaranteed}}.

INTEREST

The principal sum shall bear interest at the rate of {{interest_rate_percentage}}% per annum, calculated from the date of this Note until the principal sum and all accrued interest are paid in full. Interest shall be calculated on the {{interest_calculation_method}} basis.

PAYMENT

Payments shall be made in {{currency}} in lawful money of {{country}}, at the address of the Payee as stated above, or at such other place as the Payee may designate in writing. All payments shall be applied first to the accrued interest and then to the principal sum. Payments shall be made in {{payment_frequency}} installments of {{installment_amount}} each, commencing on {{first_payment_date}}.

DEFAULT

Upon default in the payment of any installment of principal or interest, or upon the breach of any other term or condition of this Note, the entire outstanding principal sum and accrued interest shall, at the option of the Payee, become immediately due and payable without presentment, demand, protest, or notice of any kind. A default shall include, but not be limited to: (a) failure to pay any amount due under this Note within {{grace_period_days}} days of its due date; (b) the insolvency or bankruptcy of the Maker; (c) the dissolution or liquidation of the Maker (if a corporate entity).

ACCELERATION

If any event of default occurs, the Payee may, at its sole discretion, declare the entire unpaid principal balance of this Note and all accrued interest immediately due and payable.

COLLECTION COSTS

If this Note is placed in the hands of an attorney for collection, or if suit is brought to collect this Note, or if this Note is collected through bankruptcy, insolvency, or other judicial proceedings, the Maker agrees to pay all costs of collection, including, but not limited to, reasonable attorney's fees.

GOVERNING LAW

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

WAIVER

No waiver of any breach of any provision of this Note shall be effective unless in writing and signed by the Payee. No waiver of any breach shall be deemed a waiver of any subsequent breach of the same or any other provision.

SEVERABILITY

If any provision of this Note is held to be invalid or unenforceable, such provision shall be severed from this Note, and the remainder of this Note shall remain in full force and effect.

ENTIRE AGREEMENT

This Note constitutes the entire agreement between the Maker and the Payee and supersedes all prior negotiations, understandings, and agreements, whether written or oral.

SIGNATURES

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

MAKER:

_______________________

{{borrower_name}}

{{borrower_ID_number_or_company_reg_number}}

WITNESSES:

1. _______________________

{{witness_name_1}}

2. _______________________

{{witness_name_2}}

PAYEE (Acknowledgement of Receipt):

_______________________

{{lender_name}}

{{lender_ID_number_or_company_reg_number}}