Note
What does it mean
A Note is a financial agreement between a borrower and a creditor. In this agreement, the borrower receives loan proceeds and commits to making periodic payments of interest and/or principal over a specified period. The Note also typically identifies collateral, reporting requirements, default remedies, and personal guarantees.
Why does it matter
The Note is the core document of a loan, outlining the agreed terms for both the bank and borrower. It also refers to other important aspects of the agreement, such as collateral, personal guarantees, and additional terms and conditions.
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