Overline Of Credit Agreement

Overline Of Credit Agreement Template for Philippines

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Key Requirements PROMPT example:

"I need an Overline of Credit Agreement for my manufacturing company to secure a PHP 25 million facility from ABC Bank, with the credit line to be used for purchasing new equipment and expanding operations, including specific security provisions for the machinery being purchased."

Document background

The Overline of Credit Agreement is a crucial financial instrument in Philippine banking, designed for businesses requiring flexible access to funds beyond their standard credit limits. This document is typically used when a company has demonstrated strong creditworthiness and requires additional working capital or operational funding flexibility. The agreement must comply with Philippine banking regulations, particularly the General Banking Law of 2000 and BSP circulars governing credit facilities. It includes comprehensive terms covering credit limits, drawdown procedures, interest calculations, security requirements, and compliance obligations. The document is essential for businesses seeking to establish or expand their credit facilities with Philippine financial institutions, providing a legally robust framework for managing enhanced credit arrangements.

Suggested Sections

1. Parties: Identification of the Lender (Financial Institution) and the Borrower, including complete legal names and addresses

2. Background: Context of the agreement, relationship between parties, and purpose of the credit facility

3. Definitions: Definitions of key terms used throughout the agreement, including financial terms and technical banking terminology

4. The Facility: Details of the overline credit facility, including amount, purpose, and basic terms

5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

6. Utilization: Process and requirements for drawing down the facility

7. Interest and Fees: Interest rate calculation, payment terms, and applicable fees

8. Repayment: Terms and conditions for repayment, including payment schedule and methods

9. Security: Details of any security or collateral required for the facility

10. Representations and Warranties: Statements of fact and assurances given by the borrower

11. Covenants: Positive and negative obligations of the borrower during the facility period

12. Events of Default: Circumstances that constitute default and their consequences

13. Termination: Conditions and process for terminating the facility

14. Miscellaneous: Standard legal provisions including notices, amendments, governing law, and jurisdiction

Optional Sections

1. Guarantee: Required when there is a guarantor for the facility

2. Increased Costs: Provisions for dealing with regulatory changes affecting the lender's costs

3. Tax Gross-Up: Required when tax implications need to be addressed specifically

4. Multiple Borrowers: Required when the facility is extended to more than one borrower

5. Currency Provisions: Required for facilities involving multiple currencies

6. Assignment and Transfer: Required when either party needs the ability to transfer rights under the agreement

7. Renewal Terms: Optional section detailing the process and conditions for facility renewal

Suggested Schedules

1. Schedule 1 - Conditions Precedent Documents: List of all documents required before facility activation

2. Schedule 2 - Utilization Request Form: Standard form for requesting drawdown of the facility

3. Schedule 3 - Calculation of Interest and Fees: Detailed methodology for calculating interest and fees

4. Schedule 4 - Security Documents: List and copies of security documents if applicable

5. Schedule 5 - Compliance Certificate: Form of certificate confirming compliance with agreement terms

6. Appendix A - Authorized Signatories: List of persons authorized to act on behalf of the borrower

7. Appendix B - Existing Security Interests: Details of any existing security interests over borrower's assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking and Financial Services

Manufacturing

Retail and Distribution

Real Estate and Construction

Technology and Communications

Energy and Utilities

Agriculture and Food Processing

Transportation and Logistics

Healthcare and Pharmaceuticals

Import/Export Trade

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Banking

Credit Administration

Operations

Senior Management

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Banking Officer

Credit Risk Manager

Legal Counsel

Compliance Officer

Financial Controller

Account Manager

Corporate Secretary

Managing Director

Credit Analyst

Relationship Manager

Chief Executive Officer

Risk Management Officer

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