The Past Due Payment Arrangement Agreement is utilized when a debtor has defaulted on their original payment obligations and both parties wish to establish a formal restructuring arrangement. This document is essential in the Philippine business environment, where it must comply with the Civil Code of the Philippines, the Truth in Lending Act, and relevant Central Bank regulations. It typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements. The agreement is commonly used by financial institutions, businesses, and individuals to document revised payment terms for delinquent loans, credit facilities, or other financial obligations. It serves as a critical tool for debt restructuring while providing legal protection for both creditors and debtors under Philippine jurisdiction.
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1. Parties: Identifies and defines the Creditor and Debtor with complete legal names and addresses
2. Background: Establishes the context of the original debt, acknowledges the default, and states the parties' intention to enter into a new payment arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Original Debt', 'Past Due Amount', 'New Payment Terms', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the total outstanding debt amount and its components (principal, interest, penalties if any)
5. Payment Terms: Details of the new payment arrangement including amount, frequency, and method of payments
6. Interest and Fees: Specifies any ongoing interest rates, additional fees, or charges applicable under the new arrangement
7. Default Provisions: Consequences of defaulting on the new payment arrangement and remedies available to the creditor
8. Representations and Warranties: Basic declarations by both parties regarding their capacity and authority to enter into the agreement
9. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for dispute resolution
10. Execution: Signature blocks and execution formalities
1. Security/Collateral: Include when the payment arrangement is secured by specific assets or collateral
2. Guarantor Provisions: Include when a third party is guaranteeing the debt payments
3. Insurance Requirements: Include when requiring the debtor to maintain specific insurance coverage
4. Early Payment Provisions: Include when allowing for early payment options or specifying related discounts
5. Credit Reporting: Include when specifying arrangements regarding credit reporting during the payment plan
6. Confidentiality: Include when parties wish to keep the arrangement confidential
7. Force Majeure: Include when parties want to address circumstances that might prevent payment due to unforeseen events
8. Amendment Procedures: Include when specific procedures for modifying the agreement need to be outlined
1. Schedule A - Debt Breakdown: Detailed breakdown of the total debt amount including principal, interest, and any penalties or fees
2. Schedule B - Payment Schedule: Detailed timeline of payments including dates, amounts, and running balance
3. Schedule C - Collateral Details: If applicable, detailed description of any collateral securing the debt
4. Appendix 1 - Original Loan Documentation: Copies or references to the original loan agreement and related documents
5. Appendix 2 - Payment Instructions: Detailed payment procedures including bank account details or other payment methods
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Insurance
Real Estate
Retail
Manufacturing
Construction
Professional Services
Healthcare
Education
Telecommunications
Relevant Teams
Legal
Finance
Credit Control
Collections
Risk Management
Compliance
Treasury
Customer Relations
Business Development
Operations
Relevant Roles
Credit Manager
Collections Manager
Financial Controller
Chief Financial Officer
Account Manager
Legal Counsel
Debt Recovery Specialist
Risk Manager
Treasury Manager
Compliance Officer
Credit Analyst
Business Development Manager
Finance Director
Loan Officer
Debt Restructuring Specialist
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