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The Credit Application Agreement serves as a foundational document in Philippine banking and lending operations, used when individuals or businesses seek credit facilities from financial institutions. This document is essential for compliance with Philippine banking regulations, particularly the Truth in Lending Act (Republic Act No. 3765) and various BSP circulars. It captures crucial information about the credit applicant, loan terms, interest rates, and fees, while incorporating mandatory disclosures and consent requirements. The agreement is designed to protect both the lender's interests and the borrower's rights, ensuring transparency in credit transactions and compliance with anti-money laundering and data privacy laws. It can be customized for various credit products, from personal loans to business credit facilities, while maintaining adherence to Philippine regulatory requirements.

1. Parties: Identification of the lending institution and the credit applicant(s), including complete legal names and addresses

2. Background: Context of the credit application and the purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Credit Application Details: Specific details of the credit being applied for, including amount, purpose, and type of credit facility

5. Representations and Warranties: Declarations by the applicant regarding their financial status, truthfulness of information, and legal capacity

6. Terms and Conditions: Core terms including interest rates, fees, charges, and repayment terms as required by the Truth in Lending Act

7. Credit Assessment and Approval: Process of credit evaluation and conditions for approval

8. Security and Collateral: Details of any security or collateral required for the credit facility

9. Events of Default: Circumstances that constitute default and their consequences

10. Data Privacy Consent: Consent for collection, processing, and sharing of personal information in compliance with the Data Privacy Act

11. Anti-Money Laundering Compliance: Declarations and requirements related to AML regulations

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

13. Execution: Signature blocks and execution formalities