XXX CORPORATION

PROMISSORY NOTE
Amount: PHP ____________________
Date of Maturity: _________________
FOR VALUE RECEIVED, I/we, unconditionally promise to pay jointly and severally to the order of the XXX
CORPORATIONon demand the sum of
(Php
), together with interest thereon at the rate of
percent per month, from date
until paid, as follows:
Php

payable for
consecutive months starting on
is fully paid. Each installment shall be due every

Php

until the amount of

day of each month.

1. In case I/we fail to pay on due date any amount/amortization/installment under this note and/or under any loan documents
relative thereto, and/or any other obligation which I/we or any of us may now or in the future owe to XXX CORPORATION
whether as principal(s) or guarantor(s), or in the event of bankruptcy, insolvency, receivership, levy on execution, garnishment of
attachment or in case of conviction(s) for criminal offense by final judgment(s) carrying with it/them the penalty of civil interdiction
affecting all or any one of us, or in any of the cases covered by Article 1198 of the Civil Code of the Philippines, then the entire
obligation under this note shall, at the option of XXX CORPORATIONand without the necessity of notice to me/us or anyone of us,
become immediately due and payable.
2. In the event of default in the payment of any amount/amortization/installment due under this note, and/or under any other
loan documents relative thereto, I/we further agree to pay, jointly and severally, an additional amount equivalent to Five percent
( 5% ) per month of the amount due from date of default until fully paid, as penalty/surcharges thereon.
3. I/we do hereby authorize and empower XXX CORPORATIONat its option at any time, without notice, to apply to the
payment of this note and/or any other particular obligation of all or any one of us, whether as principal or secondary obligor to XXX
CORPORATIONas it may elect, irrespective of the date of maturity, whether or not said obligations are due, any or all monies, share
capital, securities and things of value which are now or which may hereafter be in its hands on deposit or otherwise to the credit of, or
belonging to all or any of us. For this purpose, I/we hereby authorize XXX CORPORATIONor any of its employees as my/our
irrevocable Attorney-in-fact with full power of substitution/delegation, and as such, XXX CORPORATIONis likewise authorized to sell
at public auction or private sale such securities or things of value and to apply the proceeds of such sale to payment(s) thereof.
4. I/we agree that partial payments accepted by XXX CORPORATIONshall not in any manner be construed as a waive,
extension, or notation of my/our obligation under this note:
5. In the event this note or any part thereof is not paid in accordance with its terms and XXX CORPORATIONis obliged to
engage the services of a lawyer and/or to institute legal action or proceedings to enforce collection thereof, I/we further agree to pay
jointly and severally, to XXX CORPORATIONan additional sum equivalent to twenty five (25%) of the total amount due, but in no case
the amount due shall be less than P5,000.00, as and for attorneys fees, aside from the cost, collection expenses and other charges or
disbursements, I/we hereby waive all my/our rights under the provisions of Section 12, Rule 39 of the Rules of Court.
6. I/we furthermore declare that any action which may arise out of or in connection with this note shall be instituted
exclusively in Davao City, before any court of competent jurisdiction, to the exclusion of other courts.
Davao City,
(Month,

Date,

.
Year)

(Signature Over Printed Name)

(Maker)

(Signature Over Printed Name)

(Co-Maker 1)

(Signature Over Printed Name)

(Co-Maker 2)

(Signature Over Printed Name)

(Co-Maker 4)

SIGNED IN THE PRESENCE OF:

&
(Signature Over Printed Name)

(Signature Over Printed Name)