Answer :

You legally agree to repay the amount you borrowed, plus any accrued interest and fees, by signing a Master Promissory Note.

A promissory word, every now and then called a notice payable, is a legal instrument (more especially, a financing instrument and a debt instrument), wherein one birthday celebration (the maker or company) guarantees in writing to pay a determinate amount of cash to the opposite (the payee), both at a fixed or determinable future time or on demand of the payee, underneath particular phrases and situations. The phrases of a note commonly consist of the fundamental amount, the interest price if any, the events, the date, the phrases of compensation (which can include interest) and the maturity date. From time to time, provisions are protected concerning the payee's rights inside the occasion of a default, which can also encompass foreclosure of the maker's belongings. In foreclosures and agreement breaches, promissory notes under CPLR 5001 allow lenders to recover prejudgement hobby from the date interest is due until legal responsibility is installed.

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