PROMISSORY NOTE

Serial No.________________ Original
________________________________
(Name of Bank)
PROMISSORY NOTE

Issue Date : ______________, 20__
Maturity Date : ___________, 20__

FOR PESOS ___________________________________________________(P______________), RECEIVED.

                                            (Present Value/Principal)

______________________________________ promises to pay ______________________________________

(Name of Issuer/Maker)                                            (Name/Account Number of Payee)

or order, the sum of PESOS _______________________________________________ (P_________________),

                                                                  (Maturity Value/Principal & Interest)

subject to the terms and conditions on the reverse side hereof.

_________________________
Duly Authorized Officer

 

NOT INSURED WITH THE PHILIPPINE DEPOSIT INSURANCE CORPORATION (PDIC)

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____________________________________________________________________________________

 

TERMS AND CONDITIONS OF A PROMISSORY NOTE

1. Computation of Yield

Interest is hereby stipulated/computed at ____ % per annum, compounded
( ) monthly ( ) quarterly ( ) semi-annually ( ) Others.

2. No Pretermination

This promissory note shall not be honored or paid by the issuer/maker before the maturity date indicated on the face hereof.

3. Liquidated Damages

In case of default, issuer/maker shall pay, in addition to stipulated interest, liquidated damages of (amount or %), plus attorney’s fees of (amount or %) and costs of collection in case of suit.

4. Renewal

( ) No automatic renewal
( ) Automatic renewal under the following terms:

__________________________________________________________________________
__________________________________________________________________________

5. Collateral/Delivery

( ) No collateral
( ) Collateralized/secured by __(describe collateral)________________________________
( ) Physically delivered to payee
( ) Evidenced by Custodian Receipt No. __________________ dated _____________ issued by

______________________________________.

( ) Collateralized/secured by _(fraction or %)_ share of _(describe collateral)___________

as evidenced by Custodian Receipt No. _______________ dated _____________ issued by
______________________________________.

6. Substitution of Securities

( ) Not acceptable to Payee
( ) Acceptable to Payee, however, actual substitution shall be with prior written consent of payee

7. Separate Stipulations

( ) This Agreement is subject to the terms and conditions of __(describe document)__ dated

________________, executed by _(name of party/ies)_ and made an integral part hereof.

 

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