The Commercial Loan Agreement is a fundamental document in Philippine commercial banking and finance, used when a business entity seeks to obtain financing from a financial institution. It serves as the primary contract governing the lending relationship, incorporating requirements from Philippine banking regulations, the Civil Code, and relevant financial legislation. This agreement is essential for any significant business lending transaction, providing comprehensive coverage of loan terms, security arrangements, borrower obligations, and lender rights. It must comply with specific Philippine regulatory requirements, including those set by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) and the Truth in Lending Act, making it distinct from loan agreements in other jurisdictions. The document is crucial for both lenders managing their credit risk and borrowers understanding their financing obligations.
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1. Parties: Identification of the Lender and Borrower with complete legal names and addresses
2. Background: Context of the loan arrangement and brief description of the purpose
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the loan amount, purpose, and availability
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for borrowing under the facility
7. Interest: Interest rate, calculation method, and payment dates
8. Repayment: Terms and schedule for repayment of the loan
9. Prepayment: Terms and conditions for early repayment
10. Representations and Warranties: Borrower's statements of fact and assurances
11. Covenants: Positive and negative obligations of the Borrower
12. Events of Default: Circumstances constituting default and consequences
13. Changes to Parties: Rules for assignment and transfer of rights
14. Notices: Communication procedures between parties
15. Governing Law and Jurisdiction: Philippine law as governing law and jurisdiction provisions
1. Security: Include when the loan is secured by collateral or guarantees
2. Guarantee: Include when there are third-party guarantors
3. Insurance: Include when specific insurance requirements are imposed on the Borrower
4. Increased Costs: Include for longer-term loans to address regulatory changes
5. Tax Gross-Up: Include when tax provisions are relevant to the loan structure
6. Multiple Borrowers: Include when there is more than one borrower
7. Agency Provisions: Include for syndicated loans with multiple lenders
8. Set-off Rights: Include when specific set-off rights are required
1. Schedule 1 - Conditions Precedent Documents: List of required documents and conditions to be satisfied before drawdown
2. Schedule 2 - Form of Drawdown Request: Template for borrower to request loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed amortization table showing payment dates and amounts
4. Schedule 4 - Form of Compliance Certificate: Template for periodic compliance certification by borrower
5. Schedule 5 - Security Documents: List and copies of security documentation (if applicable)
6. Schedule 6 - Designated Account Details: Banking details for disbursement and repayment
7. Appendix A - Calculation of Interest and Fees: Detailed methodology for calculating interest and other charges
8. Appendix B - Form of Transfer Certificate: Template for transferring loan participation
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Corporate Lending
Real Estate & Construction
Manufacturing
Retail & Commerce
Agriculture & Farming
Technology & Communications
Transportation & Logistics
Energy & Resources
Healthcare & Pharmaceuticals
Relevant Teams
Legal
Finance
Corporate Banking
Risk Management
Compliance
Credit Analysis
Treasury
Business Development
Operations
Document Management
Relevant Roles
Chief Financial Officer
Finance Director
Corporate Lawyer
Legal Counsel
Banking Officer
Credit Risk Manager
Relationship Manager
Corporate Banking Manager
Compliance Officer
Treasury Manager
Financial Controller
Business Development Manager
Credit Analyst
Legal Director
Commercial Banking Officer
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