The Loan Facility Agreement serves as the primary documentation for commercial lending transactions in the Philippines, establishing the legal framework for credit facilities between financial institutions and borrowers. This document type is essential for various financing purposes, from corporate expansion to project finance, and must comply with Philippine banking regulations, particularly those established by the Bangko Sentral ng Pilipinas (BSP). The agreement typically includes comprehensive provisions on facility terms, security arrangements, conditions precedent, representations and warranties, covenants, and events of default. It requires careful consideration of local security creation and perfection requirements, stamp duty implications, and mandatory lending provisions under Philippine law. The Loan Facility Agreement must also address specific local requirements regarding interest rate calculations, foreign currency regulations if applicable, and mandatory provisions for banking transactions in the Philippines.
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1. Parties: Identification of the lender(s) and borrower(s) with complete legal names and addresses
2. Background: Context of the loan facility, including purpose and any relevant historical arrangements
3. Definitions: Definitions of terms used throughout the agreement, including financial and technical terms
4. The Facility: Details of the loan facility including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility can be drawn
6. Drawdown: Procedures and requirements for drawing down the loan facility
7. Interest: Interest rate, calculation method, payment dates, and default interest provisions
8. Repayment: Terms and schedule for repayment of the principal amount
9. Fees and Expenses: All applicable fees, charges, and cost allocation between parties
10. Representations and Warranties: Standard declarations made by the borrower about their legal and financial status
11. Covenants: Positive and negative obligations of the borrower during the loan term
12. Events of Default: Circumstances constituting default and consequences thereof
13. Changes to Parties: Rules regarding assignment, transfer, and substitution of parties
14. Administration: Administrative provisions including notices and calculations
15. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
16. Execution: Signature blocks and execution formalities
1. Security: Required when the loan is secured, detailing all security arrangements and enforcement rights
2. Guarantees: Include when there are third-party guarantors for the loan
3. Syndication Provisions: Required for syndicated loans, covering relationship between lenders and agent banks
4. Tax Provisions: Detailed tax provisions when cross-border elements or specific tax considerations exist
5. Insurance: Specific insurance requirements for secured assets or borrower's business
6. Increased Costs and Market Disruption: Protection for lenders against regulatory changes and market disruption events
7. Multi-currency Provisions: Required when the facility can be drawn in multiple currencies
8. Environmental Compliance: Required for projects with environmental impact or when lender requires environmental covenants
1. Schedule 1 - Conditions Precedent Documents: List of all documents required before first drawdown
2. Schedule 2 - Form of Drawdown Notice: Template for borrower to request loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed amortization schedule if applicable
4. Schedule 4 - Form of Transfer Certificate: Template for transferring loan participations
5. Schedule 5 - Security Details: Detailed description of all security assets and perfection requirements
6. Schedule 6 - Fees Schedule: Detailed breakdown of all applicable fees and charges
7. Appendix A - Financial Covenants: Detailed financial ratios and calculations
8. Appendix B - Authorized Signatories: List of persons authorized to sign notices and certificates
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Infrastructure
Energy
Technology
Agriculture
Transportation
Healthcare
Retail
Construction
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Documentation
Risk Management
Corporate Secretarial
Business Development
Loan Administration
Security and Collateral
Corporate Finance
Transaction Management
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Relationship Manager
Credit Officer
Risk Manager
Compliance Officer
Corporate Secretary
Finance Manager
Banking Officer
Credit Analyst
Documentation Specialist
Transaction Manager
Security Trustee
Loan Officer
Managing Director
Chief Executive Officer
Chief Legal Officer
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