The Private Lending Term Sheet serves as a preliminary document in private lending transactions within the Philippine jurisdiction. It is typically used during the negotiation phase of a loan transaction to outline the fundamental commercial and legal terms before proceeding with a full loan agreement. This document captures essential details such as loan amount, interest rates, repayment terms, and security requirements while ensuring compliance with Philippine lending regulations, including the Truth in Lending Act and Central Bank requirements. The term sheet is designed to be both comprehensive enough to cover all material terms yet flexible enough to accommodate various lending scenarios, from personal loans to business financing. It serves as a crucial tool for both parties to reach alignment on key terms before proceeding with detailed documentation.
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1. Parties: Identification of the lender and borrower, including complete legal names and addresses
2. Background: Brief context of the lending arrangement and purpose of the loan
3. Definitions: Key terms used throughout the term sheet
4. Loan Amount and Currency: Principal amount of the loan and currency of disbursement
5. Interest Rate: Applicable interest rate, calculation method, and payment frequency
6. Term and Repayment: Duration of the loan and repayment schedule
7. Security and Collateral: Overview of assets or guarantees securing the loan
8. Conditions Precedent: Conditions that must be satisfied before loan disbursement
9. Representations and Warranties: Basic statements of fact and assurances from the borrower
10. Events of Default: Circumstances that would trigger default and remedies
11. Governing Law: Confirmation of Philippine law as governing law
1. Financial Covenants: Specific financial ratios or requirements, used when lending to businesses
2. Insurance Requirements: Required insurance coverage for secured assets, relevant when collateral is involved
3. Prepayment Terms: Terms for early repayment, including any penalties, if early repayment is permitted
4. Assignment and Transfer: Rights to assign or transfer the loan, relevant for larger institutional loans
5. Tax Provisions: Allocation of tax responsibilities, particularly relevant for large loans
6. Co-Borrower Provisions: Terms applying to co-borrowers, if applicable
7. Change of Control: Provisions dealing with change in borrower ownership, relevant for corporate borrowers
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Interest Calculation Methodology: Detailed explanation of interest calculation including examples
3. Security Details: Detailed description of collateral or security arrangements
4. Conditions Precedent Checklist: List of required documents and conditions for loan disbursement
5. Form of Drawdown Notice: Template for requesting loan disbursement
6. Compliance Certificate: Template for periodic compliance certification if required
Relevant legal definitions
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Real Estate
Agriculture
Manufacturing
Retail
Construction
Technology
Healthcare
Education
Transportation
Small and Medium Enterprises
Personal Finance
Professional Services
Relevant Teams
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Finance
Credit Risk
Compliance
Treasury
Operations
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Account Management
Risk Assessment
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Credit Risk Manager
Loan Officer
Treasury Manager
Compliance Officer
Business Development Manager
Account Manager
Financial Analyst
Corporate Secretary
Risk Assessment Officer
Credit Analyst
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