Your Promissory Note

Definition: A promissory note is a legally binding contract between a borrower and the lender, in which the borrower promises to pay back the loan.  Its sets forth the terms and conditions that apply to the loan repayment.

• In your initial year, you are given a Master Promissory Note (MPN).

• The MPN contains basic identifying information about you and your references.

• In future years, additional amounts will simply be added to the MPN according to your annual eligibility.