The Facilities Agreement is a crucial document in Philippine banking and finance transactions, used to establish and govern credit facilities provided by financial institutions to corporate or individual borrowers. This agreement type is essential for both secured and unsecured lending arrangements, incorporating specific requirements under Philippine banking regulations, including the General Banking Law of 2000 and Bangko Sentral ng Pilipinas (BSP) directives. It is particularly important in corporate financing, project finance, and general commercial lending, providing a comprehensive framework for the lending relationship, including facility terms, security arrangements, covenants, and compliance requirements. The document must address local law considerations regarding security creation, registration requirements, and enforcement mechanisms while incorporating international best practices in facility documentation.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or security providers
2. Background: Context of the facility arrangement and purpose of the loan
3. Definitions and Interpretation: Key terms used throughout the agreement and interpretation rules
4. The Facilities: Details of the credit facilities being provided, including types, amounts, and purpose
5. Conditions Precedent: Conditions that must be satisfied before drawdown
6. Drawdown: Procedures and requirements for utilizing the facilities
7. Interest: Interest rates, calculation methods, and payment provisions
8. Repayment and Prepayment: Terms for scheduled repayments and voluntary/mandatory prepayments
9. Fees: All applicable fees including arrangement, commitment, and other fees
10. Tax Provisions: Tax-related obligations and gross-up provisions
11. Representations and Warranties: Statements of fact and assurances from the borrower
12. Information Undertakings: Obligations to provide financial and other information
13. General Undertakings: Positive and negative covenants of the borrower
14. Events of Default: Circumstances constituting default and consequences
15. Changes to Parties: Rules for assignments and transfers
16. Administration: Administrative provisions including calculations and payments
17. Notices: Communication procedures between parties
18. Governing Law and Enforcement: Choice of law and jurisdiction provisions
1. Security: Required if the facility is secured - details of security arrangements and enforcement rights
2. Guarantee: Required if there are guarantors - terms of guarantee and guarantor obligations
3. Increased Costs: Used in sophisticated agreements to address regulatory changes affecting lenders' costs
4. Market Disruption: Used in LIBOR/variable rate facilities to address market disruption events
5. Syndication Provisions: Required for syndicated facilities - includes agency and majority lender provisions
6. Multi-currency Provisions: Required if multiple currencies are available under the facility
7. Islamic Finance Provisions: Required if the facility needs to be Shariah-compliant
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request utilization of facilities
3. Form of Transfer Certificate: Template for transferring commitments between lenders
4. Repayment Schedule: Detailed schedule of repayment dates and amounts
5. Financial Covenants: Detailed financial covenant calculations and definitions
6. Security Documents: Forms of security documents or list of security documents
7. Existing Security/Permitted Security: List of existing or permitted security interests
8. Form of Compliance Certificate: Template for periodic compliance certification
9. Contact Details: List of administrative details and contact information for all parties
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Infrastructure
Energy
Telecommunications
Construction
Mining
Agriculture
Retail
Healthcare
Transportation
Technology
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Corporate Finance
Corporate Secretarial
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Corporate Banking Officer
Finance Manager
Company Secretary
Risk Officer
Transaction Manager
Senior Loan Officer
Banking Executive
Corporate Finance Manager
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