Promissory Note
Promissory Note – Installment Re-payments
A Promissory Note is used when a Borrower borrows money from the Lender/Investor, from another person or from a Financial Institution. The Borrower agrees to repay the Loan according to the terms of the Promissory Note. If the Note is unsecured, there is no collateral other than the promise of the Borrower to pay back the Loan. Your Lawyer will draft any and all other clauses for your Project’s unique situations and circumstances.
Lenders/investor’s should consider their investment with caution because Loans to Independent Filmmakers/Producers are risky. As a debt instrument, a promissory note is not a security. The borrower is entitled to a return of his money plus interest.
A clause guaranteeing repayment of this promissory note is a Guarantee signed by another person or company. If the Borrower fails to repay the loan, the Lender can proceed against the Guarantor for repayment.
This Agreement is drafted in plain English that is easy to read and comprehend. This is a three page, fourteen clause legal Agreement. The Agreement may be filled in on your computer or printed out and filled in later.
We regularly receive feedback that we have successfully drafted our music contracts to be as complete as possible for all legal situations. However, should you experience a unique personal situation requiring the drafting of a special clause, please contact us at your convenience. Otherwise, you may be obliged to find a local entertainment lawyer experienced in the music industry who will draft any and all other clauses for your Project’s unique situation or circumstance.
Our contracts are based on the principles of contract law, are country neutral and may be used in Australia, Canada, England, India, Ireland, New Zealand, South Africa, United Sates or any country whose legal principles are based on the English or American Legal System.
Our music contracts provide legal protection for music writers and composers, music agents, music recorders, music producers, musicians and singers, music distributors and music marketers and are used by: Alternative bands, Ambient musicians, Blues Bands and Blues singers, Classic Rock Tribute Bands, Choral Ensembles, Country and Western Bands, Country Rock Bands, Country singers, Dance Bands, Electric and Electronic Bands, Folk singers, Hip Hop singers, Jazz singers, Jazz Bands, Jazz ensembles, Polka Bands, Rap singers, Rap groups, Reggae Bands and Reggae singers, Religious Groups and Religious Bands, Religious Singers, R&B Groups, R&B Bands, R&B Singers, Rock Bands, and International Bands and International singers.
There are two forms of this Agreement.
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Promissory Note with Guarantee
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Promissory Note (with Guarantee)
Borrower Name: _____________________________________________ (Print Names) Principal Amount: ____________________________________________ Term: _____________________________________________________ Payee: _____________________________________________________ Address for Payment: _________________________________________ _________________________________________ _________________________________________ Project Name: _______________________________________________ Project Genre: _______________________________________________ (film, music video, stage play, documentary etc.) 1. Annual interest rate on matured, unpaid amounts shall be the maximum amount permitted by the Laws of __________________________________. (state, province, country) 2. This Note is due and payable with __________ monthly payments in total with each and every payment being an equal monthly payment of _____________ principle. The first such payment due and payable on the __________ day of _____________________, 20____, and a like installment shall be due and payable on the same day of each succeeding month thereafter until the total principal of __________________ is paid in full. If each payment is not paid on time, the remaining balance will be subject to the maximum amount of interest permitted by the Laws _______________________________. (state, province, country) 3. Borrower reserves the right to prepay this Note in whole or in part, prior to maturity, without penalty. 4. Borrower promises to pay to the order of Payee at the place for payment and according to the terms for . . . continued 10. If any provision of this Note or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Note nor the application of the provision to other persons, entities or circumstances shall be affected . . . continued (0)
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