The Fixed Sum Loan Agreement is a fundamental financial instrument used in the Philippines when a lender provides a specific sum of money to a borrower under defined terms and conditions. This document is essential for both institutional and private lending transactions, ensuring compliance with Philippine banking regulations, particularly the Truth in Lending Act and BSP guidelines. It should be used whenever a fixed amount is being lent with predetermined repayment terms, interest rates, and security arrangements. The agreement includes comprehensive provisions for loan disbursement, repayment schedules, events of default, and remedies, all structured within the Philippine legal framework. It's particularly important for documenting commercial loans, personal loans, and business financing arrangements where certainty of terms and regulatory compliance are crucial.
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1. Parties: Identifies and provides full details of the Lender and Borrower, including legal names, addresses, and registration details if applicable
2. Background: Contextualizes the loan agreement and states the parties' intention to enter into a lending arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest Rate: Details the interest rate, calculation method, and compliance with Philippine usury laws
6. Repayment Terms: Specifies payment schedule, amounts, and method of payment
7. Security: Details any collateral or security provided for the loan
8. Representations and Warranties: Contains statements of fact and assurances from the Borrower
9. Covenants: Lists ongoing obligations of the Borrower during the loan term
10. Events of Default: Defines circumstances constituting default and consequences
11. Remedies: Outlines the Lender's rights and remedies upon default
12. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
13. Notices: Specifies how formal communications between parties should be made
14. Execution: Signature blocks and execution formalities
1. Guarantor Provisions: Include when there is a guarantor for the loan
2. Insurance Requirements: Include when requiring specific insurance coverage for collateral
3. Prepayment Terms: Include when allowing early repayment, specifying any penalties or conditions
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. Cross-Default: Include when the loan is part of multiple financing arrangements
7. Tax Provisions: Include when specific tax considerations need to be addressed
1. Repayment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Collateral Details: Comprehensive description of any security or collateral provided
3. Conditions Precedent Checklist: List of documents and conditions required before loan disbursement
4. Form of Promissory Note: Template of the promissory note to be signed by the Borrower
5. Truth in Lending Act Disclosure Statement: Mandatory disclosure of all charges and effective interest rate as required by Philippine law
6. Contact Details: Complete contact information for all parties and authorized representatives
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Small and Medium Enterprises
Corporate Finance
Microfinance
Agriculture
Manufacturing
Retail
Construction
Relevant Teams
Legal
Finance
Credit
Compliance
Risk Management
Treasury
Operations
Commercial Banking
Corporate Banking
Business Development
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Loan Officer
Compliance Officer
Risk Manager
Corporate Secretary
Treasury Manager
Financial Controller
Business Development Manager
Account Manager
Credit Risk Analyst
Legal Manager
Banking Operations Manager
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