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In the case of rent payments, a PN may be used when the rent has not been paid for some time.
Borrower hereby unconditionally promises to pay to each Lender in accordance with each Lender's respective Pro Rata Share of each Credit Facility, the outstanding principal amount of all Credit Extensions made by the Lenders under such Credit Facility and accrued and unpaid interest thereon and any other amounts due hereunder as and when due in accordance with this Agreement.
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Lender, promisee, obligee - person who lends the money, receives the payments for the loan. There are four types of financing terms the buyer and seller might agree to: (Borrower) agrees and promises to pay to (Lender) the sum of ($ ) Dollars for value received, with interest at the annual rate of % payable after (Date). It is a document that: Describes a loan made from a lender to a borrower; Confirms the borrower's promise to pay back the sum of money, or principal, to the lender; Establishes a repayment plan for the amount borrowed A promise to pay letter is an agreement to repay a debt by a specified date.
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