The Term Loan Agreement is a fundamental financing document used when a borrower requires a fixed-term loan for specific purposes such as capital expenditure, expansion, or refinancing. This agreement type is extensively used in the Philippine market and must comply with local regulations including the Truth in Lending Act, Civil Code requirements, and Central Bank circulars. The document typically includes detailed provisions on loan disbursement, interest calculation, repayment terms, security arrangements, and borrower obligations. It's particularly important in the Philippine context due to specific local law requirements on interest rate disclosure, documentary stamps tax considerations, and mandatory lending provisions. The agreement can be used for both secured and unsecured facilities, and can be adapted for bilateral or syndicated lending structures.
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1. Parties: Identification of the lender and borrower, including their complete legal names, addresses, and corporate details
2. Background: Context of the loan agreement, including the purpose of the loan and any relevant relationship between the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. The Facility: Details of the loan amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the loan can be drawn
6. Drawdown: Procedures and requirements for drawing down the loan
7. Interest: Interest rate, calculation method, payment dates, and default interest provisions
8. Repayment: Terms of repayment including scheduled payments, prepayment provisions, and payment mechanics
9. Fees and Expenses: All fees payable under the agreement including arrangement fees, commitment fees, and out-of-pocket expenses
10. Representations and Warranties: Statements of fact and assurances given by the borrower
11. Covenants: Positive and negative obligations of the borrower during the loan term
12. Events of Default: Circumstances that would constitute default and their consequences
13. Changes to Parties: Rules regarding assignment and transfer of rights and obligations
14. Notices: Communication procedures between parties
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: Include when the loan is secured by collateral or guarantees
2. Tax Gross-Up: Include when tax gross-up provisions are required for cross-border lending
3. Increased Costs: Include for regulated lenders who may face regulatory changes affecting the loan
4. Market Disruption: Include for loans with floating interest rates to address market disruption events
5. Multiple Lenders: Include when there is more than one lender, including syndication provisions
6. Insurance: Include when specific insurance requirements are imposed on the borrower
7. Currency Provisions: Include for loans involving multiple currencies or foreign exchange considerations
8. Subordination: Include when the loan needs to be subordinated to other debt
1. Schedule 1 - Conditions Precedent Documents: List of all documents required before drawdown
2. Schedule 2 - Form of Drawdown Request: Template for the borrower to request loan disbursement
3. Schedule 3 - Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Schedule 4 - Form of Compliance Certificate: Template for periodic compliance certification by borrower
5. Schedule 5 - Disclosure Statement: Truth in Lending Act disclosures as required under Philippine law
6. Schedule 6 - Security Documents: List and copies of security documents if loan is secured
7. Appendix A - Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
8. Appendix B - Form of Transfer Certificate: Template for transferring loan participations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Lending
Real Estate and Property Development
Manufacturing and Industrial
Infrastructure and Construction
Agriculture and Agribusiness
Technology and Telecommunications
Energy and Utilities
Healthcare and Pharmaceuticals
Retail and Consumer Goods
Transportation and Logistics
Mining and Natural Resources
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit
Corporate Banking
Operations
Documentation
Business Development
Corporate Secretarial
Internal Audit
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Loan Officer
Corporate Secretary
Financial Controller
Managing Director
Chief Executive Officer
Business Development Manager
Credit Analyst
Transaction Manager
Documentation Specialist
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