The Unsecured Loan Note is a vital financial instrument in the Philippine lending landscape, commonly used when parties wish to establish a lending relationship without the complexity of collateral arrangements. This document type is particularly relevant for business loans, personal financing, and corporate borrowing where the lender relies primarily on the borrower's creditworthiness and income capacity rather than specific assets. The note must comply with Philippine banking regulations, the Civil Code, and the Truth in Lending Act, requiring specific disclosures about interest rates, terms, and conditions. It's frequently used by banks, financial institutions, and private lenders for amounts that don't warrant secured lending structures, while still providing a legally enforceable document that clearly outlines the parties' obligations and rights.
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1. Parties: Identification of the lender and borrower with complete details as required by Philippine law
2. Background: Context of the loan agreement and relationship between the parties
3. Definitions: Definitions of key terms used throughout the document
4. Loan Amount and Purpose: Specification of the principal amount and intended use of the loan
5. Interest Rate: Clear statement of interest rate, computation method, and compliance with Philippine banking regulations
6. Repayment Terms: Payment schedule, method of payment, and consequences of early or late payment
7. Events of Default: Circumstances constituting default and consequences thereof
8. Representations and Warranties: Statements of fact and assurances from the borrower
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Notices: Process and requirements for formal communications between parties
11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
1. Change of Circumstances: Provisions dealing with material changes affecting the borrower's ability to repay
2. Assignment: Include when transfer of rights under the note might be contemplated
3. Co-Borrower Provisions: Required when there are multiple borrowers
4. Electronic Execution: Include when the note may be executed electronically under the E-Commerce Act
5. Tax Provisions: Detailed tax considerations when the loan amount is substantial or has tax implications
6. Currency Provisions: Include when the loan involves foreign currency considerations
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Fees and Charges: Breakdown of all applicable fees, charges, and penalties
3. Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and total cost of credit
4. Specimen Signature: Authentication of parties' signatures as required by Philippine banking practices
5. Contact Details: Complete contact information for all parties and authorized representatives
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