The Loan Transfer Agreement is a crucial document used in Canadian financial transactions when an existing loan needs to be transferred from one lender to another. This agreement is commonly used in scenarios such as loan portfolio sales, bank refinancing operations, or strategic debt restructuring. The document comprehensively addresses the assignment of rights, obligations, and security interests associated with the loan, ensuring compliance with both federal and provincial Canadian regulations. The agreement includes essential details about the loan being transferred, payment terms, representations and warranties, and any continuing obligations of the original lender. It must comply with various Canadian legislative requirements, including the Bank Act, provincial Personal Property Security Acts, and privacy laws. The Loan Transfer Agreement is particularly important in maintaining clear documentation of the chain of title for loan assets and ensuring that all regulatory and legal requirements for such transfers are met in the Canadian context.
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1. Parties: Identification of the transferor (original lender), transferee (new lender), and borrower (if party to the agreement)
2. Background: Context of the original loan agreement, reason for transfer, and any relevant history
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Transfer and Assignment: Core provisions detailing the transfer of rights, obligations, and interests in the loan
5. Purchase Price and Payment: Details of the consideration for the transfer and payment mechanics
6. Completion and Timing: Specifics about when and how the transfer will be completed
7. Representations and Warranties: Statements of fact and assurances from both transferor and transferee
8. Transferor's Continuing Obligations: Any ongoing responsibilities of the original lender
9. Further Assurance: Obligations to execute additional documents or take further actions if needed
10. Notices: Communication procedures between parties
11. Confidentiality: Provisions regarding the confidential treatment of loan information
12. Governing Law and Jurisdiction: Specification of Canadian law as governing law and jurisdiction for disputes
13. General Provisions: Standard boilerplate clauses including severability, entire agreement, and amendments
1. Security Transfer: Required when the loan is secured and security interests need to be transferred
2. Regulatory Compliance: Needed for loans subject to specific regulatory requirements or oversight
3. Tax Provisions: Detailed tax clauses when there are significant tax implications or requirements
4. Currency Provisions: Required for international transfers or when multiple currencies are involved
5. Borrower Consent: When borrower's explicit consent to the transfer is required or being obtained
6. Agent Provisions: When a facility agent is involved in a syndicated loan situation
7. Registration and Filing: When specific registration requirements apply to the transfer
8. Third Party Rights: When other parties have rights that need to be addressed in the transfer
1. Schedule A - Loan Details: Detailed description of the loan being transferred, including amount, interest rate, and payment terms
2. Schedule B - Original Loan Agreement: Copy or details of the original loan agreement being transferred
3. Schedule C - Security Documents: List and copies of any security documents relating to the loan
4. Schedule D - Outstanding Balance: Current loan balance and payment status as of the transfer date
5. Schedule E - Transfer Documents: Forms and notices required to effect the transfer
6. Schedule F - Existing Notices: Copies of any relevant notices or correspondence relating to the loan
7. Appendix 1 - Form of Transfer Notice: Template for notifying relevant parties of the transfer
8. Appendix 2 - Form of Acknowledgment: Template for acknowledgment of transfer by relevant parties
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