The Conditional Loan Agreement is essential in Canadian lending transactions where funding is contingent upon the satisfaction of specific conditions precedent. This document type is commonly used in various contexts, from real estate development to business expansion, where lenders need certain assurances or requirements met before releasing funds. The agreement must comply with Canadian federal and provincial lending laws, including the Interest Act, Bank Act, and provincial security legislation. A well-drafted Conditional Loan Agreement will clearly outline all conditions that must be satisfied, the loan terms, security requirements, and the rights and obligations of all parties involved. It serves as a crucial risk management tool for lenders while providing borrowers with clear understanding of their obligations and the steps required to access the loan funds.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Loan: Specifies the principal amount, purpose of the loan, and disbursement details
5. Conditions Precedent: Lists all conditions that must be satisfied before the loan becomes available
6. Interest and Fees: Details the interest rate, calculation method, and any applicable fees
7. Repayment Terms: Specifies repayment schedule, payment methods, and prepayment provisions
8. Representations and Warranties: States the facts and assurances provided by the Borrower
9. Covenants: Lists ongoing obligations of the Borrower during the loan term
10. Events of Default: Defines circumstances that constitute default and their consequences
11. Remedies: Outlines the Lender's rights and remedies upon default
12. Notices: Specifies how formal communications between parties should be made
13. General Provisions: Contains standard boilerplate clauses including governing law, amendments, and assignment
1. Security: Include when the loan is secured by collateral, detailing the security arrangements
2. Guarantees: Include when there are third-party guarantors for the loan
3. Insurance Requirements: Include when specific insurance coverage is required for the loan or collateral
4. Special Conditions: Include when there are unique conditions specific to the loan purpose or borrower circumstances
5. Cross-Default Provisions: Include when the loan should be linked to other financial obligations
6. Financial Covenants: Include for business loans requiring specific financial performance metrics
7. Tax Provisions: Include when there are specific tax implications or requirements
8. Assignment and Participation: Include when the lender may want to sell or assign the loan
1. Schedule A - Loan Terms: Detailed breakdown of loan amount, interest rate, payment schedule, and fees
2. Schedule B - Conditions Precedent Documents: List of all documents required before loan disbursement
3. Schedule C - Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
4. Schedule D - Security Details: Description of any collateral or security arrangements
5. Schedule E - Form of Draw Request: Template for requesting loan disbursements
6. Schedule F - Compliance Certificate: Template for periodic compliance reporting
7. Appendix 1 - Defined Terms: Comprehensive list of defined terms used in the agreement
8. Appendix 2 - Required Insurance: Detailed insurance requirements and minimum coverage amounts
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Technology
Agriculture
Healthcare
Education
Retail
Energy
Infrastructure
Small Business
Corporate Enterprise
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit Administration
Commercial Banking
Corporate Finance
Business Development
Contract Management
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Loan Officer
Legal Counsel
Corporate Lawyer
Risk Manager
Treasury Manager
Financial Controller
Compliance Officer
Commercial Banking Manager
Credit Analyst
Business Development Manager
Contract Administrator
Financial Analyst
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