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Deed Of Debt
"I need a Deed of Debt for a secured business loan of PHP 5,000,000 with my manufacturing equipment as collateral, including quarterly interest payments at 8% per annum and full principal repayment by March 2025."
1. Parties: Identifies and provides complete details of the Creditor and Debtor, including their legal names, addresses, and tax identification numbers
2. Background: Explains the context of the debt agreement and the intention of the parties to create a legally binding debt obligation
3. Definitions: Defines key terms used throughout the deed for clarity and legal certainty
4. Acknowledgment of Debt: Clearly states the principal amount owed and the Debtor's acknowledgment of the debt obligation
5. Interest Rate: Specifies the agreed interest rate, calculation method, and payment frequency
6. Terms of Repayment: Details the repayment schedule, including payment amounts, due dates, and method of payment
7. Events of Default: Lists circumstances that constitute default and the consequences thereof
8. Representations and Warranties: Statements by the Debtor regarding their capacity to enter into the agreement and other relevant facts
9. Rights and Remedies: Outlines the rights of the Creditor in case of default or breach
10. Governing Law: Specifies that Philippine law governs the deed and its interpretation
11. Execution: Formal closing section for signatures, witnessing, and notarization
1. Security: Include when the debt is secured by collateral or assets
2. Guarantor Provisions: Include when there is a third-party guarantor for the debt
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Prepayment Terms: Include when early repayment options are allowed, including any penalties or conditions
5. Assignment and Transfer: Include when either party may want to transfer their rights under the deed
6. Force Majeure: Include when parties want to address circumstances beyond their control affecting repayment
7. Dispute Resolution: Include when parties want to specify alternative dispute resolution methods before court litigation
1. Schedule A - Payment Schedule: Detailed amortization table showing payment dates, principal and interest breakdown
2. Schedule B - Collateral Details: Detailed description of any assets securing the debt, including registration numbers and locations
3. Schedule C - Guarantor Information: Details of guarantor(s) and extent of guarantee, if applicable
4. Appendix 1 - Required Documents: List of supporting documents required (e.g., valid IDs, proof of income, asset documentation)
5. Appendix 2 - Notice Details: Contact information and approved methods for serving notices under the deed
Authors
Banking
Financial Services
Real Estate
Construction
Manufacturing
Retail
Agriculture
Small and Medium Enterprises
Professional Services
Education
Legal
Finance
Treasury
Credit and Collections
Risk Management
Compliance
Corporate Secretariat
Business Development
Operations
Chief Financial Officer
Finance Manager
Credit Officer
Legal Counsel
Loan Officer
Corporate Secretary
Risk Manager
Treasury Manager
Accounts Manager
Compliance Officer
Business Development Manager
Contract Administrator
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