promissory note

American  

noun

1. a written promise to pay a specified sum of money to a designated person, or to the bearer of the note, at a fixed time or on demand.

2. a written promise to do or provide something, usually presented as a gift and claimable when or however the recipient chooses.

---

promissory note British  

noun

1. Also called: note.   note of hand.  commerce a document, usually negotiable, containing a signed promise to pay a stated sum of money to a specified person at a designated date or on demand

---

Etymology

Origin of promissory note

First recorded in 1700–10

Example Sentences

The company said Wednesday that the Series F financing round includes $70 million in new capital and the conversion of $30 million in convertible promissory notes with accrued interest.

From The Wall Street Journal

Under what the lawsuit says was “immense pressure,” Kwatra signed a statement and a promissory note agreeing to repay the amount.

From The Wall Street Journal

In addition, AT Umbrella, which owns the operating subsidiaries, issued $350 million of promissory notes to the same insiders concurrent with the IPO, effectively another payout to them.

From The Wall Street Journal

Both Gary and his partner in the project, David Gentile, were sued in 2022 by investors who held promissory notes on Qello.

From The Wall Street Journal

The company has held talks with those investors — mainly hedge funds — about selling them interest-bearing promissory notes that convert into company stock, but nothing has come of them yet.

From New York Times