The Intercompany Promissory Note is a crucial document in corporate group structures operating in the Philippines, used to formalize and document loan arrangements between related entities. It serves multiple purposes: establishing legally binding payment obligations, maintaining clear financial records for audit purposes, and ensuring compliance with regulatory requirements for related party transactions. This document becomes particularly important in the context of Philippine corporate law, which requires transparent documentation of intercompany financing arrangements. The note must comply with both the Negotiable Instruments Law (Act No. 2031) and the Corporation Code of the Philippines, while also satisfying requirements from tax authorities and, where applicable, the Bangko Sentral ng Pilipinas. It typically includes detailed terms about the loan amount, interest rates, payment schedules, and default provisions, making it an essential tool for corporate treasury operations and group financial management.
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1. Parties: Identification of the maker (debtor company) and the payee (creditor company), including their complete legal names, registration numbers, and principal business addresses
2. Background: Brief context of the intercompany loan arrangement and the purpose of the promissory note
3. Definitions: Key terms used in the document, including 'Business Day', 'Interest Rate', 'Default Event', and other relevant terms
4. Promise to Pay: Unconditional promise to pay the principal amount, specifying the exact sum in both numbers and words
5. Interest Rate: Specification of the interest rate, calculation method, and payment frequency
6. Payment Terms: Details of when and how payments will be made, including maturity date and payment schedule
7. Place of Payment: Specified location or method where/how payment should be made
8. Events of Default: Circumstances that constitute default and consequences thereof
9. Remedies: Rights and remedies available to the payee in case of default
10. Governing Law: Specification that Philippine law governs the promissory note
11. Execution: Signature blocks for authorized representatives of both companies
1. Security: Include when the note is secured by collateral or guarantees
2. Prepayment Terms: Include when early payment is allowed, specifying any penalties or conditions
3. Tax Provisions: Include when specific tax arrangements between the companies need to be documented
4. Currency Provisions: Include when the note involves foreign currency or multiple currency options
5. Assignment: Include when transfer or assignment rights need to be specified or restricted
6. Corporate Approvals: Include when specific board or shareholder approvals need to be referenced
7. Notices: Include when formal communication procedures between parties need to be established
1. Payment Schedule: Detailed schedule of payment dates and amounts, if installment payments are involved
2. Interest Calculation Methods: Detailed explanation of interest calculation formulas and examples
3. Corporate Authorizations: Copies of relevant board resolutions or corporate approvals
4. Security Details: If applicable, details of any collateral or security arrangements
5. Related Party Transaction Documentation: Any required documentation proving fair dealing and arm's length terms
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Financial Services
Real Estate
Technology
Retail
Energy
Healthcare
Transportation
Construction
Mining
Telecommunications
Conglomerates
Relevant Teams
Legal
Finance
Treasury
Tax
Compliance
Corporate Secretariat
Risk Management
Accounting
Corporate Governance
Internal Audit
Relevant Roles
Chief Financial Officer
Treasury Manager
Financial Controller
Corporate Secretary
Legal Counsel
Finance Director
Accounts Manager
Tax Manager
Corporate Treasurer
Compliance Officer
Group Financial Controller
Financial Planning Manager
Board Director
Company Secretary
Risk Manager
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