The Secured Demand Note is a specialized financial instrument commonly used in Philippine business and lending transactions when a lender requires both immediate repayment rights and security for their loan. This document type combines the flexibility of a demand note with the protection of collateral, making it particularly useful for commercial lending, business financing, and secured personal loans. A properly structured Secured Demand Note must comply with various Philippine legal frameworks, including the Civil Code, the Personal Property Security Act, and banking regulations. The document typically includes comprehensive details about the loan amount, interest rates, description of collateral, enforcement mechanisms, and security interest provisions. It requires careful drafting to ensure enforceability and proper registration of security interests under Philippine law.
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1. Parties: Identification of the lender and borrower with complete legal names and addresses
2. Background: Context of the loan arrangement and relationship between the parties
3. Definitions: Key terms used throughout the document including 'Collateral', 'Event of Default', 'Security Interest'
4. Promise to Pay: Unconditional promise to pay the principal amount with specified interest rate
5. Interest Rate: Details of interest calculation, payment periods, and default interest
6. Security Interest: Creation and grant of security interest in the collateral
7. Description of Collateral: Detailed description of assets serving as security
8. Representations and Warranties: Borrower's declarations regarding ownership and condition of collateral
9. Covenants: Ongoing obligations of the borrower regarding maintenance and protection of collateral
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement Rights: Lender's rights and remedies upon default
12. Notices: Process for delivering formal communications between parties
13. Governing Law: Specification of Philippine law as governing law
14. Execution: Signature blocks and notarization requirements
1. Acceleration Clause: Optional provision allowing lender to demand immediate payment under specified circumstances
2. Additional Collateral: Provision for supplemental security if initial collateral becomes insufficient
3. Insurance Requirements: Requirements for insurance coverage on physical collateral
4. Assignment and Transfer: Rights and restrictions regarding transfer of the note or security interest
5. Prepayment Terms: Terms governing early repayment of the note
6. Security Registration: Requirements for registration of security interest if applicable
7. Tax Provisions: Allocation of responsibility for taxes and documentary stamp tax
1. Schedule A - Collateral Description: Detailed inventory or description of all assets serving as collateral
2. Schedule B - Payment Schedule: Detailed payment terms including amounts and due dates if not payable on demand
3. Schedule C - Permitted Liens: List of any pre-existing liens or encumbrances on the collateral
4. Appendix 1 - Form of Notice: Standard form for notices under the agreement
5. Appendix 2 - Security Registration Forms: Forms required for registering the security interest with relevant authorities
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Retail
Agriculture
Technology
Construction
Small and Medium Enterprises
Professional Services
Mining and Resources
Transportation and Logistics
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Collections
Corporate Secretariat
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Corporate Lawyer
Compliance Officer
Risk Manager
Loan Officer
Commercial Banking Manager
Security Trustee
Collections Manager
Corporate Secretary
Finance Manager
Business Development Manager
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