The Secured Loan Agreement is a crucial document used when a lender provides financing to a borrower under Philippine law, with the loan being secured against specific assets or property. This type of agreement is essential for protecting the lender's interests while providing clarity to the borrower about their obligations and the consequences of default. The document must comply with Philippine banking regulations, including the New Central Bank Act and Truth in Lending Act, and typically includes detailed provisions about the security arrangement, perfection requirements, and enforcement mechanisms. The agreement becomes particularly important in commercial lending scenarios where significant amounts are involved and the lender requires substantial protection through collateral.
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1. Parties: Identifies and defines the Lender, Borrower, and any guarantors or security providers
2. Background: Sets out the context of the loan and security arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. The Facility: Details the loan amount, purpose, and drawdown conditions
5. Interest and Fees: Specifies interest rate, calculation method, fees, and payment terms
6. Security: Describes the nature and extent of security being provided
7. Representations and Warranties: Sets out the borrower's confirmations regarding their status and ability to enter into the agreement
8. Covenants: Details positive and negative obligations of the borrower during the loan term
9. Events of Default: Lists circumstances that would constitute default and trigger enforcement rights
10. Enforcement: Describes the lender's rights and remedies upon default
11. Payments and Application of Payments: Specifies payment mechanics and order of application
12. Assignment and Transfer: Sets out rules for transferring rights under the agreement
13. Notices: Details how formal communications between parties should be made
14. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes
15. Execution: Formal signing section with attestation requirements
1. Security Trustee Provisions: Required when there are multiple lenders and a security trustee arrangement
2. Guarantee: Include when there are third-party guarantors for the loan
3. Insurance: Detailed insurance requirements when specific insurance coverage is required for the security
4. Tax Provisions: Extended tax provisions when complex tax implications exist
5. Increased Costs and Illegality: Protection for lenders against regulatory changes, particularly relevant for long-term loans
6. Set-off Rights: Detailed set-off provisions when parties have multiple relationships
7. Agency Provisions: Required for syndicated loans with an agent bank
8. Currency Provisions: Needed when loan or security involves multiple currencies
1. Schedule 1 - Conditions Precedent: List of documents and conditions required before loan drawdown
2. Schedule 2 - Security Assets: Detailed description of all assets provided as security
3. Schedule 3 - Repayment Schedule: Amortization table or repayment terms
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursements
5. Schedule 5 - Security Documents: Forms of security documents required
6. Schedule 6 - Permitted Security: List of existing or permitted security interests
7. Appendix A - Property Documents: Copies of relevant property titles or documents if real property is security
8. Appendix B - Corporate Authorizations: Corporate resolutions and authorizations of parties
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