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Draft Promissory Note Credit Agreement 10 20 14

This promissory note outlines the terms of a loan between a lender and borrower corporation. The borrower promises to pay the principal sum of $__________ plus 7% annual interest compounded with the principal. Interest is due monthly and the entire balance is due on the maturity date. The note can be prepaid without penalty with advance notice. It is part of a larger credit agreement and subjects the borrower to costs of collection if payment is late or missed. The note is governed by the laws of the location where it was executed.

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Leonil Anthony S. Bacay
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95 views2 pages

Draft Promissory Note Credit Agreement 10 20 14

This promissory note outlines the terms of a loan between a lender and borrower corporation. The borrower promises to pay the principal sum of $__________ plus 7% annual interest compounded with the principal. Interest is due monthly and the entire balance is due on the maturity date. The note can be prepaid without penalty with advance notice. It is part of a larger credit agreement and subjects the borrower to costs of collection if payment is late or missed. The note is governed by the laws of the location where it was executed.

Uploaded by

Leonil Anthony S. Bacay
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PROMISSORY NOTE

$_____________________
Place of execution
Date of execution

This Promissory Note (the "NOTE") is made and executed as of the date referred to
above, by and between _____________________, a corporation duly organized and existing
under the laws of _____________________________ (the "LENDER"), and __________________,
INC., a corporation duly organized and existing under the laws of the Republic of the
Philippines with office address at _____________________________ (the "LENDER").

By this Note, the BORROWER promises and agrees to pay to the order of LENDER, at
[***] or at such other place as LENDER may designate in writing, the principal sum
of United States Currency: ________________________________ Dollars ($___________.00), as
part of and pursuant to the terms of a Credit Agreement (the "CREDIT
AGREEMENT") executed by the Parties on ___________________________, of even date
herewith, whichever is less, together with interest thereon from the date said
drawdown is made until paid in full, both before and after judgment, at the rate of
seven percent (7%) per annum to be compounded with the principal.

BORROWER shall pay accrued interest on the outstanding principal balance under
the Note on a monthly basis commencing on ________________, and continuing on the
______________ day of each month thereafter until paid in full. The entire unpaid
principal balance, together with any accrued interest and other unpaid charges or
fees hereunder, shall be due and payable on _________________ (the "MATURITY
DATE").

Prepayment in whole or part may occur at any time hereunder without penalty;
provided that the LENDER shall be provided with not less than ten (10) days notice
of the BORROWER's intent to pre-pay; and provided further that any such partial
prepayment shall not operate to postpone or suspend the obligation to make, and
shall not have the effect of altering the time for payment of the remaining balance of
the Note as provided for above, unless and until the entire obligation is paid in full.
All payments received hereunder shall be applied, first, to any costs or expenses
incurred by LENDER in collecting such payment or to any other unpaid charges or
expenses due hereunder; second, to accrued interest; and third, to principal.

This Note subject to and shall be deemed part of the Credit Agreement. Any and all
provisions of the Credit Agreement that is not inconsistent herewith shall likewise
be deemed applicable to the enforcement of this Note.

The BORROWER hereof waives presentment for payment, protest, demand, notice of
protest, notice of dishonor, and notice of nonpayment, and expressly agrees that this
Note, or any payment hereunder, may be extended from time to time by the
LENDER without in any way affecting its liability hereunder.

In the event any payment under this Note is not made at the time and in the manner
required, the BORROWER agrees to pay any and all costs and expenses which may
be incurred by the LENDER hereof in connection with the enforcement of any of its
rights under this Note or under any such other instrument, including court costs and
reasonable attorneys' fees. The parties acknowledge that this Note may be
separately enforced or can be subject of a separate cause of action from the other
promissory notes executed pursuant to the provisions of the Credit Agreement.

This Note shall be governed by and construed and enforced in accordance with the
laws of ________________.

________________________________________ _______________________________

By: By:

__________________________ ___________________________
_______________________ President

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