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A Personal Promissory Note is commonly used in Denmark when one party wishes to formalize a lending arrangement with another party, typically in personal or small business contexts. This document, governed by Danish law, creates a legally binding obligation for the borrower to repay a specified sum of money to the lender according to agreed-upon terms. The Personal Promissory Note must comply with Danish financial regulations, particularly the Danish Promissory Notes Act (Gældsbrevsloven) and the Danish Contracts Act (Aftaleloven). It is particularly useful in situations where parties want to document a loan agreement without the complexity of a full loan agreement, while still maintaining legal enforceability. The document typically includes key information such as the loan amount, interest rate, payment schedule, and consequences of default, providing a clear record of the debt obligation and its terms.

1. Parties: Identification of the Lender (Creditor) and Borrower (Debtor) with full legal names and addresses

2. Principal Amount: Clear statement of the loan amount in numbers and words, including the currency

3. Promise to Pay: The unconditional promise by the borrower to repay the stated amount

4. Interest Rate: Specification of the applicable interest rate, calculation method, and payment frequency

5. Payment Terms: Details of repayment schedule, including due dates, installment amounts, and payment method

6. Prepayment: Terms and conditions for early repayment of the loan

7. Default Provisions: Consequences of missing payments and definition of events of default

8. Governing Law: Statement that the note is governed by Danish law

9. Signatures: Execution block with date and signatures of the parties