抖阴短视频

Promissory Note Modification Agreement Template for Philippines

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Key Requirements PROMPT example:

Promissory Note Modification Agreement

"I need a Promissory Note Modification Agreement for a PHP 5 million business loan with ABC Bank, extending the maturity date to March 15, 2025, and reducing the interest rate from 12% to 8% per annum, with monthly payments remaining the same."

Document background
The Promissory Note Modification Agreement is a crucial document used when parties need to alter the terms of an existing promissory note without creating an entirely new obligation under Philippine law. This type of agreement becomes necessary in various situations, such as when borrowers face financial hardship and need payment restructuring, when market conditions warrant interest rate adjustments, or when both parties agree to extend or modify the maturity date. The document must comply with the Philippine Civil Code and the Negotiable Instruments Law, requiring proper execution and notarization. It typically includes details of the original note, specific modifications being made, and confirmations that unmodified terms remain in effect. This agreement is particularly relevant in the current economic climate where loan modifications and restructuring have become more common, especially for businesses adapting to changing market conditions.
Suggested Sections

1. Parties: Identifies and defines the parties to the agreement - typically the Lender and Borrower (and any guarantors if applicable)

2. Background: Recitals describing the original promissory note, its date, principal amount, and the parties' desire to modify certain terms

3. Definitions: Defines key terms used in the agreement, including reference to the Original Note and any modified terms

4. Acknowledgment of Existing Debt: Confirms the current outstanding balance and status of the original promissory note

5. Modifications: Clearly states all modifications to the original note (e.g., payment terms, interest rate, maturity date)

6. Reaffirmation: Reaffirms all unmodified terms of the original note remain in full force and effect

7. Representations and Warranties: Standard representations by the borrower regarding authority, enforceability, and no defaults

8. Effectivity: States when the modifications take effect and any conditions precedent

9. Governing Law: Confirms Philippine law as governing law and jurisdiction

10. Execution: Signature blocks and notarial requirements

Optional Sections

1. Security Provisions: Include when modifications affect any existing collateral or security arrangements

2. Guarantor Consent: Required when the original note has guarantors who must consent to the modifications

3. Tax Provisions: Include when modifications have specific tax implications requiring address

4. Registration Requirements: Include when modifications require registration with specific authorities

5. Default Provisions: Include when modifying or adding new events of default

6. Fees and Expenses: Include when there are fees associated with the modification

Suggested Schedules

1. Schedule A - Original Promissory Note: Copy or summary of the original promissory note being modified

2. Schedule B - Modified Payment Schedule: New amortization or payment schedule if payment terms are modified

3. Schedule C - Outstanding Balance Calculation: Detailed calculation of current outstanding balance including interest and charges

4. Appendix 1 - Required Authorizations: Copies of corporate authorizations or board resolutions if required

5. Appendix 2 - Security Documents: List or copies of affected security documents if applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ 抖阴短视频 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses



























Relevant Industries

Banking

Financial Services

Real Estate

Construction

Manufacturing

Small and Medium Enterprises

Agriculture

Mining

Retail

Technology

Healthcare

Education

Relevant Teams

Legal

Finance

Treasury

Credit and Collections

Risk Management

Compliance

Corporate Secretariat

Loan Operations

Account Management

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Credit Manager

Loan Officer

Legal Counsel

Corporate Secretary

Treasury Manager

Accounts Manager

Risk Manager

Collections Manager

Compliance Officer

Financial Controller

Business Development Manager

Corporate Finance Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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