# Payment in Due Course Agreement
**This Payment in Due Course Agreement** ("Agreement") is made and entered into this [Date] by and between:
**LENDER:**
[Full Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**BORROWER:**
[Full Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**RECITALS**
WHEREAS, the Lender agrees to lend a sum of money to the Borrower, and the Borrower agrees to repay that sum under the terms specified herein.
**NOW, THEREFORE, the parties hereby agree as follows:**
## 1. LOAN AMOUNT
The Lender agrees to lend the Borrower the principal amount of **$[Loan Amount]** (the "Loan Amount").
## 2. DUE DATE
The Borrower agrees to repay the Loan Amount along with any applicable interest on or before **[Due Date]** (the "Due Date").
## 3. INTEREST RATE
The Loan Amount shall bear interest at the rate of **[Interest Rate]%** per annum, calculated in accordance with the appropriate payment schedule.
## 4. PAYMENT TERMS
The Borrower shall make payments to the Lender in the following manner:
- Payment Schedule: [Weekly/Monthly/Quarterly]
- Amount per Payment: $[Payment Amount]
- First payment due: **[First Payment Due Date]**
Payments should be made via [Specify payment method, e.g., bank transfer, cheque, etc.].
## 5. PREPAYMENT
The Borrower may prepay the Loan Amount in whole or in part at any time without penalty.
## 6. DEFAULT
In the event of default by the Borrower, which occurs when the Borrower fails to make any payment due under this Agreement, the Lender may:
- Demand immediate payment of the entire unpaid balance and accrued interest, or
- Pursue any other rights or remedies under applicable law.
## 7. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the State of [Specify State].
## 8. ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties with respect to its subject matter and supersedes any prior agreements, understandings, or representations.
## 9. AMENDMENTS
Any amendments to this Agreement shall be made in writing and signed by both parties.
## 10. SEVERABILITY
If any provision of this Agreement is found to be unenforceable or invalid, the remaining provisions shall remain in full force and effect.
**IN WITNESS WHEREOF**, the parties have executed this Payment in Due Course Agreement as of the date first above written.
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**LENDER**
Signature: ____________________________
Printed Name: _________________________
Date: _________________________________
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**BORROWER**
Signature: ____________________________
Printed Name: _________________________
Date: _________________________________
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**NOTARY PUBLIC** (if required)
State: __________________________
County: _________________________
My Commission Expires: __________
Signature: ____________________________
Date: _________________________________
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*This document serves as a sample and should be tailored to meet the specific needs and legal requirements of the parties involved. It is recommended to consult with a legal professional before finalizing any legal agreement.*