The Bill of Sale Loan Agreement is a specialized financing instrument used in the Philippines when a lender provides funding secured by personal property, with the borrower transferring title to the property as security while typically retaining possession. This document type is particularly useful for business financing, equipment loans, and vehicle financing where the lender requires strong security interests. The agreement must comply with Philippine secured transaction laws, including the Personal Property Security Act and the Lending Company Regulation Act. It provides comprehensive documentation of the loan terms, security arrangements, and enforcement mechanisms, making it suitable for both institutional and private lending scenarios. The document includes detailed schedules for property description, payment terms, and valuation, ensuring clear documentation of all aspects of the secured lending arrangement.
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1. Parties: Identification of the Lender and Borrower with complete details as required under Philippine law
2. Background: Context of the loan agreement and the purpose of the bill of sale arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement details
5. Interest Rate and Charges: Details of interest rate, computation method, and other applicable charges
6. Bill of Sale Terms: Transfer of property ownership as security, including warranties of title
7. Repayment Terms: Payment schedule, method of payment, and prepayment provisions
8. Security Arrangements: Details of the security interest created through the bill of sale
9. Representations and Warranties: Statements of fact and assurances from both parties
10. Events of Default: Circumstances constituting default and consequences
11. Enforcement Rights: Lender's rights and remedies upon default
12. General Provisions: Standard clauses including notices, amendments, and governing law
1. Insurance Requirements: Required when the secured property needs specific insurance coverage
2. Guarantor Provisions: Include when a third-party guarantor is involved in the transaction
3. Additional Security: When additional collateral beyond the bill of sale is required
4. Tax Provisions: Detailed tax arrangements when significant tax implications exist
5. Registration Requirements: Special provisions for registration when required by Philippine law
6. Property Use and Maintenance: Include when the borrower retains possession of the property
1. Schedule A - Property Description: Detailed description of the property subject to the bill of sale
2. Schedule B - Payment Schedule: Amortization table showing payment dates, amounts, and interest calculations
3. Schedule C - Property Valuation: Independent valuation or agreed value of the property
4. Schedule D - Existing Encumbrances: List of any existing liens or encumbrances on the property
5. Schedule E - Execution Requirements: Documentation requirements for Philippine law compliance
6. Appendix 1 - Property Documents: Copies of relevant property ownership documents and certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Agriculture
Manufacturing
Transportation
Construction
Retail
Small & Medium Enterprises
Automotive
Industrial Equipment
Commercial Trading
Relevant Teams
Legal
Finance
Credit Risk
Compliance
Operations
Treasury
Collections
Business Development
Documentation
Security Registration
Relevant Roles
Chief Financial Officer
Credit Manager
Loan Officer
Legal Counsel
Risk Manager
Compliance Officer
Treasury Manager
Collections Manager
Business Development Manager
Credit Analyst
Document Controller
Security Registration Officer
Corporate Secretary
Finance Director
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