The Non-Recourse Promissory Note is commonly used in project finance, real estate, and asset-based lending transactions where lenders agree to look only to specific assets for repayment. This document, governed by English and Welsh law, provides security for the lender while limiting their recourse to designated collateral, making it particularly attractive for special purpose vehicles and project-specific financing. The note typically includes detailed provisions about the pledged assets, payment terms, and explicit limitations on recourse rights.
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1. Promise to Pay: Unconditional promise to pay a specific sum on demand or at a fixed/determinable future time
2. Principal Amount: Clear statement of the amount being borrowed
3. Interest Rate: Specification of interest rate and calculation method
4. Payment Terms: Schedule and method of payments
5. Non-Recourse Provisions: Explicit limitation of recovery to specified collateral
1. Security Interest: Description of collateral (used when note is secured)
2. Default Provisions: Consequences of default and remedies available
3. Prepayment Terms: Conditions for early repayment (if permitted)
4. Transfer Rights: Terms for assignment or transfer of the note
1. Payment Schedule: Detailed breakdown of payment dates and amounts
2. Collateral Description: Detailed description of assets securing the note
3. Interest Calculation Examples: Examples showing how interest is calculated
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