The Loan Receipt Agreement is a crucial document in Philippine lending transactions, used to formally document and evidence the borrowing of funds or assets. This agreement type is essential in both commercial and personal lending contexts, providing legal protection for both lenders and borrowers under Philippine jurisdiction. The document must comply with various Philippine regulations, including the Civil Code, Truth in Lending Act, and relevant Central Bank circulars. It serves multiple purposes: documenting the loan's existence, establishing repayment terms, setting interest rates, and defining the parties' rights and obligations. The agreement is particularly important in the Philippine context where formal documentation of financial transactions is required for legal enforcement and regulatory compliance. It can be used for various loan types, from personal loans to business financing, and must include specific disclosures mandated by Philippine law.
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1. Parties: Identification of the lender and borrower with complete legal names, addresses, and tax identification numbers as required by Philippine law
2. Background: Context of the loan agreement, including the purpose of the loan and any relevant pre-existing relationships between the parties
3. Definitions: Definition of key terms used throughout the agreement, including but not limited to 'Loan Amount', 'Interest Rate', 'Repayment Date', and 'Event of Default'
4. Loan Amount and Disbursement: Specification of the principal amount, currency, and method of disbursement
5. Interest Rate and Charges: Details of the interest rate, calculation method, and any additional charges or fees as required by the Truth in Lending Act
6. Repayment Terms: Schedule and method of repayment, including installment amounts and due dates
7. Representations and Warranties: Statements of fact and assurances made by the borrower regarding their capacity to enter into and perform the agreement
8. Events of Default: Circumstances that constitute default and the consequences thereof
9. Remedies: Rights and remedies available to the lender in case of default
10. Governing Law and Jurisdiction: Specification of Philippine law as governing law and designation of competent courts
1. Security: Details of any collateral or security provided for the loan - include when the loan is secured
2. Guarantor Provisions: Terms relating to any guarantor of the loan - include when there is a guarantor
3. Insurance Requirements: Obligations regarding insurance of any collateral - include for secured loans with insurable collateral
4. Assignment and Transfer: Provisions regarding the ability to transfer or assign rights under the agreement - include for larger institutional loans
5. Prepayment Terms: Conditions and penalties for early repayment - include when early repayment terms are specifically negotiated
1. Repayment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Disclosure Statement: Truth in Lending Act disclosure statement showing effective interest rate and all charges
3. Security Details: Description and documentation of any collateral or security (if applicable)
4. Required Documents: List of supporting documents required from the borrower, such as valid ID, proof of income, etc.
5. Specimen Signatures: Authenticated signatures of all parties, including witnesses if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Microfinance
Real Estate
Agriculture
Manufacturing
Retail
Construction
Technology
Small and Medium Enterprises
Professional Services
Relevant Teams
Legal
Finance
Compliance
Risk Management
Credit Administration
Operations
Treasury
Document Control
Business Development
Client Relations
Relevant Roles
Loan Officer
Credit Manager
Financial Controller
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
Account Manager
Business Development Manager
Corporate Secretary
Chief Financial Officer
Credit Analyst
Documents Specialist
Branch Manager
Relationship Manager
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