The Loan and Security Agreement is a crucial financing document used in the Philippines when a lender provides funding to a borrower against specific collateral. This document is essential for secured lending transactions where the borrower pledges assets (whether movable or immovable) as security for the loan. It combines what could otherwise be two separate agreements - a loan agreement and a security agreement - into a single, comprehensive document, thereby streamlining the documentation process and ensuring consistency between lending and security provisions. The agreement must comply with various Philippine regulations, including the New Central Bank Act, Personal Property Security Act, and Truth in Lending Act. It is commonly used in both commercial and consumer lending contexts, though its complexity and terms may vary depending on the transaction size, nature of the security, and sophistication of the parties involved.
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1. Parties: Identifies the lender and borrower with their complete legal names and addresses
2. Background: Contextual information about the purpose of the loan and security arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and rules of interpretation
4. The Loan: Details of the loan amount, purpose, interest rate, and repayment terms
5. Conditions Precedent: Conditions that must be satisfied before the loan is disbursed
6. Security Interest: Creation and perfection of security interest over the collateral
7. Representations and Warranties: Statements of fact by the borrower about their legal and financial status
8. Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Circumstances that constitute default and trigger enforcement rights
10. Enforcement and Remedies: Lender's rights and remedies upon default
11. Payments and Calculations: Details of payment mechanics, calculations, and payment obligations
12. Changes to Parties: Rules regarding assignment and transfer of rights
13. Notices: Process for formal communications between parties
14. General Provisions: Boilerplate clauses including governing law, severability, and entire agreement
1. Guarantee: Required when there is a guarantor securing the borrower's obligations
2. Real Estate Security: Required when real property is part of the collateral
3. Insurance: Detailed insurance requirements when specific insurance coverage is required for the collateral
4. Security Trustee: Required in syndicated loans or when a security trustee holds the security
5. Intercreditor Provisions: Required when there are multiple creditors with security interests
6. Foreign Currency Provisions: Required when the loan is denominated in foreign currency
7. Tax Provisions: Detailed tax provisions when complex tax implications exist
1. Schedule 1 - Loan Terms: Detailed financial terms including interest rates, fees, and payment schedule
2. Schedule 2 - Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Schedule 3 - Security Assets: Detailed description of all assets provided as security
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursements
5. Schedule 5 - Permitted Security Interests: List of pre-existing or permitted security interests
6. Schedule 6 - Form of Compliance Certificate: Template for periodic compliance reporting
7. Appendix A - Truth in Lending Act Disclosure: Mandatory disclosures required under Philippine law
8. Appendix B - Registration Requirements: Details of security interest registration requirements
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