The Promissory Note With Balloon Payment is commonly used in the Philippines when a borrower needs more affordable regular payments during the loan term, with a larger final payment at the end. This structure is particularly useful in business financing, equipment purchases, or real estate transactions where the borrower expects a future liquidity event or increased future income. The document must comply with Philippine financial regulations, including the New Central Bank Act and Truth in Lending Act, and requires careful drafting to ensure enforceability under Philippine law. It typically includes comprehensive details about payment terms, interest calculations, security arrangements, and remedies in case of default, making it a crucial tool for both commercial and personal lending transactions.
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1. Parties: Identifies the Lender and Borrower with their complete legal names and addresses
2. Promise to Pay: Clear statement of the principal amount borrowed and unconditional promise to repay
3. Payment Terms: Details of regular payment schedule including amounts, due dates, and specific terms of the balloon payment
4. Interest Rate: Specifies the interest rate, whether fixed or variable, and how it's calculated
5. Balloon Payment: Explicit details of the balloon payment including amount and due date
6. Security: Description of any collateral or security provided for the note
7. Events of Default: Lists circumstances that constitute default and consequences
8. Remedies: Outlines the lender's rights and remedies in case of default
9. Governing Law: Specifies Philippine law as governing law and jurisdiction
1. Prepayment Provisions: Include when early payment is allowed, specifying any penalties or conditions
2. Late Payment Charges: Include when there are specific penalties or charges for late payments
3. Assignment: Include when the note may be assigned or transferred to other parties
4. Co-Signer Provisions: Include when there is a co-signer or guarantor for the note
5. Insurance Requirements: Include when specific insurance must be maintained on collateral
6. Acceleration Clause: Include when the lender has the right to demand full payment under certain conditions
1. Payment Schedule: Detailed amortization table showing all regular payments and the balloon payment
2. Collateral Description: Detailed description of any assets serving as security for the note
3. Guarantor Information: Details of any guarantors or co-signers if applicable
4. Interest Calculation Method: Detailed explanation of how interest is calculated and applied
Relevant legal definitions
Clauses
Relevant Industries
Banking
Real Estate
Financial Services
Manufacturing
Retail
Agriculture
Construction
Small Business
Automotive
Equipment Leasing
Relevant Teams
Legal
Finance
Treasury
Credit and Risk
Compliance
Commercial Banking
Corporate Finance
Business Development
Loan Operations
Documentation
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Officer
Legal Counsel
Loan Officer
Business Development Manager
Risk Manager
Treasury Manager
Accounts Manager
Commercial Banking Officer
Corporate Finance Manager
Financial Controller
Compliance Officer
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Straight Note Loan
A Philippine law-governed loan agreement for a single-payment loan with interest due at maturity.
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Promissory Note To Follow Documents
A Philippine law-governed financial instrument committing payment against future delivery of trade documents, commonly used in international trade finance.
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Promissory Note For Honorable Dismissal
A Philippine legal document establishing a student's promise to pay outstanding obligations to secure an honorable dismissal certificate from an educational institution.
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A Philippine law-compliant promissory note specifically designed for guaranteeing payment of examination fees to educational institutions or examination providers.
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A Philippine law-governed document establishing the terms and conditions of a loan agreement, including principal, interest, and repayment terms.
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Unsecured Promissory Note
A Philippine law-governed financial instrument documenting an unsecured promise to pay a specified sum of money, creating a legally binding obligation between maker and payee.
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Standard Promissory Note
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Promissory Note For Tuition Fee With Partial Payment
A Philippine-law governed promissory note establishing terms for partial payment of tuition fees between educational institutions and students/guardians.
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Promissory Note For Lacking Documents
A Philippine legal instrument that documents a debt obligation while acknowledging and accounting for temporarily missing formal documentation, governed by Philippine commercial and civil law.
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Promissory Note For Delayed Payment
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Government Promissory Note
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Convertible Promissory Note
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Senior Promissory Note
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Promissory Note With Collateral
A Philippine law-governed financial instrument combining a promise to pay with collateral security provisions, creating a secured debt obligation.
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Promissory Note Installment Payments
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A Philippine-law governed promissory note limiting the lender's recovery rights exclusively to specified collateral, with no recourse to the borrower's other assets.
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Full Recourse Promissory Note
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A legally binding document under Philippine law that formalizes and documents monetary loans between family members, establishing repayment terms and conditions.
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Unsecured Promissory Note Installment Payments
A Philippine-law governed promissory note documenting an unsecured loan repayable in installments, including payment terms and interest calculations compliant with local regulations.
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A Philippine law-governed promissory note documenting a loan from a shareholder to their corporation, establishing loan terms and conditions.
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