The Term Loan Credit Agreement serves as the primary documentation for term loan facilities in the Philippines, structured to comply with local banking regulations and financial laws. This document is typically used when a borrower requires fixed-term financing for specific purposes such as capital expenditure, business expansion, or project financing. The agreement encompasses all essential elements required under Philippine law, including loan terms, security arrangements, representations, covenants, and enforcement mechanisms. It must align with the General Banking Law of 2000, Truth in Lending Act, and relevant BSP regulations. The document is particularly important for establishing clear rights and obligations of parties, ensuring enforceability, and providing adequate protection for lenders while maintaining fairness to borrowers in accordance with Philippine legal requirements.
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1. Parties: Identifies the lender(s), borrower(s), and any other parties to the agreement
2. Background: Sets out the context and purpose of the loan facility
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details the amount, purpose, and nature of the loan facility
5. Conditions Precedent: Lists the conditions that must be satisfied before the loan can be drawn
6. Drawdown: Specifies the drawdown mechanics, notice requirements, and availability period
7. Interest: Details interest rate, calculation methods, payment dates, and default interest
8. Repayment: Sets out the repayment schedule, amounts, and mechanisms
9. Prepayment: Covers voluntary and mandatory prepayment provisions
10. Fees and Expenses: Lists all applicable fees, charges, and cost reimbursements
11. Tax Provisions: Addresses tax-related matters including withholding tax and tax gross-up
12. Representations and Warranties: Contains borrower's representations and warranties
13. Information Undertakings: Specifies ongoing information and reporting requirements
14. General Undertakings: Sets out positive and negative covenants of the borrower
15. Events of Default: Lists circumstances constituting default and their consequences
16. Changes to Parties: Covers assignment and transfer provisions
17. Administration: Contains provisions regarding calculations, notices, and other administrative matters
18. Governing Law and Enforcement: Specifies governing law and jurisdiction
19. Execution: Contains signature blocks and execution formalities
1. Security: Required if the loan is secured - details the security structure and enforcement rights
2. Guarantee: Required if there are guarantors - contains guarantee provisions
3. Foreign Currency Provisions: Required for loans in foreign currency - addresses exchange rate risks and currency conversion
4. Increased Costs: Optional protection for lenders against regulatory changes affecting costs
5. Market Disruption: Optional provisions dealing with market disruption events
6. Multiple Lenders: Required for syndicated loans - includes agency and majority lender provisions
7. Insurance: Required if specific insurance coverage is mandatory - details insurance requirements
8. Environmental Compliance: Required for projects with environmental impacts - contains environmental covenants
9. Financial Covenants: Optional section for financial maintenance covenants and calculations
1. Conditions Precedent: Detailed list of required conditions precedent documents
2. Form of Drawdown Request: Template for borrower's drawdown notices
3. Repayment Schedule: Detailed amortization schedule
4. Form of Compliance Certificate: Template for periodic compliance certifications
5. Security Documents: List and/or copies of security documents if applicable
6. Permitted Security: List of pre-approved security interests
7. Form of Transfer Certificate: Template for transferring loan participations
8. Financial Covenants Calculations: Detailed methodology for financial covenant calculations
9. Existing Indebtedness: List of borrower's existing debt obligations
10. Contact Details: Contact information for all parties and notice details
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Property Development
Manufacturing and Industrial
Infrastructure and Construction
Energy and Utilities
Telecommunications
Agriculture and Agribusiness
Technology and Software
Healthcare and Pharmaceuticals
Retail and Consumer Goods
Mining and Natural Resources
Transportation and Logistics
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Operations
Documentation
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Compliance Officer
Credit Risk Manager
Relationship Manager
Loan Officer
Corporate Secretary
Financial Controller
Banking Operations Manager
Credit Analyst
Legal Manager
Finance Manager
Risk Officer
Transaction Manager
Corporate Banking Head
Documentation Specialist
Senior Banker
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