Promissory Note, Payable on Demand, Variable Interest, Principal Payable on Maturity
DEMAND PROMISSORY NOTE
[Loan Amount] Due: ON DEMAND
FOR VALUE RECEIVED, the undersigned, [borrower name], the ‘Borrower’, hereby acknowledges itself obliged to [Lender name], the ‘Lender’, and swears to pay ON DEMAND to the Lender or, as otherwise instructed in writing by the Lender, the principal sum of $[loan amount] in legal money of [currency of the United States of America] with interest at a changeable rate per annum equivalent to the interest rate commonly known as the ‘prime rate’ of interest declared from time to time by [Bank name of the Lender] as a reference rate then in effect for concluding interest rates and amount more than prime rate, calculated and owed monthly, not in advance, on the [day] of each and every month, beginning (first loan payment date), and both before and after claim, maturity, non-payment and judgment until paid.
The Lender may allot all of its right, title and interest in, to and under this promissory note. The payments required to be made within shall be made by the Borrower with no any right of set-off or counterclaim.
Dated: [document date]
………………………………………….. ………………………………………….
Witness Seller Name
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