CHIN
A BANKING CORPORATION
8745 Paseo de Roxas corner Villar St.
Makati City, 1226 Philippines
Pr
omissory Note No.:
O
riginal Loan Amount:
__________________________________________________
__________________________________________________
G
entlemen:
We
have been made aware by China Banking Corporation (“China Bank”) that under the Bayanihan to
Recover As One Act (“BARO Act”) and its Implementing Rules and Regulations, Borrowers with existing,
current and outstanding loans as of September 15, 2020 are entitled to a one-time 60-day grace period on
a principal and/or interest amortization falling due on their loan from September 15, 2020 to
December 31, 2020, without incurring interest on interest, penalties, fees, or other charges.
We a
ffirm that the amortizations on our consumer loan with China Bank (“Loan”) fell due, or would fall due,
during the period beginning September 15, 2020 and ending on December 31, 2020.
We
have also been made aware that inasmuch as our consumer loan is covered by a payment arrangement
of post-dated checks or auto debit arrangement, China Bank is required to secure our consent if we wish
to proceed with the said payment arrangement. Hence, we hereby opt to:
Avail of the 60-day grace period on the amortization falling due on __________________ and shall pay
the amortization and accrued interest:
In full at the end of the 60-day grace period
On a staggered basis until December 31, 2020
Not avail of the 60-day grace period granted under the BARO Act on any of the amortizations falling
due on the Loan from September 15, 2020 to December 31, 2020. Accordingly, we hereby authorize
China Bank to continue to implement our previously agreed upon payment scheme (i.e., auto-debit
arrangement, payment via post-dated checks, etc.), if any, for the Loan.
We also understand that should we fail to return this duly accomplished letter-advice before the next
amortization date, then China Bank shall continue with the current payment arrangement.
We undertake to execute and deliver such further or other documents as may be deemed necessary or
required by China Bank in order fully enforce the terms and conditions of our Loan as well as our
undertakings hereunder.
Very truly yours,
(10-20)
