The Commercial Loan Contract serves as the primary legal instrument for commercial lending transactions in the Philippines, establishing the rights and obligations between financial institutions and business borrowers. This document is essential when a business entity seeks substantial financing for operations, expansion, or specific projects. It must comply with Philippine banking regulations, including those set by the Bangko Sentral ng Pilipinas (BSP), and incorporate requirements from the Civil Code of the Philippines. The contract typically covers loan amount, interest calculations, drawdown mechanics, repayment terms, security arrangements (if any), events of default, and enforcement provisions. It's particularly important for ensuring legal compliance while protecting both lender and borrower interests in the Philippine legal context.
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1. Parties: Identification of the Lender and Borrower with complete legal names, addresses, and registration details as required by Philippine law
2. Background: Context of the loan agreement, relationship between parties, and purpose of the loan facility
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including Philippine-specific banking and legal terminology
4. Facility Details: Loan amount, currency, purpose, and type of facility (term loan, revolving credit, etc.)
5. Interest and Fees: Interest rate, calculation method, default interest, commitment fees, and other charges in compliance with Philippine banking regulations
6. Drawdown: Conditions precedent, drawdown procedures, and requirements for utilization of the loan
7. Repayment Terms: Payment schedule, prepayment provisions, and payment mechanics
8. Representations and Warranties: Standard and Philippines-specific representations regarding legal status, authority, and compliance
9. Covenants: Financial and non-financial obligations of the borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Taxes: Treatment of taxes, including documentary stamp tax and withholding requirements under Philippine law
12. Governing Law and Jurisdiction: Philippine law as governing law and jurisdiction provisions
13. Notices: Communication methods and contact details for official notices
14. Execution: Signature blocks and execution requirements under Philippine law
1. Security: Required if the loan is secured - details of collateral, security documents, and enforcement rights
2. Guarantees: Required if there are guarantors - terms of guarantee and guarantor obligations
3. Insurance: Required if specific insurance coverage is mandatory for the loan
4. Assignment and Transfer: Include if the lender requires rights to assign or transfer the loan
5. Syndication Provisions: Required for syndicated loans - includes agency provisions and lender voting rights
6. Foreign Exchange Provisions: Required if the loan is in foreign currency - includes exchange rate provisions and BSP requirements
7. Increased Costs: Include if the lender needs protection against regulatory changes affecting loan costs
8. Anti-Money Laundering Provisions: Detailed AML provisions if required by the nature of the borrower or transaction size
1. Schedule 1 - Conditions Precedent: List of required documents and conditions to be satisfied before drawdown
2. Schedule 2 - Drawdown Notice Form: Template for borrower's drawdown request
3. Schedule 3 - Repayment Schedule: Detailed amortization table or repayment dates
4. Schedule 4 - Financial Covenants: Detailed financial ratios and calculations
5. Schedule 5 - Security Details: Detailed description of collateral and security arrangements if applicable
6. Schedule 6 - Fees: Breakdown of all applicable fees and charges
7. Appendix A - Compliance Certificate: Template for periodic compliance certification
8. Appendix B - Assignment and Transfer Forms: Standard forms for loan assignment if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing
Retail and Commerce
Agriculture and Agribusiness
Technology and Communications
Infrastructure and Construction
Energy and Utilities
Transportation and Logistics
Healthcare and Pharmaceuticals
Mining and Natural Resources
Tourism and Hospitality
Import/Export Trade
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Analysis
Business Development
Corporate Secretariat
Operations
Loan Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Compliance Officer
Risk Manager
Credit Analyst
Relationship Manager
Corporate Banking Officer
Finance Manager
Business Development Manager
Corporate Secretary
Managing Director
Chief Executive Officer
Loan Officer
Financial Controller
Account Manager
Credit Risk Officer
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