The Forgivable Loan Agreement is commonly used in the Philippines when organizations wish to provide financial support with an incentive structure tied to specific goals or conditions. This document type has gained prominence, particularly in scenarios involving employee retention, business development initiatives, and economic support programs. The agreement must be structured in compliance with Philippine banking and financial regulations, including the New Central Bank Act and Truth in Lending Act. It details the initial loan terms, specific conditions for forgiveness, monitoring mechanisms, and forgiveness procedures. This document is particularly relevant in post-crisis recovery, employee development programs, or business expansion scenarios where the lender wishes to support the borrower while maintaining initial accountability through a loan structure.
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1. Parties: Identifies the lender and borrower with their complete legal names and addresses
2. Background: Explains the context of the loan and the general intent for potential forgiveness
3. Definitions: Defines key terms used throughout the agreement, including specific conditions for forgiveness
4. Loan Amount and Disbursement: Specifies the principal amount, disbursement schedule, and method of transfer
5. Interest Rate and Calculations: Details the applicable interest rate, calculation method, and payment periods
6. Repayment Terms: Outlines the repayment schedule, payment methods, and prepayment provisions
7. Forgiveness Conditions: Specifies the conditions under which the loan may be forgiven, including timeline and requirements
8. Forgiveness Process: Details the procedural requirements for requesting and obtaining loan forgiveness
9. Representations and Warranties: States the parties' representations regarding their capacity and authority to enter the agreement
10. Borrower's Covenants: Lists the borrower's ongoing obligations and commitments
11. Events of Default: Defines circumstances constituting default and consequences thereof
12. Remedies: Outlines the lender's rights and remedies upon default
13. Governing Law and Jurisdiction: Specifies Philippine law as governing law and defines jurisdiction for disputes
14. Miscellaneous Provisions: Includes standard boilerplate provisions like notices, amendments, and severability
1. Security: Include when the loan is secured by collateral or guarantees
2. Tax Provisions: Include detailed tax implications of loan forgiveness when the amount is substantial
3. Reporting Requirements: Include when regular financial reporting is required from the borrower
4. Insurance Requirements: Include when insurance on collateral or key person insurance is required
5. Assignment and Transfer: Include when either party may need to transfer rights under the agreement
6. Compliance with Laws: Include when specific regulatory compliance is crucial (e.g., for regulated industries)
7. Force Majeure: Include when specific events might affect the forgiveness conditions
8. Confidentiality: Include when the agreement contains sensitive business information
1. Schedule A - Loan Disbursement Schedule: Details the timing and conditions for loan disbursements
2. Schedule B - Repayment Schedule: Tables showing payment dates and amounts before potential forgiveness
3. Schedule C - Forgiveness Milestones: Detailed metrics or conditions that trigger loan forgiveness
4. Schedule D - Required Documentation: List of documents required for forgiveness application
5. Schedule E - Security Details: Description of any collateral or security arrangements (if applicable)
6. Appendix 1 - Forgiveness Application Form: Standard form for requesting loan forgiveness
7. Appendix 2 - Compliance Certificate: Template for periodic compliance certification
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small and Medium Enterprises
Education
Healthcare
Technology
Manufacturing
Agriculture
Real Estate
Non-profit Organizations
Professional Services
Retail
Hospitality
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Human Resources
Tax
Operations
Credit Administration
Business Development
Corporate Secretariat
Internal Audit
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Credit Risk Manager
Treasury Manager
Business Development Director
Human Resources Director
Corporate Secretary
Financial Controller
Loan Officer
Risk Assessment Manager
Tax Manager
Operations Director
Managing Director
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