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Loan Memorandum

Loan Memorandum Template for Philippines

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Key Requirements PROMPT example:

Loan Memorandum

"I need a Loan Memorandum for a secured corporate loan of PHP 50 million to a manufacturing company, with quarterly repayments over 5 years starting March 2025, including provisions for equipment collateral and corporate guarantees."

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Document background
The Loan Memorandum serves as a crucial legal instrument in Philippine lending transactions, documenting the terms and conditions of financial arrangements between lenders and borrowers. This document is essential when formalizing loan agreements and must comply with various Philippine regulations, including the Truth in Lending Act, the Civil Code, and Central Bank directives. The memorandum typically includes comprehensive details about the loan facility, interest calculations, repayment schedules, and security arrangements, while incorporating mandatory regulatory disclosures. It's commonly used in both corporate and individual lending scenarios, requiring careful attention to Philippine-specific legal requirements and banking practices. The document's structure ensures transparency in lending practices and provides legal protection for all parties involved.
Suggested Sections

1. Parties: Identification of the lender and borrower with complete details as required by Philippine regulations

2. Background: Context of the loan agreement and relationship between parties

3. Definitions: Key terms used throughout the memorandum

4. Loan Amount and Purpose: Specific amount being lent and its intended use

5. Interest Rate and Charges: Detailed breakdown of interest rates, fees, and charges as required by the Truth in Lending Act

6. Term and Repayment: Duration of the loan and repayment schedule

7. Conditions Precedent: Conditions that must be satisfied before the loan is disbursed

8. Representations and Warranties: Statements of fact and assurances from the borrower

9. Covenants: Ongoing obligations of the borrower during the loan term

10. Events of Default: Circumstances that constitute default and consequences

11. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes

Optional Sections

1. Security: Details of collateral or security - required for secured loans only

2. Guarantees: Terms of any guarantees provided - needed when a guarantor is involved

3. Insurance: Insurance requirements for secured loans or where borrower insurance is required

4. Special Conditions: Any special terms or conditions specific to the loan purpose or borrower circumstances

5. Assignment and Transfer: Terms for transferring or assigning the loan - needed for transferable facilities

6. Co-Borrower Provisions: Required when there are multiple borrowers

7. Electronic Execution: Required when the memorandum will be executed electronically under the E-Commerce Act

Suggested Schedules

1. Schedule 1 - Repayment Schedule: Detailed amortization table showing payment dates and amounts

2. Schedule 2 - Fees and Charges: Comprehensive list of all applicable fees and charges

3. Schedule 3 - Conditions Precedent Documents: List of required documents to be provided before loan disbursement

4. Schedule 4 - Security Details: Detailed description of any collateral or security (for secured loans)

5. Schedule 5 - Disclosure Statement: Truth in Lending Act disclosures in prescribed format

6. Appendix A - Standard Terms and Conditions: General terms and conditions applicable to all loans of this type

7. Appendix B - Form of Drawdown Notice: Template for requesting loan disbursement

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 legal definitions
Relevant Industries

Banking and Financial Services

Real Estate and Property

Manufacturing

Retail and Commerce

Agriculture

Technology and Communications

Construction and Infrastructure

Healthcare

Education

Small and Medium Enterprises

Transportation and Logistics

Relevant Teams

Legal

Finance

Compliance

Risk Management

Credit

Treasury

Corporate Secretariat

Documentation

Loan Operations

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Compliance Officer

Risk Manager

Credit Analyst

Loan Officer

Corporate Secretary

Treasury Manager

Financial Controller

Legal Director

Banking Relationship Manager

Credit Risk Officer

Documentation Specialist

Corporate Lawyer

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental legal framework for contracts, obligations, and loan agreements, including provisions on the nature of loans, interest rates, and contractual requirements
Truth in Lending Act (Republic Act No. 3765): Mandates disclosure requirements for lending transactions, including the true cost of borrowing and all financial charges
Lending Company Regulation Act (Republic Act No. 9474): Regulates the establishment and operations of lending companies, including requirements for lending practices and documentation
BSP Circular No. 1133, Series of 2021: Central Bank regulations on interest rate ceilings and other financial charges for lending transactions
Anti-Money Laundering Act (Republic Act No. 9160): Requires due diligence and documentation procedures for financial transactions to prevent money laundering
Consumer Act of the Philippines (Republic Act No. 7394): Provides protection for consumers in credit transactions, including provisions on unfair debt collection practices
Electronic Commerce Act (Republic Act No. 8792): Governs electronic transactions and digital signatures if the loan memorandum is to be executed electronically
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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