The Business Loan Agreement is a crucial document used in the Philippine financial sector when a business entity seeks funding from a financial institution. This agreement is essential for compliance with Philippine banking regulations, including the Truth in Lending Act (Republic Act No. 3765) and the Lending Company Regulation Act (Republic Act No. 9474). It provides a comprehensive framework detailing loan terms, interest calculations, repayment schedules, security arrangements, and default provisions. The document serves both small enterprises and large corporations, incorporating necessary safeguards for lenders while ensuring borrowers understand their obligations. Each agreement can be customized based on the loan amount, purpose, and security structure, while maintaining compliance with Philippine legal requirements and Central Bank (BSP) regulations.
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1. Parties: Identifies the lender and borrower with complete legal names, addresses, and registration details
2. Background: Explains the context of the loan, including the borrower's business purpose and lender's authority to provide the loan
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its approved business purpose
5. Interest Rate and Charges: Details the interest rate, calculation method, and any additional charges, complying with Truth in Lending Act requirements
6. Term and Repayment: Specifies the loan duration and repayment schedule, including payment amounts and due dates
7. Conditions Precedent: Lists conditions that must be satisfied before the loan is disbursed
8. Representations and Warranties: Contains borrower's declarations regarding their legal and financial status
9. Covenants: Sets out positive and negative obligations of the borrower during the loan term
10. Events of Default: Defines circumstances that constitute default and the consequences thereof
11. Remedies: Outlines the lender's rights and remedies in case of default
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
13. Notices: Details how formal communications between parties should be made
14. Miscellaneous: Contains standard boilerplate provisions including severability, entire agreement, and amendments
1. Security: Include when the loan is secured by collateral, detailing the security arrangement and enforcement rights
2. Guaranty: Include when there are personal or corporate guarantors for the loan
3. Insurance: Include when specific insurance coverage is required for the loan or collateral
4. Subordination: Include when the loan needs to be subordinated to other debts or when other debts need to be subordinated to this loan
5. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
6. Additional Representations: Include for specialized business sectors with specific regulatory requirements
7. Environmental Compliance: Include when the borrower's business involves environmental risks or regulations
8. Foreign Exchange Provisions: Include when the loan involves foreign currency or cross-border elements
1. Repayment Schedule: Detailed amortization table showing payment dates, principal, interest, and balance
2. Collateral Description: Detailed description of any security or collateral provided for the loan
3. Conditions Precedent Documents: List of required documents and conditions to be satisfied before loan disbursement
4. Permitted Security Interests: List of existing or permitted security interests on borrower's assets
5. Disclosure Statement: Truth in Lending Act disclosures including effective interest rate and charges
6. Corporate Authorizations: Copies of corporate approvals and resolutions authorizing the loan
7. Financial Covenants: Detailed financial ratios and requirements to be maintained by borrower
8. Form of Drawdown Notice: Template for borrower to request loan disbursement
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small and Medium Enterprises
Manufacturing
Retail
Technology
Real Estate
Agriculture
Construction
Healthcare
Transportation and Logistics
Hospitality
Energy
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Operations
Corporate Secretariat
Business Development
Risk Management
Loan Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Loan Officer
Corporate Secretary
Business Development Manager
Account Manager
Risk Assessment Officer
Financial Controller
Managing Director
Chief Executive Officer
Operations Manager
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