The Repayment Agreement is utilized when parties need to formally document the terms for settling an existing debt obligation in the Philippines. It is commonly used in debt restructuring, loan modifications, or when formalizing informal lending arrangements. The document must comply with Philippine financial regulations, including the Truth in Lending Act and Central Bank guidelines on interest rates. It typically includes detailed payment schedules, interest calculations, default provisions, and any security arrangements. This agreement is particularly crucial in situations where the original loan terms need modification or when converting verbal agreements into written contracts. The document serves both as a protection for the lender's interests and as a clear guideline for the borrower's obligations, while ensuring compliance with Philippine civil law requirements for valid contracts.
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1. Parties: Identifies and defines the Lender and Borrower with complete legal names and addresses
2. Background: Describes the context of the debt, including the original loan amount and date of lending
3. Definitions: Defines key terms used throughout the agreement
4. Acknowledgment of Debt: Formal acknowledgment of the outstanding debt amount and its legitimacy
5. Repayment Terms: Details of the repayment schedule, including installment amounts, frequency, and payment methods
6. Interest Rate: Specifies the applicable interest rate and calculation method
7. Payment Application: Explains how payments will be applied to principal, interest, and other charges
8. Default Provisions: Defines events of default and their consequences
9. Representations and Warranties: Standard declarations by the borrower regarding their capacity to enter into the agreement
10. Governing Law: Confirms Philippine law as governing law and jurisdiction
11. Miscellaneous: Standard boilerplate provisions including severability, entire agreement, and amendments
1. Security: Include when the repayment is secured by collateral or guarantees
2. Insurance: Include when insurance is required to protect the collateral or ensure repayment
3. Guarantor Provisions: Include when a third-party guarantor is involved
4. Acceleration Clause: Include when early repayment options or requirements are needed
5. Late Payment Penalties: Include when specific penalties for late payment are to be imposed
6. Debt Restructuring Terms: Include when the agreement is part of a debt restructuring arrangement
7. Electronic Payment Provisions: Include when electronic payment methods are specifically required
1. Schedule A - Repayment Schedule: Detailed amortization table showing payment dates, amounts, and breakdown of principal and interest
2. Schedule B - Collateral Description: Detailed description of any security or collateral (if applicable)
3. Schedule C - Original Loan Documentation: Copies or references to original loan documents
4. Appendix 1 - Payment Instructions: Detailed payment procedures and bank account information
5. Appendix 2 - Guarantor Information: Details of guarantor and guarantee terms (if applicable)
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Small and Medium Enterprises
Corporate
Microfinance
Agriculture
Relevant Teams
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Debt Recovery
Account Management
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Collections Officer
Legal Counsel
Compliance Officer
Risk Manager
Account Manager
Treasury Manager
Debt Recovery Specialist
Corporate Secretary
Financial Controller
Credit Analyst
Loan Officer
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