The Revolving Loan Agreement is a sophisticated financing document used when a borrower requires flexible access to credit over an extended period. This agreement, structured under Canadian law, enables businesses to draw down funds as needed up to a predetermined limit, repay them, and reborrow again during the facility term. It's particularly useful for companies with cyclical business operations or varying working capital needs. The document includes comprehensive provisions covering facility terms, security arrangements (if applicable), borrowing mechanics, covenant packages, and default scenarios. The agreement must comply with Canadian federal banking regulations, including the Bank Act and Interest Act, as well as relevant provincial legislation. It's commonly used for working capital financing, acquisition financing, or general corporate purposes.
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1. Parties: Identification of the lender(s) and borrower(s)
2. Background: Context of the revolving facility and purpose of the loan
3. Definitions and Interpretation: Defined terms, rules of interpretation, and calculation of time periods
4. The Facility: Core terms of the revolving facility including amount, purpose, and availability period
5. Interest and Fees: Interest rate calculations, commitment fees, and other charges
6. Drawdown Mechanics: Procedures for requesting advances, minimum amounts, and notice requirements
7. Repayment and Prepayment: Terms for repayment, prepayment rights and obligations
8. Conditions Precedent: Conditions that must be satisfied before initial and subsequent drawdowns
9. Representations and Warranties: Borrower's statements of fact regarding its legal and financial condition
10. Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences
12. Changes to Parties: Rules for assignments and transfers
13. Administration: Payment mechanics, calculations, and notices
14. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
15. Execution: Signature blocks and execution provisions
1. Security: Details of security arrangements - include if the loan is secured
2. Guarantee: Terms of any guarantees - include if there are guarantors
3. Accordion Feature: Provisions for increasing the facility amount - include if facility may be expanded
4. Multiple Lenders: Syndication provisions - include if more than one lender
5. Currency Provisions: Include if multiple currencies are available
6. Tax Gross-Up: Include if cross-border lending or tax issues are relevant
7. Market Disruption: Include if using floating rate with complex interest provisions
8. Anti-Money Laundering: Detailed AML provisions - include if not covered in representations
1. Conditions Precedent Documents: List of required documents and conditions for drawdown
2. Form of Drawdown Request: Template for borrower to request advances
3. Calculation of Interest: Detailed interest calculation methodology
4. Repayment Schedule: If any scheduled repayments are required
5. Form of Compliance Certificate: Template for periodic financial covenant compliance
6. Security Documents: Forms of security agreements if applicable
7. Permitted Security: List of existing and permitted security interests
8. Form of Assignment Agreement: Template for transferring interests in the loan
9. Financial Covenants: Detailed financial covenant calculations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate
Retail
Technology
Healthcare
Energy
Construction
Agriculture
Transportation and Logistics
Hospitality
Mining and Resources
Telecommunications
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Commercial Banking
Risk Management
Corporate Finance
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Banking Lawyer
Credit Manager
Relationship Manager
Risk Manager
Compliance Officer
Corporate Secretary
Financial Controller
Managing Director
Chief Executive Officer
Commercial Director
Business Development Manager
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