PROMISSORY NOTE (INSTALLMENT - ALASKA)

1. DOCUMENT HEADER

PROMISSORY NOTE (INSTALLMENT - ALASKA)
Date: [EFFECTIVE DATE]

This Promissory Note (this "Note") is executed by [BORROWER LEGAL NAME] ("Borrower"), in favor of [LENDER LEGAL NAME] ("Lender" and, together with any lawful endorsee or holder, "Holder").

WHEREAS, Borrower has requested that Lender extend credit in the amount of [PRINCIPAL AMOUNT] USD; and
WHEREAS, Lender is willing to make such extension of credit upon the terms set forth herein;

NOW, THEREFORE, Borrower unconditionally promises to pay to the order of Lender the principal, interest, fees, and all other amounts due under this Note.

2. DEFINITIONS

"Applicable Law" means all federal and state statutes, including Alaska UCC and usury law (AS 45.45.010).
"Business Day" means any day other than a Saturday, Sunday, or legal holiday in Alaska.
"Default Interest Rate" has the meaning given in Section 3.4.
"Event of Default" has the meaning given in Section 6.1.
"Maturity Date" means [MATURITY DATE].

3. OPERATIVE PROVISIONS

3.1 Promise to Pay

Borrower unconditionally promises to pay to the order of Holder the Principal together with all accrued interest, fees, costs, and other amounts due under this Note.

3.2 Payment Schedule

Principal and interest shall be paid in [NUMBER] installments of [INSTALLMENT AMOUNT] each on the [DAY] day of each month, commencing on [FIRST PAYMENT DATE] and continuing until the Maturity Date.

3.3 Interest Rate

Interest shall accrue at [ANNUAL INTEREST RATE]% per annum, computed on a 360-day year basis.

3.4 Default Interest

Upon an Event of Default, the outstanding balance shall bear interest at the lesser of [DEFAULT RATE]% or the maximum rate permitted by law.

3.5 Prepayment

Borrower may prepay without premium or penalty.

3.6 Application of Payments

Payments shall be applied to fees, then interest, then principal.

3.7 Alaska Usury Savings Clause

The parties intend to comply with Alaska usury law (AS 45.45.010). The legal rate is 10.5% per annum; parties may contract for any rate in writing. Any excess interest shall be applied to principal.

4. REPRESENTATIONS & WARRANTIES

Borrower represents and warrants:
(a) Organization; Authority.
(b) Due Authorization; Enforceability.
(c) No Conflict.
(d) Solvency.

5. COVENANTS & RESTRICTIONS

5.1 Affirmative Covenants

Borrower shall make timely payments, comply with law, maintain books and records, and provide notice of defaults.

5.2 Negative Covenants

Borrower shall not transfer substantially all assets, effect a change of control, or incur impairing indebtedness without Holder's consent.

6. DEFAULT & REMEDIES

6.1 Events of Default

(a) Payment Default.
(b) Covenant Default.
(c) Misrepresentation.
(d) Insolvency Events.
(e) Cross-Default.

6.2 Remedies

Upon default, Holder may accelerate, apply default interest, exercise set-off, recover collection costs, and pursue all available remedies.

6.3 Waivers by Borrower

Borrower waives presentment, demand, notice of dishonor, and protest.

7. RISK ALLOCATION

7.1 Indemnification

Borrower shall indemnify Holder for losses arising from this Note, except for Holder's gross negligence or willful misconduct.

7.2 Limitation of Liability

Holder's aggregate liability shall not exceed the Principal and accrued interest outstanding.

7.3 Force Majeure

Holder is not liable for delays beyond reasonable control.

8. DISPUTE RESOLUTION

8.1 Governing Law

This Note shall be governed by Alaska law.

8.2 Forum Selection

The Parties submit to exclusive jurisdiction of Alaska state courts.

8.3 Arbitration (Optional)

Disputes may be resolved by binding arbitration.

8.4 Jury Trial Waiver (Optional)

EACH PARTY WAIVES ANY RIGHT TO A JURY TRIAL.

9. GENERAL PROVISIONS

9.1 Amendments require written consent.
9.2 Borrower may not assign without consent.
9.3 Invalid provisions shall be severed.
9.4 This Note is the entire agreement.
9.5 Electronic signatures are valid.
9.6 Notices shall be in writing.

10. EXECUTION BLOCK

IN WITNESS WHEREOF, Borrower has executed this Promissory Note as of the date first written above.

BORROWER:

[BORROWER LEGAL NAME]
By: _______________________________
Name: _____________________________
Title: _____________________________

LENDER:

[LENDER LEGAL NAME]
By: _______________________________
Name: _____________________________
Title: _____________________________

[Notary Acknowledgment, if required]