The Credit Term Agreement serves as a fundamental legal instrument in Philippine commercial transactions, establishing the framework for credit arrangements between lending institutions and borrowers. This document is essential when extending credit facilities, whether for business operations, asset acquisition, or working capital needs. It must comply with various Philippine regulations, including the Truth in Lending Act (R.A. 3765), Consumer Act of the Philippines (R.A. 7394), and relevant Bangko Sentral ng Pilipinas (BSP) circulars. The agreement typically includes detailed provisions on credit limits, interest calculations, payment schedules, security arrangements, and default remedies, while ensuring all mandatory disclosures and consumer protections are properly addressed.
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1. Parties: Identifies the creditor and debtor with complete legal names and addresses
2. Background: Explains the context of the credit arrangement and the parties' intention to enter into the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Credit Terms: Details the credit limit, interest rate, and payment terms as required by the Truth in Lending Act
5. Payment Provisions: Specifies payment schedules, methods, and computation of payments
6. Interest and Fees: Outlines interest calculations, applicable fees, and charges in compliance with BSP regulations
7. Security and Collateral: Details any security or collateral arrangements securing the credit
8. Representations and Warranties: States the parties' representations regarding their capacity and authority to enter the agreement
9. Events of Default: Lists circumstances constituting default and corresponding remedies
10. Term and Termination: Specifies the duration of the agreement and conditions for termination
11. Governing Law and Jurisdiction: Establishes Philippine law as governing law and specifies jurisdiction for disputes
12. Notices: Specifies how formal communications between parties should be made
13. General Provisions: Includes standard boilerplate clauses required under Philippine law
1. Credit Insurance: Include when credit insurance is required or offered as part of the agreement
2. Electronic Transactions: Include when online or electronic payment methods are available
3. Debt Consolidation: Include when the credit agreement involves consolidation of existing debts
4. Co-Borrower Provisions: Include when there are co-borrowers or guarantors involved
5. Prepayment Terms: Include when early payment options and corresponding terms are offered
6. Credit Line Review: Include when periodic review of credit limits is part of the arrangement
7. Data Privacy: Include detailed privacy provisions when extensive personal data processing is involved
1. Schedule A - Payment Schedule: Detailed amortization table showing payment dates and amounts
2. Schedule B - Interest Rate Calculation: Detailed methodology for calculating interest rates and sample computations
3. Schedule C - Fees and Charges: Comprehensive list of all applicable fees and charges
4. Schedule D - Security Details: Detailed description of any collateral or security arrangements
5. Appendix 1 - Truth in Lending Disclosure: Mandatory disclosure statement required under Philippine Truth in Lending Act
6. Appendix 2 - Required Documents: List of required supporting documents and compliance requirements
7. Appendix 3 - Contact Information: Detailed contact information for both parties and relevant departments
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Retail
Manufacturing
Real Estate
Construction
Agricultural
Technology
Healthcare
Automotive
Import/Export
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit Operations
Treasury
Business Development
Collections
Account Management
Corporate Banking
Operations
Relevant Roles
Credit Officer
Risk Manager
Compliance Officer
Legal Counsel
Finance Manager
Corporate Treasurer
Account Manager
Credit Analyst
Financial Controller
Business Development Manager
Collections Manager
Chief Financial Officer
Credit Risk Officer
Relationship Manager
Operations Manager
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