(Name of Bank)
Issue Date : ______________, 20__
Maturity Date : ___________, 20__
FOR PESOS ___________________________________________________(P______________), RECEIVED.
______________________________________ 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)
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.
( ) No automatic renewal
( ) Automatic renewal under the following terms:
( ) 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.