The Senior Loan Agreement is a fundamental financing document used in Canadian commercial lending transactions where a lender provides senior secured debt financing to a borrower. This agreement is typically used for significant corporate loans, project financing, or acquisition financing where the lender requires a first-priority security position. The document comprehensively addresses all aspects of the lending relationship, including facility terms, security arrangements, borrower obligations, and lender rights, while ensuring compliance with Canadian federal and provincial lending laws. It's particularly suited for complex commercial transactions where sophisticated parties require detailed documentation of their rights and obligations, with careful attention to Canadian legal requirements regarding interest calculation, security registration, and enforcement rights.
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1. Parties: Identification of lender(s) and borrower(s) with full legal names and addresses
2. Background: Context of the loan arrangement and purpose of the facility
3. Definitions: Comprehensive list of defined terms used throughout the agreement
4. The Facility: Core loan terms including amount, purpose, and availability
5. Interest and Fees: Interest rate provisions, calculation methods, and all applicable fees
6. Repayment Terms: Payment schedule, prepayment provisions, and mandatory prepayment events
7. Security: Description of security package and priority arrangements
8. Conditions Precedent: Conditions that must be satisfied before drawdown
9. Representations and Warranties: Borrower's statements of fact and assurances
10. Covenants: Positive and negative obligations of the borrower
11. Events of Default: Circumstances constituting default and consequences
12. Administration: Operational aspects of the facility including payment mechanics
13. Changes to Parties: Assignment and transfer provisions
14. Notices: Communication requirements and contact details
15. Calculations and Certificates: Rules for calculations and evidence of amounts due
16. General Provisions: Boilerplate clauses including amendments, waivers, and severability
17. Governing Law and Jurisdiction: Choice of law and dispute resolution provisions
1. Multiple Lender Provisions: Required for syndicated facilities, including majority lender decisions and agent's role
2. Guarantees: Include when third parties are guaranteeing the obligations
3. Accordion Feature: Optional provision allowing for future increase in facility amount
4. Multiple Currencies: Required when loan can be drawn in different currencies
5. Tax Gross-Up and Indemnities: Detailed tax provisions for cross-border transactions
6. Increased Costs: Provisions dealing with regulatory changes affecting lender's costs
7. Market Disruption: Provisions for alternative interest rate calculation in case of market disruption
8. Subordination Provisions: Required when dealing with multiple tiers of debt
9. Environmental Provisions: Extended environmental representations and covenants for environmentally sensitive industries
1. Conditions Precedent Documents: Detailed list of required documentation
2. Form of Drawdown Request: Template for borrower to request loan advances
3. Repayment Schedule: Detailed amortization schedule if applicable
4. Security Documents: Forms of security agreements and registrations
5. Guarantor Documents: Forms of guarantee and guarantor certificates
6. Financial Covenants Calculations: Detailed methodology for financial covenant calculations
7. Permitted Liens: List of pre-approved encumbrances
8. Disclosed Matters: Exceptions to representations and warranties
9. Existing Indebtedness: Schedule of borrower's existing debt obligations
10. Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Manufacturing
Energy & Resources
Infrastructure
Technology
Healthcare
Retail & Consumer Goods
Transportation & Logistics
Agriculture & Forestry
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Development
Operations
Executive Leadership
Commercial Banking
Risk Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Corporate Counsel
Finance Director
Credit Risk Manager
Relationship Manager
Loan Officer
Commercial Banking Manager
Legal Counsel
Corporate Secretary
Financial Controller
Chief Executive Officer
Risk Manager
Compliance Officer
Transaction Manager
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