The Limited Recourse Loan Agreement is a crucial financing instrument in the Philippine market, particularly utilized in project finance and asset-based lending transactions. This document type is essential when lenders agree to limit their recourse primarily to specific assets or revenue streams rather than the borrower's entire asset base. It is commonly used for large-scale infrastructure projects, energy developments, and other capital-intensive ventures where project assets or revenue streams form the primary security. The agreement must comply with Philippine banking regulations, security laws, and the Civil Code, while incorporating international best practices in limited recourse financing. The document typically includes detailed provisions on the identified assets or revenue streams, security arrangements, covenants specific to the asset/project, and enforcement mechanisms tailored to the Philippine legal framework. It's particularly relevant when the borrower is a special purpose vehicle (SPV) or when the lender accepts project-specific risks rather than full corporate risk.
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1. Parties: Identification of the lender and borrower
2. Background: Context of the transaction and purpose of the loan
3. Definitions and Interpretation: Defined terms and rules of interpretation
4. The Facility: Loan amount, purpose, and drawdown mechanics
5. Limited Recourse Nature: Explicit statement of limited recourse and identification of specific assets/revenue streams
6. Interest and Fees: Interest rate, calculation methods, and any applicable fees
7. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
8. Security: Details of security over the specified assets/revenue streams
9. Conditions Precedent: Conditions to be satisfied before drawdown
10. Representations and Warranties: Standard and transaction-specific representations
11. Covenants: Positive and negative undertakings of the borrower
12. Events of Default: Circumstances constituting default and consequences
13. Enforcement: Rights and remedies limited to specified assets/revenue streams
14. Payments and Application of Proceeds: Payment mechanics and waterfall provisions
15. Changes to Parties: Assignment and transfer provisions
16. Administration: Notice provisions and administrative matters
17. Governing Law and Jurisdiction: Choice of Philippine law and jurisdiction provisions
1. Account Bank Provisions: Required if specific accounts are established for revenue collection
2. Intercreditor Provisions: Required if multiple lenders or creditors are involved
3. Project Covenants: Required if loan is tied to a specific project
4. Insurance: Required if specific insurance over assets is part of the security package
5. Tax Gross-up and Indemnities: Required if tax implications need specific addressing
6. Agency Provisions: Required if a facility agent or security agent is appointed
7. Step-in Rights: Required if lender may need to take control of assets/project
8. Technical Advisor Provisions: Required if technical oversight of assets/project is needed
1. Form of Drawdown Request: Standard form for requesting loan disbursements
2. Conditions Precedent Documents: Detailed list of required documents and conditions
3. Repayment Schedule: Detailed amortization schedule if applicable
4. Security Documents: Forms of security documents and perfection requirements
5. Designated Assets/Revenue Streams: Detailed description of assets/revenue streams subject to limited recourse
6. Financial Covenants: Detailed calculations and ratios if applicable
7. Forms of Reports: Standard formats for required financial and operational reports
8. Contact Details: Contact information for all parties and notices
9. Fees: Detailed breakdown of all applicable fees
Relevant legal definitions
Clauses
Relevant Industries
Infrastructure
Energy
Real Estate Development
Mining
Transportation
Renewable Energy
Manufacturing
Telecommunications
Power Generation
Oil and Gas
Agriculture
Maritime
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Project Management
Credit
Commercial
Business Development
Investment
Asset Management
Relevant Roles
Chief Financial Officer
Finance Director
Project Finance Manager
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Risk Officer
Project Manager
Treasury Manager
Commercial Director
Investment Officer
Compliance Officer
Corporate Secretary
Business Development Manager
Asset Manager
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