The Interest Only Loan Agreement is designed for use in the Philippine jurisdiction where borrowers seek financing with reduced initial payment obligations. This type of agreement is particularly useful for projects with delayed revenue generation, property development, or business expansion where cash flow management is crucial. The document incorporates mandatory requirements under Philippine banking regulations, including Truth in Lending Act disclosures, BSP circulars on interest rate setting, and Anti-Money Laundering provisions. It provides comprehensive coverage of interest calculation methodologies, payment terms, events of default, and enforcement mechanisms, while ensuring compliance with local legal requirements. The agreement is structured to protect both lender and borrower interests while maintaining flexibility for various commercial applications.
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1. Parties: Identification of the lender and borrower with complete details as required by Philippine regulations
2. Background: Context of the loan agreement and relationship between the parties
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Loan: Principal amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, payment dates, and default interest provisions
6. Interest Only Payments: Specific terms regarding interest-only payment structure and duration
7. Principal Repayment: Terms for final principal repayment at the end of the interest-only period
8. Representations and Warranties: Standard representations and warranties from the borrower
9. Borrower Covenants: Positive and negative covenants the borrower must comply with
10. Events of Default: Circumstances constituting default and consequences
11. Changes to Parties: Rules for assignment and transfer of rights
12. Notices: Communication methods and contact details
13. General Provisions: Miscellaneous legal provisions including governing law and jurisdiction
14. Execution: Signature blocks and execution requirements
1. Security: Include when the loan is secured by collateral or guarantees
2. Conditions Precedent: Include when there are specific conditions that must be met before drawdown
3. Multiple Lenders: Include provisions for syndicated loans or multiple lenders
4. Insurance: Include when specific insurance requirements are imposed on the borrower
5. Tax Provisions: Include detailed tax provisions when tax implications are significant
6. Early Repayment: Include when early repayment options are available
7. Interest Rate Adjustment: Include when interest rate can be adjusted during the loan term
8. Force Majeure: Include when specific force majeure provisions are required
1. Schedule 1 - Loan Details: Detailed loan terms including amount, interest rate, and payment dates
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before drawdown
3. Schedule 3 - Repayment Schedule: Detailed schedule of interest payment dates and amounts
4. Schedule 4 - Form of Drawdown Notice: Template for drawdown requests
5. Schedule 5 - Security Details: Details of any security or collateral (if applicable)
6. Schedule 6 - Fees and Charges: Breakdown of all applicable fees and charges
7. Appendix A - Truth in Lending Act Disclosure: Mandatory disclosure statement under Philippine law
8. Appendix B - Special Conditions: Any special conditions or requirements specific to the loan
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Agriculture
Retail
Technology
Infrastructure
Energy
Healthcare
Education
Hospitality
Mining
Transportation
Telecommunications
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit
Corporate Secretariat
Business Development
Investment
Operations
Documentation
Account Management
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Loan Officer
Treasury Manager
Corporate Secretary
Account Manager
Banking Relationship Manager
Financial Controller
Business Development Manager
Investment Officer
Credit Analyst
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