PROMISSORY NOTE FOR

SALARY LOAN
Value Date ________________________ PN Number _______________________

Maturity Date ________________________ Amount P _______________________

FOR VALUE RECEIVED, the undersigned (the "BORROWER"), with principal address at
________________________________________________________________________________________________________ hereby unconditionally promises to pay Bank of Commerce (the "BANK") or
its order at its office at San Miguel Properties Centre, No. 7 Saint Francis Street, Ortigas Center, Mandaluyong City, the principal amount of PHILIPPINE PESOS:
____________________________________________________________________________________________________________________________ (P_______________________________________),
(the "Loan"), together with interest at the rate of ________ % per annum and financing charges as may be authorized by law, from value date hereof until fully paid. The Loan shall be paid in the following
manner:
Monthly Installment shall be at P _________________ inclusive of interest from ___________________ and on the _________ day of each and every succeeding month
Number of Installments shall be __________________ as shown in the attached Amortization Schedule.

1. Loan Release – The proceeds of the Loan shall be released to the BORROWER either by
Crediting to the BORROWER’S account with the BANK
Issuing a Manager’s Check
Other (as may be advised by the BORROWER and agreed to by the BANK) _______________________________________________________________________________________
2. Purpose of the Loan – The BORROWER shall use the loan only for the purpose of Salary Loan. Acceptance by the BORROWER of the proceeds of the Loan shall be conclusive proof of BORROWER’s
acknowledgement of his/her indebtedness to the BANK in accordance with the agreed terms.
3. Taxes, Fees and Other Charges – The BORROWER shall pay all taxes, fees and other charges, including but not limited to documentary stamp taxes, gross receipt taxes, notarization fees and
expenses in connection with the preparation and execution of this Note. The BORROWER hereby authorizes the BANK to deduct from the proceeds of the Loan the documentary stamp taxes,
processing fee and other applicable fees.
4. Extension or Renewal – The BORROWER hereby expressly consents to any extension and/or renewal hereof in whole or in part. However, such renewals or extensions shall in no case be understood
as a novation of this Note or any provision hereof.
5. Prepayment – In case of prepayment, the BORROWER agrees to pay the outstanding balance of the Loan, the applicable interests, surcharges, taxes, pre-termination fee which is _______% of the
outstanding balance and other costs that may be incurred.
6. Postdated Checks – Should the BORROWER be required to provide the BANK with Postdated Checks (PDCs), the BORROWER hereby agrees that the issuance of the PDCs shall not be taken in any
manner, as a novation of the terms and conditions stated in this Note but merely to secure the faithful performance of all his/her obligations hereunder. In case one or all of the PDCs was/were
issued undated, the BORROWER hereby appoints the BANK, its officers and employees, as the BORROWER’S attorney/ies-in-fact to complete said PDCs for the purpose of giving legal effect thereto
and to fill in the date portion thereof with any date as may be acceptable to the BANK and to immediate deposit the same for collection. The appointment of the BANK as the BORRWER’S agent
hereunder is coupled with an interest and is therefore irrevocable until all the BORROWER’S obligations hereunder are fully settled.
7. Events of Default –The occurrence of any of the following shall be deemed events of default: (i)non-payment of this Loan or any installment and other charges on this Note, (ii) should there be any
representation or false statement of the BORROWER, (iii) should the documents submitted to the BANK be untrue or contain any false statement, (iv) if any of the BORROWER’S funds or other
property should be attached, (v) the BORROWER becomes insolvent or unable to pay his/her other debts and obligations with the BANK and with other entities when due or commits or permits any
act of bankruptcy; or (vi) in the event of garnishment, receivership or suit of any kind begun as to the BORROWER.
8. Consequences of Default – When the BORROWER is in default, such default shall have the following effects, alternative, concurrent and cumulative with each other: (i) the BANK at its sole option
shall be entitled to declare this Note and/or all the BORROWER's other loans/obligations with the BANK to be immediately due and payable, and the BORROWER shall be liable to pay thereon in
addition to interest, penalty at the rate of 3% per month until the Loan is fully paid, without need of presentment, demand, protest or notice of any kind (all of which are expressly waived by the
BORROWER), (ii) the BANK may avail of any and all remedies provided by law or existing rules and regulations and, (iii)the BANK may exercise its right of set-off and apply funds of the BORROWER
on deposit, in trust or otherwise in the possession or control of the BANK, in partial or full of amounts due or owing under this Note. In such case, the BORROWER shall hold the BANK free and
harmless from any and all claims arising from or as a consequence of the BANK’S exercise of the right of set-off.
9. Application of Payments – The BORROWER waives its rights under Article 1252, 1253 and 1254 of the New Civil Code of the Philippines to designate the application of its payments and irrevocably
authorized the BANK to apply such payment to any of his/her existing obligations to the BANK at the BANK’S discretion.
10. No Implied Waivers – No failure on the part of the BANK to exercise, and no delay in exercising, any right hereunder shall operate as a waiver hereof, nor shall any single or partial exercise by the
BANK of any right hereunder preclude any other or further exercise thereof or the exercise of any other rights. The remedies herein provided are cumulative and not exclusive of any remedies
provided by the law.
11. Joint and Solidary Obligation – Should the word “BORROWER” have reference to two or more persons, their liability to the BANK shall be joint and several in all obligations created by or arising out
of this Agreement. In this regard, each one of the BORROWER does hereby name, constitute and appoint each other as his/her true and lawful attorney-in-fact for the purpose of carrying out any
and all of the provision hereof. It is understood that the liabilities of the BORROWER under this Note are joint and several.
12. Assignment – The BORROWER shall have no right to assign or transfer any of his/her rights and obligations under this Note, unless authorized by the BANK in writing. The BANK however may assign
this Note and all its rights and interest as stipulated herein any time without notice to the BORROWER.
13. Cross Default – In case of two or more BORROWER, they, joint and severally, shall be considered in default under the terms and conditions of this Note as well as any renewal, extension,
amendment, novation, supplement or restructuring, if anyone commits a violation or a breach of any of the terms and conditions of this Note or any agreements with any other person for the
payment of borrower money or for the deferred payment of purchase price of property for obligation guaranteed, any default under any contract which results in the acceleration or declaration of
the whole obligation to be due and payable prior to the stated normal date of maturity or which results in the filing of any suit against anyone of the BORROWER involving a substantial amount
materially and adversely affecting their ability to fully and promptly pay the BANK.
14. Waiver of Confidentiality – The BORROWER hereby holds the BANK, its assignees, successors-in-interest, officers, agents, representatives and employees, free and harmless from any and all claims,
actions, suits, damages, liabilities, costs and expenses that may arise directly or indirectly from this waiver of confidentiality under Section 55.1(b) of the General Banking Law and in compliance with
Bureau of Internal Revenue (BIR) Regulation No. 4-2005 implementing Bangko Sentral ng Pilipinas Circular No. 472 Series 2005 Section 1.1.3.
15. Notice – All communications relative to this Note shall be sent to the party concerned at the party’s address set forth in this Note or at the address that said party may hereinafter give in writing to
the other party. All such communications shall be deemed to have been duly given when personally delivered or when mailed in the case of registered mail.
16. Severability – If any one or more of the provisions this Note, be declared invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained
herein and therein shall not in any way be affected or impaired.
17. Attorney’s Fees and Liquidated Damages – If to enforce payment or collection, this Note is entrusted to an attorney-at-law, the BORROWER shall pay twenty-five percent (25%) of the amount due
as attorney’s fees but in no case less than P50,000.00, exclusive of all expenses of collection and all costs, and liquidated damages equal to twenty-five percent (25%) but in no case less than
P50,000.00. The BORROWER agrees that partial payments accepted by this BANK shall not in any manner be construed as a waiver, extension, or novation of its/his/her obligation under this note.
18. Venue of Action – Any action arising out of or in connection with this note shall be brought exclusively in the proper courts of Mandaluyong City.
19. Affirmation of Agreement with Blank Spaces – THE BORROWER REPRESENTS THAT HE/SHE OR ITS AUTHORIZED REPRESENTATIVE/S HAS/HAVE CAREFULLY READ ALL THE PROVISIONS OF THIS
NOTE AND HAS/HAVE UNDERSTOOD ALL THE TERMS AND CONDITIONS STATED HEREIN. THE BORROWER FURTHER REPRESENTS THAT AT THE TIME HE/SHE OR ITS AUTHORIZED
REPRESENTATIVE/S HAS/HAVE SIGNED THIS NOTE, ALL THE BLANK SPACES HAVE BEEN CORRECTLY AND COMPLETELY FILLED-UP.

IN WITNESS WHEREOF, the BORROWER has caused this note to be executed on the Value Date first above written.

SIGNATURE OF BORROWER OVER PRINTED NAME SIGNATURE OF CO- BORROWER OVER PRINTED NAME

SIGNED IN THE PRESENCE OF:

SIGNATURE OF BANK’S REPRESENTATIVE OVER PRINTED NAME SIGNATURE OF BORROWER’S REPRESENTATIVE OVER PRINTED NAME
 DISCLOSURE STATEMENT

DISCLOSURE STATEMENT ON SMALL BUSINESS/RETAIL/CONSUMER CREDIT

NAME OF BORROWER
ADDRESS

1. LOAN AMOUNT P
1
2. OTHER BANK CHARGES/DEDUCTIONS COLLECTED P
a. Documentary/Science Stamps P
b. Mandatory Credit Insurance P
c. Notarial Fee P
d. Processing Fee P
e. Others (Specify)
__________________________ P
__________________________ P
__________________________ P
__________________________ P
__________________________ P
__________________________ P
__________________________ P
__________________________ P
__________________________ P
3. NET PROCEEDS OF LOAN (Item 1 less Items 2) P
4. SCHEDULE OF PAYMENTS
a. Single payment due on P
b. Installment Payments (Please see attached amortization schedule)
5. EFFECTIVE INTEREST RATE (Interest and Other Charges) %
6. CONDITIONAL CHARGES THAT MAY BE IMPOSED (if applicable). Please specify manner of imposition:
a. Late Charge
b. Prepayment (penalty/refund)
c. Others (Specify)
__________________________
__________________________
__________________________
__________________________
__________________________
__________________________
__________________________
__________________________

CERTIFIED CORRECT:
BANK OF COMMERCE
By:

(Signature of Creditor/Authorized Representative Over (Position)

I ACKNOWLEDGE RECEIPT OF A COPY OF THIS STATEMENT PRIOR TO THE CONSUMMATION OF THE CREDIT TRANSACTION.

(Signature of BORROWER over Printed Name) (Date)

(Signature of CO-BORROWER over Printed Name) (Date)

Note:
1
Itemized charges including advance deductions.

CLD 11-03 (R xx/xx) The corporate logo of San Miguel Corporation is a registered trademark of San Miguel Corporation, and is used under license.