The Deferred Payment Agreement is a crucial document used in Philippine business and financial transactions when parties agree to postpone payment of a debt or purchase price through installments. It finds application in various scenarios, from asset purchases to debt restructuring, and must comply with Philippine civil law, the Truth in Lending Act, and BSP regulations. The agreement typically includes detailed payment schedules, interest calculations, security arrangements, and default provisions. Given the Philippine legal requirement for proper documentation of credit transactions, this agreement serves as a formal record of the parties' obligations and rights, incorporating mandatory disclosures and protecting both creditor and debtor interests. The document is particularly relevant in the current business environment where flexible payment terms are increasingly important for commercial transactions.
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1. Parties: Identifies and provides complete details of the creditor and debtor, including their legal names, addresses, and representative capacities
2. Background: Explains the context of the agreement, including the original transaction or circumstances leading to the deferred payment arrangement
3. Definitions: Defines key terms used throughout the agreement, including payment-related terms, dates, and technical terminology
4. Principal Amount and Acknowledgment of Debt: Clearly states the total amount owed and debtor's acknowledgment of the debt obligation
5. Payment Terms: Details the payment schedule, including installment amounts, due dates, and payment methods
6. Interest Rate: Specifies any applicable interest rates, ensuring compliance with Philippine usury laws and BSP regulations
7. Security and Collateral: Describes any security or collateral provided to guarantee the deferred payments
8. Events of Default: Lists circumstances constituting default and their consequences
9. Remedies: Outlines the creditor's rights and remedies in case of default
10. Representations and Warranties: Contains standard representations and warranties from both parties
11. General Provisions: Includes standard boilerplate clauses such as notices, amendments, and governing law
1. Prepayment Terms: Include when early payment options are allowed, specifying any applicable penalties or discounts
2. Guarantee: Include when a third-party guarantor is involved in securing the debt
3. Insurance Requirements: Include when insurance is required to protect the collateral or secure the debt
4. Tax Provisions: Include when specific tax considerations need to be addressed, particularly for business transactions
5. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
6. Electronic Payment Provisions: Include when payments will be made through electronic means
7. Force Majeure: Include when specific circumstances might affect the ability to make payments
8. Debt Restructuring Provisions: Include when there's a possibility of future payment term modifications
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Collateral Details: Comprehensive description of any assets provided as security
3. Interest Calculation Method: Detailed explanation of how interest is calculated and applied
4. Required Documents: List of supporting documents provided by the debtor
5. Disclosure Statement: Truth in Lending Act disclosures as required by Philippine law
6. Contact Details: Complete contact information for all parties and authorized representatives
Relevant legal definitions
Agreement
Applicable Law
Business Day
Collateral
Commencement Date
Default Interest Rate
Default Notice
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
Guarantor
Initial Payment
Installment Amount
Installment Payment Date
Interest Rate
Late Payment Fee
Material Adverse Effect
Outstanding Balance
Payment Account
Payment Schedule
Permitted Assignment
PHP
Principal Amount
Security
Security Documents
Taxes
Term
Transaction Documents
Applicable Law
Business Day
Collateral
Commencement Date
Default Interest Rate
Default Notice
Due Date
Early Payment
Effective Date
Event of Default
Final Payment Date
Force Majeure Event
Guarantor
Initial Payment
Installment Amount
Installment Payment Date
Interest Rate
Late Payment Fee
Material Adverse Effect
Outstanding Balance
Payment Account
Payment Schedule
Permitted Assignment
PHP
Principal Amount
Security
Security Documents
Taxes
Term
Transaction Documents
Clauses
Payment Terms
Interest
Security
Default
Representations and Warranties
Covenants
Assignment
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Notices
Amendment
Severability
Entire Agreement
Waiver
Indemnification
Termination
Tax
Compliance with Laws
Further Assurance
Costs and Expenses
Time of Essence
Counterparts
Authority
No Set-off
Remedies
Acceleration
Registration and Stamp Duty
Electronic Execution
Interest
Security
Default
Representations and Warranties
Covenants
Assignment
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Notices
Amendment
Severability
Entire Agreement
Waiver
Indemnification
Termination
Tax
Compliance with Laws
Further Assurance
Costs and Expenses
Time of Essence
Counterparts
Authority
No Set-off
Remedies
Acceleration
Registration and Stamp Duty
Electronic Execution
Relevant Industries
Banking and Financial Services
Real Estate
Retail
Manufacturing
Construction
Agriculture
Technology
Healthcare
Education
Automotive
Energy
Telecommunications
Professional Services
Import/Export
Relevant Teams
Legal
Finance
Credit Control
Treasury
Accounts Receivable
Risk Management
Compliance
Sales
Procurement
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Collections Manager
Legal Counsel
Corporate Lawyer
Accounts Receivable Manager
Credit Risk Officer
Treasury Manager
Contract Administrator
Financial Controller
Business Development Manager
Sales Director
Procurement Manager
Compliance Officer
Risk Manager
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