The Business Loan Contract serves as the primary legal instrument for business financing transactions in the Philippines, establishing the rights and obligations of both lender and borrower. It is essential for any business seeking formal financing from financial institutions and must comply with Philippine banking regulations, including the New Central Bank Act and Truth in Lending Act. This document is used when a business requires capital for expansion, working capital, asset acquisition, or other business purposes. It includes comprehensive terms covering loan amount, interest calculations, repayment schedules, security arrangements, events of default, and remedies. The agreement must incorporate specific Philippine law requirements for validity and enforceability, including proper execution and notarization requirements.
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1. Parties: Identifies the lender and borrower with complete legal names, addresses, and registration details
2. Background: Explains the context of the loan and the purpose for which it is being granted
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its approved business purpose
5. Interest Rate and Calculations: Details the interest rate, calculation method, and effective interest rate as required by the Truth in Lending Act
6. Term and Repayment: Specifies the loan duration and repayment schedule, including payment amounts and due dates
7. Security and Collateral: Details any assets pledged as security for the loan and related terms
8. Conditions Precedent: Lists conditions that must be satisfied before the loan is disbursed
9. Representations and Warranties: Statements of fact by the borrower about their business and ability to repay
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Events of Default: Defines circumstances that constitute default and consequences
12. Remedies: Outlines the lender's rights and remedies in case of default
13. Expenses and Fees: Details all charges, fees, and expenses related to the loan
14. Governing Law and Jurisdiction: Specifies Philippine law as governing law and designates jurisdiction for disputes
15. Execution: Signature blocks and execution requirements
1. Guarantees: Include when there are personal or corporate guarantors for the loan
2. Insurance Requirements: Include when specific insurance coverage is required for the business or collateral
3. Syndication Provisions: Include for larger loans that may be syndicated to multiple lenders
4. Subordination Terms: Include when the loan needs to be subordinated to other debt
5. Assignment and Transfer: Include when the lender wishes to reserve the right to assign the loan
6. Electronic Execution: Include when the agreement may be executed electronically under the E-Commerce Act
7. Foreign Currency Provisions: Include when the loan is denominated in a foreign currency
1. Repayment Schedule: Detailed amortization table showing payment dates, amounts, and breakdown of principal and interest
2. Collateral Description: Detailed description and valuation of all assets pledged as security
3. Conditions Precedent Documents: List of all documents required before loan disbursement
4. Fee Schedule: Breakdown of all fees, charges, and their calculation methods
5. Permitted Security Interests: List of existing or permitted security interests on borrower's assets
6. Insurance Requirements: Detailed specifications of required insurance coverage
7. Form of Drawdown Notice: Template for borrower to request loan disbursement
8. Compliance Certificate: Template for periodic compliance reporting by borrower
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