An Interest Only Promissory Note is commonly used in England and Wales when parties wish to structure a loan where only interest payments are required until maturity. This document is particularly useful for situations where the borrower expects a future liquidity event or prefers lower periodic payments. The note must comply with UK financial regulations, including the Consumer Credit Act 1974 and Financial Services and Markets Act 2000. It typically includes detailed terms about interest calculations, payment schedules, default provisions, and any security arrangements. This type of note is frequently used in real estate financing, business loans, and private lending arrangements.
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1. Date and Parties: Date of execution and identification of lender and borrower with full legal names and addresses
2. Principal Amount: Statement of the amount being borrowed, expressed in both numbers and words
3. Interest Rate and Calculation: Specification of the interest rate, calculation method, and payment frequency
4. Payment Terms: Details of interest payment schedule and principal repayment at maturity
5. Maturity Date: Specification of when the principal amount becomes due
6. Representations and Warranties: Standard declarations regarding capacity, authority, and legality
7. Governing Law: Specification that the note is governed by English and Welsh law
8. Execution: Signature blocks and execution formalities
1. Security Provisions: Details of any collateral or security arrangements securing the note
2. Default and Acceleration: Terms specifying events of default and consequences, including acceleration rights
3. Prepayment Rights: Terms governing early repayment rights and any associated penalties or conditions
4. Assignment and Transfer: Provisions regarding the transferability of the note and any restrictions
5. Notices: Communication requirements and contact details for formal notices
1. Schedule 1 - Interest Payment Schedule: Detailed schedule showing dates and amounts of interest payments
2. Schedule 2 - Interest Calculation Methods: Detailed explanation of interest calculation methodology including day count conventions
3. Schedule 3 - Security Details: Description and particulars of any security or collateral (if applicable)
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