(For Individual/Sole Proprietorship)

PROMISSORY NOTE No. __________________

PN Date: ___________ Maturity Date: ________________
FOR VALUE RECEIVED, I promise to pay to the order of SME Impact Credit (SME-ICC) Corp. (the “Lender”) at its office located at 77-
C Sumulong Highway, Barangay Mayamot, Antipolo City, Rizal Province, Philippines, the sum of Philippine Pesos:
______________________________________________________ (Php____________), together with interest thereon at the rate of
_________________ (___%) per month, in _________ (__) monthly amortizations beginning on ______________ and every month thereafter
until _____________ (the “Loan”). I hereby agree that all unpaid or late amortizations shall be charged a penalty at the rate of three per cent (3%)
per month from the date of default until full payment thereof. I agree that the interest and penalty shall continue to be computed and collected by
the Lender even after maturity of this Note and until full payment of the unpaid amortizations.
I further agree to pay to the Lender a one-time service fee equivalent to ___ per cent (__%) of the amount of this Note and to shoulder
the cost of documentary stamp tax and notarial fee due on this Note, all of which may be deducted by the Lender from the proceeds of the Loan.
The purpose of the Loan covered by this Note is: _______________________________. Payment of this Note shall be secured by:
_____________________________________________________________________________.
I hereby agree that the rate of interest herein may be increased or decreased by the Lender during the term of this Note if there is/are
change(s) in the interest rate prescribed by law or circulars of the Monetary Board or SEC, or there is/are change(s) in the Lender’s cost of funds
or maintenance of the Loan as a result of exchange rate fluctuations or changes in the financial market. In such event, the increase or decrease
shall take effect on the amortization immediately following such notice; provided, however, that if I disagree to such interest rate adjustment, I shall
have the right to pre-pay this Note in full, together with accrued interest and penalties, within ten (10) calendar days from receipt of the notice. If I
fail to pre-pay this Note as herein provided, I shall be deemed to have agreed to the interest rate adjustment.
In case I fail to pay this Note or any amortization, when due, or if any of the Events of Default provided for in the General Conditions for
the Granting of Loans dated __________________ shall occur, the Lender may, at its option and by way of acceleration, declare forthwith to be
immediately due and payable the entire amount of this Note (i.e., all unpaid amortizations together with the accrued interests and penalties
thereon plus all amortizations not yet due or matured) by giving written notice thereof to me. In case I fail to comply with such written notice, the
Lender has the right to avail of any or all remedies allowed by law.
I hereby consent to the assignment/transfer of this Note by the Lender in favor of any funding entity or third party without need of further
notice and that I undertake to adhere to the terms and conditions of such assignment or transfer.
I acknowledge that under existing Lender's policy, no gift, fee, commission or benefit in favor of any of the Lender's officers or
employees and/or any other person(s) is required as a condition for the approval of the Loan covered by this Note. I undertake to report to the
Lender’s Management any violation, or any attempt leading to the violation of such policy by any of the Lender’s officers or employees, or any
other person. I further agree that failure on its part to make such report to the Lender’s Management without valid reason(s) shall be a ground for
the Lender to declare the entire amount of this Note to be immediately due and payable, including amortizations not yet due; provided, that written
notice to that effect shall be served by the Lender to the Borrower.
Should this Note be signed also by a co-maker or co-borrower, I and such co-maker or co-borrower shall be jointly and severally liable to
the Lender for the payment of this Note.
Notice of demand, presentment, dishonor and protest are hereby waived. Acceptance by the Lender or holder hereof of any
amortization, or any portion thereof, after due date shall not be considered as extending the time of payment of any of the aforementioned
amortizations or as a modification of any of the conditions thereof.
Should it become necessary to collect this Note through legal action, I and the co-maker or co-borrower (if applicable) agree to pay,
jointly and severally, an amount equivalent to twenty per cent (20%) of the total amount due for and as attorney’s fees. I further agree that any
legal action arising from this Note shall be brought in the proper court located in the Lender’s principal office.
Application of Payments. – I agree that all payments received from me by the Lender shall be applied by the latter in the following
manner and order: (1) Litigation/Foreclosure and other similar costs of collection, plus interest thereon, if any: (2) Attorney’s Fees; (3) Advances
for realty taxes, insurance premiums, repairs, preservation and improvements, etc. on the collateral, if any, plus interest thereon; (4) Other
advances, assessments and levies paid by the LENDER for the account of the BORROWER and/or third party Mortgagor, if applicable, plus
interest; (5) Penalties; (6) Interest; and (7) Principal.
I agree that this Note shall be governed further by the terms and conditions contained in the General Conditions for Granting of Loans
dated ___________________.
___________________, 20____, Antipolo City, Rizal, Philippines.

With My Marital Consent:

_______________________________ _______________________________
Borrower Borrower’s Spouse
SIGNED IN THE PRESENCE OF:
_______________________________ _______________________________

NOTARIAL ACKNOWLEDGMENT

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REPUBLIC OF THE PHILIPPINES )
ANTIPOLO CITY, RIZAL PROVINCE) SS.

BEFORE ME, a notary public for and in the above-stated locality, personally appeared on ___________________, the following:

Name Valid Identification Date & Place of Issue

known to me and to me known to be the same person(s) who executed the foregoing instrument and he/she/they acknowledged to me that the
same is his/her/their free and voluntary act and deed. This instrument, referring to a Promissory Note, consists of two (2) pages including this page
whereon the acknowledgment is written, and has been signed on each and every page by the said Borrower and Co-Maker or Co-Borrower (if
any) and witnesses.

WITNESS MY HAND AND SEAL on the date and at the place first above written.

Doc. No. _____;

Page No. _____;
Book No. _____;
Series of ______

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