An Interim Loan Agreement is essential in situations where temporary financing is required pending a more permanent financial solution. This document type is commonly used in the Philippines for corporate bridge financing, acquisition financing, or project development funding where immediate capital is needed before long-term financing can be arranged. The agreement must comply with Philippine banking and finance regulations, including the New Central Bank Act and relevant Bangko Sentral ng Pilipinas (BSP) circulars. It typically includes provisions for loan amount, interest calculations, security arrangements, conditions precedent, representations and warranties, and specific provisions for either repayment or conversion to permanent financing. The interim nature of the facility is reflected in its shorter term and often more stringent conditions compared to permanent financing arrangements.
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1. Parties: Identification of the lender and borrower with their complete legal names and addresses
2. Background: Context of the interim loan, including the purpose and temporary nature of the facility
3. Definitions: Key terms used throughout the agreement, including financial and technical definitions
4. The Facility: Details of the interim loan amount, purpose, and availability period
5. Interest and Fees: Interest rate, calculation method, default interest, and associated fees
6. Drawdown: Conditions and procedures for accessing the loan funds
7. Repayment: Terms and schedule for repayment of the interim loan
8. Representations and Warranties: Standard declarations by the borrower about their legal and financial status
9. Covenants: Borrower's ongoing obligations during the loan period
10. Events of Default: Circumstances that would trigger default and lender's remedies
11. Boilerplate Provisions: Standard legal provisions including notices, amendments, and governing law
1. Security: Required if the interim loan is secured by any assets or guarantees
2. Conversion Rights: Include if the interim loan can be converted into permanent financing
3. Subordination: Required if the loan needs to be subordinated to other debt
4. Insurance: Include if specific insurance requirements are needed for the interim period
5. Bridge to Permanent Financing: Include if the interim loan is explicitly bridging to identified permanent financing
6. Special Purpose Vehicle Provisions: Required if the borrower is an SPV or project company
7. Change of Control: Include for corporate borrowers where ownership stability is crucial
1. Schedule 1 - Conditions Precedent: List of documents and conditions required before drawdown
2. Schedule 2 - Form of Drawdown Notice: Template for borrower to request loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed schedule of repayment dates and amounts if applicable
4. Schedule 4 - Financial Covenants: Specific financial ratios and requirements to be maintained
5. Schedule 5 - Security Details: Description of any security or collateral if applicable
6. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
7. Appendix B - Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Infrastructure
Manufacturing
Energy
Technology
Healthcare
Retail
Mining
Agriculture
Transportation
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Development
Credit
Operations
Company Secretarial
Executive Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Banking Relationship Manager
Credit Risk Manager
Corporate Finance Manager
Financial Controller
Compliance Officer
Managing Director
Chief Executive Officer
Company Secretary
Project Finance Manager
Investment Manager
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