The Bridge Loan Promissory Note is a crucial document in Philippine financial transactions, typically used when a borrower requires immediate short-term financing while awaiting more permanent funding arrangements. This document is essential in situations such as real estate acquisitions, corporate restructuring, or project financing where timing gaps exist between capital needs and long-term financing availability. The note must comply with Philippine banking regulations, particularly the Truth in Lending Act and Central Bank guidelines, requiring specific disclosures about interest rates and charges. It serves as evidence of debt and outlines the borrower's obligation to repay the principal amount plus interest within a specified timeframe, usually ranging from a few months to a year. The document includes provisions for security (if any), events of default, and enforcement mechanisms, making it a comprehensive instrument for protecting the lender's interests while providing temporary financing to the borrower.
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1. Parties: Identification of the Lender and Borrower with complete legal names and addresses
2. Background: Brief context of the bridge loan purpose and relationship between parties
3. Definitions: Key terms used throughout the note including 'Maturity Date', 'Interest Rate', 'Event of Default', etc.
4. Loan Amount and Terms: Principal amount, interest rate, and term of the bridge loan
5. Truth in Lending Disclosure: Mandatory disclosures as required by RA 3765 including effective interest rate and all charges
6. Payment Terms: Due dates, payment methods, and payment calculations
7. Interest Calculation: Method of interest calculation, compounding periods if any
8. Events of Default: Circumstances constituting default and consequences
9. Remedies: Lender's rights and remedies upon default
10. Representations and Warranties: Basic representations about capacity to enter into the agreement
11. Governing Law: Specification of Philippine law as governing law
12. Notice Provisions: How and where notices must be delivered
13. Execution: Signature blocks and notarization requirements
1. Security/Collateral: Include when the bridge loan is secured by specific assets
2. Guaranty: Include when there is a personal or corporate guarantor for the loan
3. Prepayment Terms: Include when early payment is allowed with specific terms or penalties
4. Co-Borrower Provisions: Include when there are multiple borrowers
5. Insurance Requirements: Include when specific insurance must be maintained on collateral
6. Assignment and Transfer: Include when the note may be transferred or assigned to other parties
7. Subordination: Include when this bridge loan is subordinated to other debt
8. Use of Proceeds: Include when there are restrictions on how the loan proceeds may be used
1. Payment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Collateral Description: Detailed description of any assets securing the loan
3. Fee Schedule: Breakdown of all fees and charges associated with the loan
4. Draw Down Schedule: If the loan is to be drawn in multiple tranches, schedule of availability
5. Required Documents: List of documents required to be maintained or delivered during the loan term
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Property Development
Corporate Finance
Construction & Infrastructure
Private Equity
Commercial Lending
Investment Banking
Small & Medium Enterprises
Manufacturing
Retail
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Banking Operations
Loan Administration
Business Development
Real Estate
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Risk Manager
Financial Controller
Business Development Manager
Corporate Secretary
Compliance Officer
Banking Officer
Investment Manager
Real Estate Developer
Project Finance Manager
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