The Discount Promissory Note is commonly used in Philippine business and financial transactions where parties seek immediate access to funds at a discount from the full face value. This instrument, regulated under Philippine law, particularly the Negotiable Instruments Law and BSP regulations, provides a formal mechanism for short-term financing needs. It's frequently used in trade financing, business operations, and commercial transactions where the borrower (maker) agrees to pay a fixed amount at maturity in exchange for receiving a lesser amount immediately. The discount represents the lender's profit and compensation for early payment. This document type is particularly useful for businesses seeking working capital, inventory financing, or trade credit, and must include specific elements to be legally enforceable in the Philippines.
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1. Heading and Date: Title of the document as 'Discount Promissory Note' and the date of execution
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the face value of the note and the discounted amount being received
3. Payment Terms: Detailed terms including maturity date, place of payment, and whether payable on demand or at a fixed time
4. Interest Rate and Discount: Clear statement of the discount rate applied, resulting discounted amount, and any applicable interest rates after maturity
5. Mode of Payment: Specified means of payment and currency to be used
6. Default Provisions: Consequences of default and acceleration clause
7. Maker's Details: Complete name and address of the maker/borrower
8. Payee's Details: Complete name and address of the payee/lender
9. Signature Block: Space for signatures, names, and dates for all parties
1. Collateral: Details of any security or collateral provided for the note, used when the note is secured by specific assets
2. Co-Maker Provision: Section for co-maker details and obligations, included when there is a co-maker or guarantor
3. Prepayment Terms: Terms and conditions for early payment, including any prepayment penalties or benefits
4. Assignment Clause: Terms regarding the transferability of the note, included when the note needs to be negotiable
5. Attorney's Fees: Provision for payment of attorney's fees in case of enforcement through legal action
6. Venue Clause: Specification of venue for legal proceedings, included when parties want to pre-agree on jurisdiction
1. Schedule A - Discount Calculation: Detailed breakdown of the discount calculation showing face value, discount rate, and discounted amount
2. Schedule B - Payment Schedule: If payments are to be made in installments, a detailed schedule of payment dates and amounts
3. Schedule C - Collateral Details: If applicable, detailed description of any collateral securing the note, including valuations and conditions
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Trade Finance
Real Estate
Manufacturing
Retail
Import/Export
Small and Medium Enterprises
Agriculture
Construction
Relevant Teams
Finance
Treasury
Legal
Credit and Collections
Risk Management
Commercial Banking
Corporate Banking
Trade Finance
Compliance
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Treasury Manager
Credit Officer
Financial Controller
Accounts Receivable Manager
Credit Risk Manager
Commercial Lending Officer
Business Development Manager
Financial Analyst
Corporate Lawyer
Legal Counsel
Company Secretary
Banking Operations Manager
Trade Finance Manager
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