The Interest Bearing Loan Agreement serves as a fundamental legal instrument in Canadian financial transactions, establishing the terms under which one party lends money to another with the expectation of receiving interest payments. This document is essential when structuring formal lending arrangements, whether for business financing, asset acquisition, or other commercial purposes. The agreement must comply with Canadian federal legislation, including the Interest Act and Criminal Code provisions regarding interest rates, as well as applicable provincial laws governing contracts and security interests. It includes comprehensive details about interest calculations, payment schedules, default provisions, and remedies, making it suitable for both institutional and private lending arrangements. The document can be customized to accommodate various security arrangements and is commonly used by financial institutions, private lenders, and businesses engaging in lending transactions within the Canadian jurisdiction.
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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 lending arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Interest Rate', 'Business Day', 'Event of Default', etc.
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest: Details the interest rate, calculation method, and payment frequency
6. Repayment Terms: Specifies the repayment schedule, payment amounts, and payment methods
7. Representations and Warranties: Standard declarations by the Borrower about their legal capacity, financial condition, and authority to enter into the agreement
8. Covenants: Ongoing obligations of the Borrower during the term of the loan
9. Events of Default: Lists circumstances that constitute default and the Lender's rights upon default
10. Remedies: Details the Lender's rights and remedies upon an Event of Default
11. General Provisions: Standard contract clauses including notices, amendments, governing law, and assignment
1. Security: Required if the loan is secured by any assets or guarantees
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Prepayment Terms: Include if early repayment is allowed and any associated penalties or conditions
5. Multiple Lenders: Include provisions for syndicated loans or multiple lenders
6. Conditions Precedent: Include if there are specific conditions that must be met before the loan is advanced
7. Tax Provisions: Include detailed tax considerations for complex lending arrangements
8. Registration and Priority: Include for secured loans requiring registration under PPSA or similar legislation
1. Repayment Schedule: Detailed amortization table showing payment dates, amounts, and interest allocation
2. Security Description: Detailed description of any assets provided as security for the loan
3. Permitted Encumbrances: List of existing liens or encumbrances allowed on secured assets
4. Form of Promissory Note: Standard form of promissory note if required
5. Compliance Certificate: Template for periodic financial compliance reporting
6. Direct Debit Authorization: Form for automatic payment authorization if applicable
7. Guarantor Acknowledgment: Form of acknowledgment to be signed by any guarantors
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Real Estate
Commercial Lending
Private Equity
Small Business
Corporate Finance
Agriculture
Manufacturing
Technology
Construction
Healthcare
Retail
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Commercial Banking
Corporate Banking
Documentation
Loan Administration
Risk Management
Business Development
Investment
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Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Loan Officer
Commercial Banking Manager
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