The Debt Agreement is a crucial legal instrument used in the Philippine financial landscape when one party (the lender) agrees to provide financial accommodation to another party (the borrower) under specific terms and conditions. This document is essential for both institutional lending and private loan arrangements, requiring careful consideration of Philippine banking regulations, the Civil Code, and various financial laws including the Truth in Lending Act. It becomes necessary whenever a formal lending arrangement is established, whether for business expansion, asset acquisition, or other financing needs. The agreement must include mandatory disclosures required by Philippine law, such as interest rates, fees, and charges, while also incorporating necessary security provisions and enforcement mechanisms recognized under Philippine jurisdiction. Particular attention must be paid to compliance with local usury laws and Central Bank regulations regarding interest rates and lending practices.
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1. Parties: Identification and details of the Lender and Borrower, including complete names, addresses, and tax identification numbers as required under Philippine law
2. Background: Context of the loan, relationship between parties, and purpose of the debt agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specific amount being borrowed and its intended use, with clear statement of the principal amount as required by Philippine Truth in Lending Act
5. Interest Rate: Interest rate, calculation method, and payment schedule in compliance with Philippine usury laws and Central Bank regulations
6. Repayment Terms: Schedule of payments, payment methods, and allocation between principal and interest
7. Security and Collateral: Details of any assets or guarantees securing the loan
8. Events of Default: Circumstances constituting default and consequences thereof
9. Representations and Warranties: Standard declarations by the borrower regarding their capacity to enter into the agreement and accuracy of provided information
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Governing Law and Jurisdiction: Explicit statement of Philippine law as governing law and jurisdiction for disputes
12. Execution: Signature blocks and notarization requirements under Philippine law
1. Prepayment Provisions: Include when early repayment is allowed, specifying any penalties or conditions
2. Insurance Requirements: Include when the borrower is required to maintain specific insurance coverage for collateral
3. Co-Borrower or Guarantor Provisions: Include when there are additional parties guaranteeing the loan
4. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
5. Electronic Execution: Include when agreement may be executed electronically under the E-Commerce Act
6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances affecting repayment
7. Privacy and Data Protection: Include when personal data processing is involved in loan administration
1. Schedule A - Repayment Schedule: Detailed amortization table showing payment dates, amounts, and breakdown between principal and interest
2. Schedule B - Collateral Details: Comprehensive description of security or collateral, including valuations and documentation
3. Schedule C - Conditions Precedent: List of documents and conditions that must be satisfied before loan disbursement
4. Schedule D - Fees and Charges: Breakdown of all applicable fees, charges, and computation methods as required by Truth in Lending Act
5. Appendix 1 - Form of Promissory Note: Template of promissory note to be executed alongside the agreement
6. Appendix 2 - Form of Security Documents: Templates of any required security documentation
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Construction
Manufacturing
Retail
Agriculture
Technology
Healthcare
Education
Small and Medium Enterprises
Mining
Transportation
Energy
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Business Development
Collections
Risk Management
Loan Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Risk Manager
Legal Counsel
Compliance Officer
Loan Officer
Corporate Secretary
Financial Controller
Credit Analyst
Business Development Manager
Account Manager
Risk Assessment Officer
Collections Manager
Finance Manager
Corporate Lawyer
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