An Equipment Finance Agreement is essential for businesses seeking to acquire equipment through financing arrangements in Canada. This document is typically used when a business needs to purchase expensive equipment but prefers to spread the cost over time through financing rather than making an outright purchase. The agreement complies with Canadian federal and provincial legislation, including the Personal Property Security Act (PPSA), the Bank Act, and relevant provincial laws. It contains detailed provisions covering the equipment specifications, payment terms, security interests, maintenance requirements, and default remedies. The document is structured to protect both the finance provider's security interest and the customer's rights while ensuring clear documentation of all obligations and responsibilities. It's particularly important for capital-intensive industries where equipment financing is a common practice for acquiring necessary business assets.
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1. Parties: Identification of the finance provider (lessor/lender) and the customer (lessee/borrower), including full legal names and addresses
2. Background: Context of the agreement, including the customer's desire to finance specific equipment and the lender's willingness to provide financing
3. Definitions: Detailed definitions of key terms used throughout the agreement, including Equipment, Payment Terms, Security Interest, and Default
4. Equipment Details: Specific description of the equipment being financed, including make, model, serial numbers, and condition
5. Financial Terms: Details of the financing arrangement including principal amount, interest rate, payment schedule, and term of financing
6. Security Interest: Creation and registration of security interest in the equipment, including PPSA requirements
7. Payment Obligations: Payment terms, methods, dates, and consequences of late payment
8. Use and Maintenance: Requirements for equipment use, maintenance, repairs, and inspection rights
9. Insurance Requirements: Mandatory insurance coverage, terms, and beneficiary requirements
10. Representations and Warranties: Statements of fact and promises made by both parties
11. Events of Default: Definition of default events and consequences
12. Remedies: Rights and remedies available to the lender upon default
13. General Terms: Standard contract provisions including notices, amendments, and governing law
1. Guarantees: Required when there is a third-party guarantor for the financing obligations
2. Variable Interest Rate Provisions: Included when the financing involves variable rather than fixed interest rates
3. Purchase Option: Terms for customer's option to purchase equipment at end of financing term
4. Cross-Collateralization: Required when security interest extends to other equipment or assets
5. Environmental Compliance: Required for equipment that may have environmental impacts or requirements
6. Import/Export Provisions: Needed when equipment may cross international borders
7. Tax Provisions: Detailed tax implications and responsibilities, particularly for cross-provincial transactions
8. Assignment Rights: Specific terms for assignment of the agreement, if permitted
1. Schedule A - Equipment Description: Detailed technical specifications and identification of financed equipment
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all payments, interest, and principal allocation
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and minimum policy terms
4. Schedule D - Maintenance Requirements: Detailed maintenance schedule and requirements for the equipment
5. Schedule E - Delivery and Acceptance: Terms and conditions for equipment delivery and acceptance testing
6. Appendix 1 - Form of Security Registration: Templates for PPSA and other security registrations
7. Appendix 2 - Guarantor Documents: Forms and requirements for guarantors, if applicable
8. Appendix 3 - Certificate of Insurance: Standard form for insurance certification
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Agriculture
Mining
Transportation
Healthcare
Technology
Telecommunications
Food Processing
Warehousing and Logistics
Energy and Utilities
Forestry
Commercial Real Estate
Retail
Hospitality
Relevant Teams
Legal
Finance
Treasury
Risk Management
Operations
Procurement
Asset Management
Credit
Commercial
Business Development
Compliance
Contract Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Equipment Finance Manager
Credit Risk Manager
Legal Counsel
Commercial Director
Operations Manager
Procurement Manager
Asset Manager
Contract Administrator
Risk Management Officer
Business Development Manager
Equipment Leasing Specialist
Corporate Finance Manager
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