A Non-Recourse Promissory Note is commonly used in Philippine business transactions where lenders agree to limit their recovery solely to specific collateral, typically in asset-based financing or project finance scenarios. This document type is particularly useful when financing specific assets or projects where both parties want to ring-fence the liability to the financed asset. The note must comply with Philippine law requirements for negotiable instruments while clearly establishing its non-recourse nature. It's frequently used in real estate financing, project development, and asset-based lending where the asset's value and income-generating potential are the primary security. The document includes essential elements such as payment terms, interest rates, collateral description, and default provisions, all structured within the framework of Philippine commercial law.
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1. Identification of Parties: Clear identification of the Maker (promisor/debtor) and Payee (promisee/lender) with complete legal names and addresses
2. Promise to Pay: Unconditional promise to pay a specific sum of money, including the principal amount in both numbers and words
3. Payment Terms: Details of payment schedule, interest rate, maturity date, and method of payment
4. Non-Recourse Provision: Explicit statement limiting the lender's recourse solely to the specified collateral, with no personal liability of the maker beyond the collateral
5. Collateral Description: Detailed description of the specific asset(s) serving as collateral for the note
6. Default Provisions: Definition of events of default and remedies limited to the collateral
7. Governing Law: Specification that the note is governed by Philippine law
1. Prepayment Terms: Include when early payment options are to be allowed, specifying any prepayment penalties or conditions
2. Late Payment Provisions: Include when specific late payment fees or grace periods are to be established
3. Transfer Rights: Include when the note is intended to be negotiable or when transfer restrictions are desired
4. Insurance Requirements: Include when the collateral must be insured and maintained in specific conditions
5. Tax Provisions: Include when specific tax implications need to be addressed or allocated between parties
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and allocation between principal and interest
2. Schedule B - Collateral Description: Detailed technical or legal description of the collateral, including any registration numbers, boundaries, or specifications
3. Appendix 1 - Collateral Valuation: Independent valuation report or assessment of the collateral value
4. Appendix 2 - Collateral Registration: Copies of relevant registration documents for the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Infrastructure Development
Mining
Energy
Construction
Manufacturing
Agriculture
Project Finance
Asset Management
Relevant Teams
Legal
Finance
Treasury
Risk Management
Credit
Corporate Finance
Investment
Real Estate
Project Finance
Commercial Banking
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Credit Manager
Risk Manager
Investment Officer
Project Finance Manager
Asset Manager
Real Estate Manager
Loan Officer
Commercial Banking Officer
Corporate Finance Manager
Business Development Manager
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