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Loan Note |
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Loan Note A contract stating the terms of a loan, such as the principal, the interest rate, and the payment schedule. A loan note states the rights and obligations of both the lender and the borrower. If one party does not fulfill his/her obligations, the other may sue for redress. Loan note. A loan note is a promissory agreement describing the terms of a loan and committing the person or institution borrowing the money to live up to those terms. For example, a mortgage loan note states the principal balance, the interest rate, the discount points, a payment schedule and due date, and any potential penalties for violating the repayment terms. When the required repayment has been made, the agreement between the parties ends. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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