Promissory Note

Promissory Note (Debt) – The document evidencing the debt obligations of the borrower (Issuer) to the lender (Investor).  A promissory note typically contains all the terms pertaining to the indebtedness by the issuer or maker to the note's payee, such as the amount, interest rate, penalty rates, maturity date, date and place of issuance, and issuer's signature. Promissory notes are typically associated with Loan and Security Agreements which provide much greater detail relating to the obligations of the borrower and protections for the lender.