Promissory Note From Corporation To Shareholder Template for Philippines

1. Date and Place of Execution: Specifies when and where the promissory note is executed, which is crucial for determining when the obligation begins

2. Parties: Identifies the Corporation as the Maker/Promisor and the Shareholder as the Payee/Promisee, including complete legal names and addresses

3. Promise to Pay: Clear statement of the unconditional promise to pay a specific sum of money, including the principal amount written in both words and figures

4. Interest Rate: Specifies the interest rate (if any), how it is calculated, and payment frequency, ensuring compliance with Philippine usury laws

5. Payment Terms: Details of payment schedule, including due date(s), installment amounts (if applicable), and method of payment

6. Place of Payment: Specifies where payments should be made or remitted

7. Default and Acceleration: Defines events of default and the consequence of acceleration of the entire obligation

8. Security/Collateral: If applicable, describes any assets pledged as security for the note

9. Governing Law: Explicitly states that the note is governed by Philippine law

1. Payment Schedule: If installment payments are involved, a detailed schedule of payment dates and amounts

2. Board Resolution: Copy of the corporate board resolution authorizing the issuance of the promissory note

3. Security Agreement: If collateral is involved, details of the security arrangement

4. Specimen Signatures: Authorized signatures of corporate officers executing the note