The Demand Loan Agreement serves as a crucial legal instrument in Philippine financial transactions, providing flexibility for short-term financing needs while ensuring regulatory compliance. This document is typically used when a lender (usually a financial institution) agrees to provide funding to a borrower with the understanding that the entire loan amount may be called for repayment at any time. The agreement must comply with Philippine banking regulations, particularly BSP Circular No. 799 on interest rate settings and the Truth in Lending Act for transparency requirements. It contains essential provisions regarding loan disbursement, interest calculation, repayment mechanisms, events of default, and enforcement rights, while incorporating necessary safeguards for both parties under Philippine law.
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1. Parties: Identifies the Lender and Borrower with their complete legal names, addresses, and tax identification numbers as required under Philippine law
2. Background: Explains the context of the loan agreement and the parties' intention to enter into a demand loan arrangement
3. Definitions: Defines key terms used throughout the agreement, including 'Demand Loan', 'Interest Rate', 'Event of Default', and other relevant terms
4. The Loan: Specifies the principal amount, purpose, and demand nature of the loan
5. Interest and Fees: Details the interest rate, computation method, and any applicable fees in compliance with BSP regulations and Truth in Lending Act
6. Repayment: Sets out repayment terms, including the demand nature of the loan and payment mechanics
7. Representations and Warranties: Standard representations from the Borrower regarding legal capacity, authority, and financial condition
8. Covenants: Borrower's ongoing obligations including financial covenants and information requirements
9. Events of Default: Lists circumstances constituting default and consequences thereof
10. Demand and Enforcement: Specifies the Lender's right to demand repayment and enforcement procedures
11. General Provisions: Standard boilerplate provisions including notices, amendments, governing law, and jurisdiction
1. Security: Include when the loan is secured by collateral, detailing the security arrangement
2. Guarantees: Include when there are third-party guarantors for the loan
3. Insurance: Include when specific insurance requirements are imposed on the Borrower
4. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
5. Tax Provisions: Include detailed tax provisions when complex tax implications exist
6. Multiple Borrowers: Include when there are multiple borrowers to specify joint and several liability
1. Schedule 1 - Loan Details: Details of the loan amount, interest rate, and fee calculations as required by the Truth in Lending Act
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before loan disbursement
3. Schedule 3 - Form of Demand Notice: Template for the formal demand notice
4. Schedule 4 - Repayment Schedule: If applicable, anticipated repayment schedule (subject to demand rights)
5. Schedule 5 - Security Details: If applicable, detailed description of any security or collateral
6. Appendix A - Compliance Certificate: Standard form for periodic compliance certification by the Borrower
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