A Bilateral Loan Agreement is a fundamental financial instrument used when one party (the lender) agrees to provide financial assistance to another party (the borrower) under specific terms and conditions. This document is essential for commercial lending transactions in the Philippines and must comply with local banking regulations, including the New Central Bank Act and Truth in Lending Act. It is commonly used for corporate financing, project funding, or business expansion purposes. The agreement typically includes detailed provisions on loan disbursement, interest calculations, repayment schedules, security arrangements, events of default, and remedies. Under Philippine law, these agreements must include specific disclosures and comply with local usury laws and banking regulations. The document serves as the primary reference point for the rights and obligations of both parties throughout the loan term.
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1. Parties: Identification of the lender and borrower with complete legal names and addresses
2. Background: Context of the loan agreement and the relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount and its intended use
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule and method of loan repayment, including principal and interest
7. Conditions Precedent: Conditions that must be satisfied before the loan is disbursed
8. Representations and Warranties: Statements of fact and assurances made by the borrower
9. Covenants: Ongoing obligations of the borrower during the loan term
10. Events of Default: Circumstances that constitute default and their consequences
11. Remedies: Rights and remedies available to the lender in case of default
12. Miscellaneous Provisions: Standard contract provisions including notices, amendments, governing law
1. Security: Details of any collateral or security for the loan - include if the loan is secured
2. Guarantees: Terms of any guarantees provided - include if there are third-party guarantors
3. Insurance Requirements: Required insurance coverage for secured assets - include for secured loans
4. Additional Borrower Obligations: Specific additional obligations - include for complex commercial loans
5. Prepayment Provisions: Terms for early repayment - include if prepayment is allowed
6. Assignment and Transfer: Rights to assign or transfer the loan - include if transferability is contemplated
7. Tax Provisions: Detailed tax implications and responsibilities - include for cross-border or complex loans
1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Schedule 2 - Conditions Precedent Documents: List of required documents to be provided before loan disbursement
3. Schedule 3 - Security Details: Detailed description of any security or collateral (if applicable)
4. Schedule 4 - Permitted Security Interests: List of existing or permitted security interests over borrower's assets
5. Schedule 5 - Form of Drawdown Notice: Template for requesting loan disbursements
6. Appendix A - Compliance Certificate: Template for periodic compliance certification
7. Appendix B - Truth in Lending Act Disclosure Statement: Mandatory disclosure of credit terms as required by Philippine law
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