The Loan Modification Agreement is a crucial document used when parties need to alter the terms of an existing loan agreement in the Philippines. It's commonly employed during financial hardship, business restructuring, or when more favorable terms become available. The document must comply with Philippine banking regulations, including BSP Circular No. 941 and the Truth in Lending Act, particularly regarding interest rate modifications and disclosure requirements. This agreement type is essential for both commercial and consumer loans, requiring careful consideration of the Civil Code of the Philippines' provisions on contract modifications. It serves as a legally binding amendment that preserves the original loan's validity while implementing agreed changes to terms such as payment schedules, interest rates, or security arrangements.
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1. Parties: Identification of the Lender and Borrower, including their complete legal names, addresses, and representatives
2. Background: Reference to the original loan agreement, its date, and key terms; reason for modification
3. Definitions: Definition of terms used in the agreement, including references to defined terms from the original loan agreement
4. Modification of Loan Terms: Specific changes to the original loan terms, clearly stating both the original and modified terms
5. Effective Date: The date when the modifications take effect
6. Confirmation of Other Terms: Confirmation that all other terms of the original loan agreement remain in full force and effect
7. Representations and Warranties: Updated representations and warranties from the borrower regarding their current financial condition
8. Compliance with Laws: Confirmation of compliance with Philippine banking regulations and relevant laws
9. Execution Requirements: Requirements for proper execution, including notarization if required
1. Modification Fee: Include when there are fees associated with the loan modification
2. Modified Payment Schedule: Include when payment dates or amounts are being modified
3. Collateral Modifications: Include when there are changes to the collateral securing the loan
4. Additional Conditions Precedent: Include when new conditions must be met before the modification takes effect
5. Tax Provisions: Include when the modification has specific tax implications that need to be addressed
6. Insurance Requirements: Include when insurance requirements are being modified
7. Electronic Execution: Include when the agreement may be executed electronically
8. Guarantor Consent: Include when the original loan has guarantors who must consent to the modification
1. Schedule A - Modified Loan Terms: Detailed breakdown of all modified loan terms, including interest rates, payment amounts, and dates
2. Schedule B - Modified Payment Schedule: Detailed amortization schedule showing new payment dates and amounts
3. Schedule C - Modified Collateral Description: Detailed description of any modified or additional collateral
4. Appendix 1 - Compliance Certificates: Required certificates demonstrating compliance with loan conditions
5. Appendix 2 - Required Consents: Copies of any required third-party consents or approvals
6. Appendix 3 - Supporting Documents: Additional documentation supporting the modification (e.g., financial statements, appraisals)
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Agriculture
Construction
Retail
Healthcare
Technology
Transportation
Energy
Mining
Telecommunications
Education
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Treasury
Corporate Banking
Retail Banking
Documentation
Collections
Risk Management
Operations
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Risk Officer
Loan Officer
Legal Counsel
Compliance Officer
Banking Relationship Manager
Treasury Manager
Corporate Secretary
Financial Controller
Credit Analyst
Collections Manager
Risk Management Officer
Documentation Specialist
Account Manager
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