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UNSECURED SUBORDINATED PROMISSORY NOTE June 30, 201 FOR VALUE RECEIVED, Southeast Community Capital Corporation, Inc. DBA Pathway Lending, a Tennessee not-for-profit corporation (Borrower”), promises
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How to fill out unsecured subordinated promissory note
How to fill out an unsecured subordinated promissory note:
01
Begin by clearly identifying the parties involved in the promissory note, including the lender (the party lending the money) and the borrower (the party receiving the loan).
02
Specify the principal amount of the loan, which refers to the initial amount being borrowed.
03
Include the interest rate that will be charged on the loan. This can be a fixed rate or a variable rate depending on the agreement between the parties.
04
State the repayment terms, including the frequency of payments (monthly, quarterly, annually) and the duration of the loan.
05
Outline any late fees or penalties that will be applied for missed or late payments.
06
Indicate if any collateral is being provided as security for the loan. If yes, describe the collateral in detail.
07
Include any conditions or contingencies that must be met before the loan is granted or before specific terms can be changed.
08
Sign and date the promissory note, ensuring that both the lender and borrower sign to show agreement and acceptance of the terms.
Who needs an unsecured subordinated promissory note:
01
Startups or small businesses seeking financing from existing lenders or potential investors.
02
Individuals or entities requiring additional capital for various purposes such as purchasing equipment or expanding operations.
03
Borrowers with a weaker credit history or limited assets who may not qualify for traditional secured loans.
04
Companies undergoing debt restructuring or refinancing, where existing loans are replaced or subordinated to new loans.
Overall, an unsecured subordinated promissory note is useful for borrowers who don't have substantial assets to offer as collateral or who want to prioritize the repayment of other debts before repaying the loan in question. It provides a legal document outlining the terms and conditions of the loan, protecting both parties and ensuring a clear understanding of the obligations involved.
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What is unsecured subordinated promissory note?
An unsecured subordinated promissory note is a debt instrument that ranks below other debts in terms of priority of repayment.
Who is required to file unsecured subordinated promissory note?
Companies or individuals issuing the promissory note may be required to file it.
How to fill out unsecured subordinated promissory note?
The promissory note should include details of the borrower, lender, loan amount, interest rate, repayment terms, and any other relevant terms.
What is the purpose of unsecured subordinated promissory note?
The purpose is to document a loan agreement and specify the terms of repayment.
What information must be reported on unsecured subordinated promissory note?
Details of the loan agreement, including names of parties, loan amount, interest rate, repayment terms, and any other relevant terms.
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