The Rollover Loan Agreement is a crucial financing instrument in the Philippine banking sector, designed to provide flexibility in corporate lending arrangements. This document is typically used when a borrower requires the ability to continually renew their loan facility without executing new loan documentation for each renewal period. The agreement must comply with Philippine banking regulations, particularly BSP Circular 1098 regarding interest rate calculations and the Truth in Lending Act for transparency requirements. It contains detailed provisions for the rollover mechanism, including notice periods, conditions for renewal, interest rate adjustments, and compliance requirements. This type of agreement is particularly valuable for businesses with cyclical funding needs or projects requiring flexible financing terms, while ensuring compliance with local regulatory requirements and banking practices.
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1. Parties: Identifies the lender and borrower with complete legal names and addresses
2. Background: Explains the context of the loan agreement and the purpose of the rollover facility
3. Definitions: Defines key terms used throughout the agreement, including specific rollover-related terminology
4. Facility Amount and Purpose: Specifies the loan amount, currency, and permitted uses of the funds
5. Rollover Mechanism: Details the process and conditions for rolling over the loan, including notice requirements and rollover periods
6. Interest and Fees: Specifies interest rates, calculation methods, and all applicable fees including rollover fees
7. Repayment Terms: Sets out payment schedules, methods of payment, and consequences of non-payment
8. Conditions Precedent: Lists conditions that must be satisfied before the initial loan and subsequent rollovers
9. Representations and Warranties: States the borrower's declarations regarding their legal and financial status
10. Covenants: Details ongoing obligations of the borrower during the loan term
11. Events of Default: Specifies circumstances that constitute default and consequences thereof
12. General Provisions: Contains standard legal provisions including notices, amendments, and governing law
1. Security: Include when the loan is secured by collateral or guarantees
2. Insurance Requirements: Include when specific insurance coverage is required for the loan
3. Cross-Default Provisions: Include when the loan is part of a larger financing arrangement
4. Tax Provisions: Include when specific tax considerations need to be addressed
5. Currency Provisions: Include for loans involving foreign currency or multiple currencies
6. Assignment and Transfer: Include when rights to transfer or assign the loan need to be specified
7. Break Costs: Include when early termination or prepayment provisions are needed
1. Schedule 1 - Loan Terms: Details of loan amount, interest rates, and payment schedules
2. Schedule 2 - Conditions Precedent Documents: List of required documents for loan drawdown and rollovers
3. Schedule 3 - Repayment Schedule: Detailed payment schedule including principal and interest payments
4. Schedule 4 - Form of Rollover Notice: Template for requesting loan rollovers
5. Schedule 5 - Fees and Charges: Comprehensive list of all applicable fees and charges
6. Appendix A - Calculation of Interest: Detailed methodology for interest calculation
7. Appendix B - Form of Compliance Certificate: Template for periodic compliance certification
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