Promissory Note between L3 Corp. and Holder

Contract Categories: Business Finance › Note Agreements
Summary

This agreement is a promissory note in which L3 Corp. (the Maker) promises to pay a specified sum of money to the Holder on demand. The principal amount accrues interest at 18% per year, payable monthly, until fully repaid. The Maker can repay the loan in part or in full at any time without penalty. The Holder may assign the note to another party with written notice to the Maker. The agreement is governed by the laws of a specified jurisdiction.

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EX-10.1 2 l3_ex101.htm FORM OF NOTE l3_ex101.htm
EXHIBIT 10.1
 
PROMISSORY NOTE
 
Principal: USD$____
DATED:  ___, 2013
 
FOR VALUE RECEIVED, ____________(the Maker) does hereby unconditionally promise to pay to or to the order of ____________ (the Holder), ON DEMAND the sum of ___________DOLLARS ($_______) of lawful money of the United States of America (the Principal) on the following terms and conditions:
 
Payment of Principal: The Principal shall be payable on DEMAND.
Interest: Interest shall accrue on the unpaid portion of the Principal at the rate of 18% per annum, calculated and payable monthly, until repaid.
Prepayment: The Maker shall have the right at any time to pay all, or any portion of, the Principal outstanding as at the date of such payment without notice, bonus or penalty.
Assignment: This Promissory Note is assignable by the Holder with written notice of that assignment to the Maker.
Waiver: The Maker waives presentment for payment, protest, notice of protest, notice of dishonor, notice of non-payment and all other notices and demands in connection with the delivery, acceptance, performance, default or enforcement of this Promissory Note.
Governing Law: This Promissory Note shall be governed by, and construed and enforced in accordance with, the laws of ______________.
 
DATED at __________________, on the day and year first above written.
 
SIGNED, SEALED AND DELIVERED by __________on behalf of L3 Corp. the presence of the following witness:
  
 
     
______________________________
  
______________________________
Witness signature   L3 Corp. – (authorized signature)
     
______________________________
    
Witness Name