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Promissory Note Sale Agreement Template for Philippines

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Key Requirements PROMPT example:

Promissory Note Sale Agreement

"Need a Promissory Note Sale Agreement under Philippine law for the sale of a corporate promissory note worth PHP 5 million from ABC Corporation to XYZ Bank, with closing planned for March 15, 2025."

Document background
The Promissory Note Sale Agreement is a crucial document used in Philippine financial transactions when one party wishes to transfer their rights and interests in a promissory note to another party. This agreement is commonly used in debt trading, asset sales, or portfolio restructuring, and must comply with the Philippine Negotiable Instruments Law and Civil Code. It contains essential provisions regarding the sale price, transfer mechanics, warranties about the note's validity, and representations about the parties' authority to enter into the transaction. The document is particularly important in the Philippine context as it helps establish clear title to the note and ensures the transaction meets local regulatory requirements, including any necessary documentary stamp tax obligations and anti-money laundering compliance.
Suggested Sections

1. Parties: Identification of the Seller and Buyer of the promissory note, including their complete legal names and addresses

2. Background: Context of the transaction, including brief description of the promissory note and the parties' intention to sell/purchase

3. Definitions: Key terms used throughout the agreement, including 'Promissory Note', 'Purchase Price', 'Closing Date', etc.

4. Sale and Purchase: Core provision detailing the sale and transfer of the promissory note from Seller to Buyer

5. Purchase Price and Payment: Specified amount and payment terms for the promissory note purchase

6. Closing and Transfer: Mechanics and timing of the closing, including delivery of the promissory note and payment

7. Seller's Representations and Warranties: Standard warranties regarding ownership, right to sell, and status of the promissory note

8. Buyer's Representations and Warranties: Basic representations regarding authority to purchase and compliance with laws

9. Notice Requirements: Procedures for giving notices under the agreement

10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

11. General Provisions: Standard boilerplate provisions including amendments, severability, and entire agreement

Optional Sections

1. Conditions Precedent: Used when there are specific conditions that must be met before closing, such as obtaining regulatory approvals

2. Security Arrangements: Include when additional security or collateral is being provided with the note

3. Tax Provisions: Detailed section needed when there are specific tax implications or arrangements between parties

4. Transfer Restrictions: Include when there are limitations on further transfer or assignment of the note

5. Registration and Recordation: Required when the transfer needs to be registered with specific authorities

6. Due Diligence: Include when buyer requires specific due diligence procedures or warranties

7. Collection Procedures: Used when specific collection arrangements are agreed upon between parties

Suggested Schedules

1. Schedule A - Promissory Note Details: Copy or details of the promissory note being sold, including principal amount, interest rate, and payment terms

2. Schedule B - Form of Transfer Instrument: Form of endorsement or transfer document to be executed at closing

3. Schedule C - Corporate Authorizations: Copies of relevant corporate approvals and authorizations

4. Schedule D - Payment Details: Bank account and payment processing details for the transaction

5. Appendix 1 - Due Diligence Documents: List and copies of due diligence documents provided by Seller

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

Investment Management

Real Estate

Corporate Business

Small and Medium Enterprises

Asset Management

Debt Collection

Private Lending

Trade Finance

Relevant Teams

Legal

Finance

Treasury

Credit

Risk Management

Compliance

Corporate Secretariat

Investment

Portfolio Management

Transaction Management

Relevant Roles

Chief Financial Officer

Treasury Manager

Finance Director

Legal Counsel

Corporate Lawyer

Investment Manager

Credit Manager

Collections Manager

Finance Manager

Corporate Secretary

Risk Manager

Compliance Officer

Portfolio Manager

Asset Manager

Transaction 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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