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A Full Recourse Promissory Note is commonly used in the Philippines when parties need to document a loan or debt obligation with strong creditor protections. This instrument, governed by Philippine law, particularly the Negotiable Instruments Law and Civil Code, provides lenders with comprehensive rights to recover the full amount owed, including access to all of the borrower's assets, not just specified collateral. The document is typically used in both commercial and personal lending scenarios, from business loans to private lending arrangements. The Full Recourse Promissory Note includes essential details such as the principal amount, interest rate, payment terms, default provisions, and the unconditional promise to pay. It's particularly valuable in situations where the lender requires maximum security and enforcement options for the debt obligation.

1. Heading and Date: Title of document as 'Promissory Note' and date of execution

2. Parties: Clear identification of the Maker (borrower/promisor) and Payee (lender/promisee) with complete details

3. Promise to Pay: Unconditional promise to pay, stating the principal amount in both numbers and words

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

5. Interest Rate: Clearly stated interest rate, computation method, and payment schedule

6. Place of Payment: Specified location or manner where payment should be made

7. Default Provisions: Consequences of default, including acceleration clause and late payment penalties

8. Full Recourse Provision: Explicit statement of full recourse nature and details of maker's complete liability

9. Security: Details of any collateral or security provided for the note

10. Governing Law: Specification of Philippine law as governing law

11. Signature Block: Space for maker's signature, with complete details and date