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Addendum To Loan Agreement
"I need an Addendum to Loan Agreement to modify the payment terms of our existing corporate loan facility from quarterly to monthly installments, extend the maturity date to March 15, 2025, and adjust the interest rate from fixed to floating rate based on BSP benchmark."
1. Parties: Identification of the lender and borrower as named in the original loan agreement
2. Background: Reference to the original loan agreement, including its date and purpose, and the reason for this addendum
3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement and any new terms
4. Amendment Details: Specific modifications to the original loan agreement, clearly stating both the original and amended terms
5. Effect on Original Agreement: Statement that all other terms of the original agreement remain in full force and effect
6. Governing Law: Confirmation that the addendum is governed by Philippine law
7. Integration: Statement that the addendum forms part of the original loan agreement
8. Execution: Signature blocks for all parties and witnesses
1. Conditions Precedent: Additional conditions that must be met before the amendments take effect, used when modifications require specific prerequisites
2. Representations and Warranties: Updated representations if the modifications require new assurances from either party
3. Security Modifications: Changes to any security arrangements, used when the amendments affect collateral or guarantees
4. Regulatory Compliance: Specific references to BSP regulations or other relevant laws, used when modifications involve regulated aspects
5. Fees and Expenses: Details of any costs associated with the amendment, used when the modification involves fee changes or new charges
1. Schedule of Amended Terms: Detailed comparison of original and modified terms in tabular format
2. Revised Payment Schedule: Updated amortization schedule if payment terms are modified
3. Modified Security Details: Updated collateral or security information if security arrangements are changed
4. Required Approvals: Copies of regulatory or corporate approvals required for the modifications
5. Supporting Documents: Any additional documentation evidencing the need or basis for the modifications
Authors
Banking
Financial Services
Real Estate
Construction
Manufacturing
Agriculture
Mining
Infrastructure
Telecommunications
Energy
Transportation
Small and Medium Enterprises
Legal
Compliance
Credit Risk
Finance
Treasury
Operations
Documentation
Corporate Secretariat
Risk Management
Relationship Management
Legal Counsel
Loan Officer
Credit Manager
Compliance Officer
Risk Manager
Corporate Secretary
Chief Financial Officer
Treasury Manager
Banking Operations Manager
Credit Risk Officer
Relationship Manager
Document Controller
Legal Manager
Banking Executive
Finance Director
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