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Credit Waiver

Credit Waiver Template for Philippines

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Key Requirements PROMPT example:

Credit Waiver

"I need a Credit Waiver document for ABC Corporation waiving a PHP 500,000 business loan from XYZ Bank, with the condition that 60% of the remaining balance is paid by March 15, 2025."

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Document background
A Credit Waiver is essential in Philippine business and financial transactions where a creditor wishes to formally waive their right to collect a debt. This document is commonly used in debt restructuring, settlement negotiations, or as part of broader financial arrangements. The Credit Waiver must be drafted in accordance with Philippine law, particularly the Civil Code, Truth in Lending Act, and relevant Central Bank regulations. It should clearly identify the parties, specify the credit being waived, include any conditions attached to the waiver, and be properly executed to ensure enforceability. The document is particularly important in situations involving financial hardship, business reorganizations, or strategic debt management, providing legal protection for both creditors and debtors.
Suggested Sections

1. Parties: Identification of the Creditor and Debtor with complete names and addresses

2. Background: Context of the original credit agreement, including date, amount, and circumstances of the original debt

3. Definitions: Key terms used in the document including 'Credit Amount', 'Original Agreement', 'Waiver', etc.

4. Credit Details: Specific details of the credit being waived, including principal amount, interest, penalties, and other charges

5. Waiver Declaration: Express statement of the creditor's waiver of right to collect the specified credit amount

6. Terms and Conditions: Specific conditions attached to the waiver, if any

7. Release: Release of the debtor from obligations related to the waived credit

8. Representations and Warranties: Statements confirming the parties' authority to enter into the waiver and the validity of the original debt

9. Governing Law: Specification that the waiver is governed by Philippine law

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Partial Waiver Provisions: Used when only a portion of the credit is being waived, specifying remaining obligations

2. Conditions Precedent: Include when the waiver is conditional upon certain actions or events

3. Confidentiality: Added when parties wish to keep the waiver terms confidential

4. Tax Implications: Include when there are significant tax consequences that need to be addressed

5. Dispute Resolution: Optional section for specifying mediation or arbitration procedures

6. Severability: Include when there's a need to ensure other provisions remain valid if one is found unenforceable

Suggested Schedules

1. Schedule A - Original Credit Agreement: Copy or details of the original credit agreement being waived

2. Schedule B - Statement of Account: Detailed breakdown of the credit amount being waived, including principal, interest, and other charges

3. Schedule C - Payment History: Record of any payments made under the original credit agreement

4. Appendix 1 - Required Corporate Approvals: If applicable, corporate resolutions or approvals authorizing the waiver

5. Appendix 2 - Supporting Documents: Any relevant supporting documentation referenced in the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking

Financial Services

Lending

Microfinance

Real Estate

Corporate Services

Retail

Manufacturing

Small and Medium Enterprises

Professional Services

Relevant Teams

Legal

Finance

Credit Risk Management

Collections

Corporate Finance

Treasury

Compliance

Risk Management

Banking Operations

Account Management

Relevant Roles

Chief Financial Officer

Credit Risk Manager

Legal Counsel

Financial Controller

Collections Manager

Credit Analysis Manager

Debt Recovery Officer

Account Manager

Corporate Finance Manager

Treasury Manager

Compliance Officer

Risk Management Director

Banking Operations Manager

Finance Director

Legal Manager

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the basic framework for contracts, obligations, and waivers, including provisions on consent, object, cause, and form of contracts
Truth in Lending Act (Republic Act No. 3765): Regulates credit transactions and requires full disclosure of credit terms to protect borrowers in credit transactions
Consumer Act of the Philippines (Republic Act No. 7394): Protects consumer interests and establishes standards of conduct for business and industry, including provisions on credit transactions
General Banking Law of 2000 (Republic Act No. 8791): Provides regulatory framework for banking institutions and financial transactions, including credit operations
New Central Bank Act (Republic Act No. 7653): Establishes the regulatory framework for monetary, credit, and banking operations in the Philippines
Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (Republic Act No. 10142): Relevant for understanding the implications of credit waivers in the context of debt restructuring and insolvency situations
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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