¶¶Òõ¶ÌÊÓƵ

All Countries
Banking
Simple Line Of Credit Agreement

Simple Line Of Credit Agreement Template for Canada

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Simple Line Of Credit Agreement

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Simple Line Of Credit Agreement

"I need a Simple Line of Credit Agreement for a Canadian credit union providing an unsecured CAD 50,000 revolving facility to a small business owner, with quarterly interest payments and a maturity date of March 1, 2025."

Celebrated by
Collaborations with
Investors
Document background
This Simple Line of Credit Agreement is designed for use in Canadian jurisdictions where a lender wishes to provide a borrower with access to a revolving credit facility. The agreement is commonly used by financial institutions, credit unions, and alternative lenders to provide flexible financing solutions to both individual and corporate borrowers. It contains essential provisions required under Canadian federal and provincial legislation, including mandatory disclosure requirements, interest rate calculations, and consumer protection provisions. The document is structured to comply with the Bank Act, Interest Act, and relevant provincial legislation, making it suitable for use across Canadian provinces while allowing for provincial-specific modifications as needed. The agreement can be adapted for both secured and unsecured credit facilities, with optional provisions for guarantees and security interests.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Brief context of the agreement and relationship between the parties

3. Definitions: Key terms used throughout the agreement defined for clarity and consistency

4. The Facility: Details of the line of credit including the credit limit, availability, and purpose

5. Interest and Fees: Interest rate calculation, payment periods, and associated fees

6. Drawdown: Process and conditions for accessing the credit facility

7. Repayment: Terms of repayment including minimum payments, payment schedule, and prepayment provisions

8. Representations and Warranties: Borrower's confirmations about their financial status and capacity

9. Covenants: Ongoing obligations of the borrower during the term of the facility

10. Events of Default: Circumstances that constitute default and consequences

11. Remedies: Lender's rights and remedies upon default

12. General Provisions: Standard clauses including notices, amendments, and governing law

Optional Sections

1. Security: Required if the line of credit is secured by specific assets or collateral

2. Guarantee: Include when a third party guarantees the borrower's obligations

3. Insurance: Required when specific insurance coverage is mandatory for the facility

4. Cross-Default: Include when the borrower has other credit facilities with the lender

5. Financial Covenants: Include for business borrowers requiring specific financial ratios or conditions

6. Change of Control: Include for business borrowers to address ownership changes

7. Assignment: Include detailed assignment provisions if transfer rights are important to either party

Suggested Schedules

1. Fee Schedule: Detailed breakdown of all applicable fees and charges

2. Draw Request Form: Standard form for requesting advances under the facility

3. Security Agreement: Details of any security or collateral (if applicable)

4. Guarantor Agreement: Terms of guarantee if third-party guarantee is required

5. Disclosure Statement: Cost of borrowing disclosure as required by provincial legislation

6. Payment Schedule: Template or example of payment calculations and schedule

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
































Clauses






























Relevant Industries

Banking & Financial Services

Commercial Lending

Consumer Finance

Small Business Services

Corporate Banking

Retail Banking

Credit Unions

Alternative Lending

FinTech

Relevant Teams

Legal

Compliance

Credit Risk

Commercial Banking

Retail Banking

Finance

Treasury

Operations

Corporate Banking

Business Development

Risk Management

Document Management

Relevant Roles

Credit Manager

Loan Officer

Commercial Banking Officer

Risk Manager

Compliance Officer

Legal Counsel

Corporate Banker

Relationship Manager

Credit Analyst

Chief Financial Officer

Finance Manager

Treasury Manager

Corporate Secretary

Business Development Manager

Branch Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Credit Sales Contract

A Canadian-law governed agreement combining sales and credit terms for the purchase of goods on credit, ensuring compliance with federal and provincial credit and consumer protection regulations.

find out more

Individual Voluntary Credit Agreement

A Canadian-compliant agreement establishing voluntary credit terms between a financial institution and an individual borrower, subject to federal and provincial lending regulations.

find out more

Credit Representative Agreement

A Canadian-law governed agreement establishing the terms and conditions between a credit provider and their appointed representative for facilitating credit products.

find out more

Incidental Credit Agreement

A Canadian-compliant agreement governing incidental credit arrangements between credit providers and customers, establishing terms for credit extended in connection with purchases.

find out more

Credit Payment Agreement Letter

A Canadian-compliant document establishing credit payment terms and obligations between creditor and debtor, including interest rates, payment schedules, and default provisions.

find out more

Simple Line Of Credit Agreement

A Canadian-law governed agreement establishing a revolving credit facility between a lender and borrower, setting out terms for borrowing, repayment, and interest charges.

find out more

Inter Credit Agreement

A Canadian-law governed agreement establishing rights and relationships between multiple lenders providing credit facilities to a common borrower.

find out more

Home Equity Line Of Credit Agreement

A Canadian-law governed agreement establishing a secured line of credit against residential property equity, detailing credit terms and security arrangements.

find out more

Home Equity Line Agreement

A Canadian-law governed agreement establishing a revolving credit facility secured against residential property equity, setting out terms, conditions, and security arrangements between lender and borrower.

find out more

Credit Hire Agreement

A Canadian-law governed agreement combining vehicle rental terms with credit financing arrangements, compliant with federal and provincial regulations.

find out more

Credit Application And Agreement

A Canadian-law governed document combining credit application requirements and credit facility terms and conditions, establishing a legally binding lending relationship between credit provider and borrower.

find out more

Model Credit Agreement

A template credit facility agreement compliant with Canadian federal and provincial laws, establishing terms and conditions for lending arrangements.

find out more

Home Equity Line Of Credit Modification Agreement

A Canadian legal document that modifies the terms of an existing Home Equity Line of Credit agreement while maintaining the original security structure.

find out more

Credit Card Debt Settlement Agreement

A Canadian-law governed agreement between a creditor and debtor establishing terms for settling credit card debt for less than the full amount owed, including payment terms and release provisions.

find out more

Credit Repair Agreement

A Canadian-compliant agreement between a credit repair service provider and client, outlining services, fees, and consumer rights under federal and provincial regulations.

find out more

Credit Partner Agreement

A Canadian legal agreement establishing partnership terms between financial institutions and credit partners, governing credit service provision under federal and provincial regulations.

find out more

Secured Line Of Credit Agreement

A Canadian law-governed agreement establishing a secured revolving credit facility, detailing credit terms, security arrangements, and enforcement mechanisms.

find out more

Home Credit Agreement

A Canadian-compliant agreement establishing terms for secured home credit between a financial institution and borrower, subject to federal and provincial lending regulations.

find out more

Customer Credit Agreement

A Canadian-law governed agreement establishing terms for extending credit to customers, complying with federal and provincial consumer protection and banking regulations.

find out more

Credit Facility Term Sheet

A preliminary document outlining key terms and conditions for a proposed lending arrangement under Canadian law.

find out more

Credit Card Settlement Agreement

A Canadian legal agreement between a credit card issuer and cardholder establishing terms for settling credit card debt for less than the full amount owed.

find out more

Secured Credit Agreement

A Canadian-law governed agreement establishing terms for secured lending, including credit facility details, security arrangements, and regulatory compliance requirements.

find out more

Promissory Note Credit Agreement

A Canadian law-governed document combining a promissory note and credit agreement that establishes loan terms, interest rates, and repayment conditions.

find out more

General Credit Agreement

A Canadian-law governed agreement establishing terms and conditions for credit provision between lender and borrower, including facility details, security arrangements, and regulatory compliance requirements.

find out more

Credit Enhancement Agreement

A Canadian law-governed agreement establishing credit enhancement mechanisms to improve creditworthiness of financial obligations, incorporating federal and provincial regulatory requirements.

find out more

Credit Card Responsibility Agreement

A Canadian-law governed agreement establishing terms and conditions between a credit card issuer and cardholder, detailing rights, responsibilities, and financial obligations.

find out more

Voluntary Credit Agreement

A Canadian-law governed agreement establishing voluntary credit facilities between a lender and borrower, detailing credit terms, conditions, and obligations under Canadian federal and provincial regulations.

find out more

Running Account Credit Agreement

A Canadian-compliant agreement establishing terms for a revolving credit facility between a credit provider and borrower, subject to federal and provincial regulations.

find out more

Credit Swap Agreement

A Canadian-law governed Credit Swap Agreement for transferring credit risk between parties, following both Canadian regulations and international standards.

find out more

Letter Of Credit Loan Agreement

A Canadian-law governed agreement establishing terms for a letter of credit-based loan facility between a financial institution and borrower, including issuance mechanisms and compliance requirements.

find out more

Intercompany Credit Agreement

Canadian-law governed agreement establishing lending terms between related companies within the same corporate group, including loan terms, interest rates, and compliance requirements.

find out more

Credit Term Agreement

A Canadian-law governed agreement establishing terms for credit extension between lender and borrower, including credit amount, interest rates, and repayment terms.

find out more

Credit Service Agreement

Canadian-law governed agreement establishing terms and conditions between credit service providers and clients, ensuring compliance with federal and provincial credit service regulations.

find out more

Standby Credit Agreement

Canadian-law governed credit facility agreement establishing terms for standby credit availability, including utilization conditions, pricing, and compliance requirements.

find out more

Revolving Agreement

A Canadian-law governed agreement establishing a revolving credit facility with flexible drawdown and repayment terms, subject to federal and provincial banking regulations.

find out more

Letter Of Credit Reimbursement Agreement

A Canadian-law governed agreement establishing reimbursement obligations between a bank and its customer for letters of credit issued by the bank.

find out more

Home Equity Agreement

A Canadian-law governed agreement establishing shared equity arrangements between property owners and investors, providing immediate capital in exchange for future property appreciation.

find out more

Business Credit Agreement

A Canadian-law governed agreement establishing terms for business credit facilities, including loan terms, security arrangements, and compliance with federal banking regulations.

find out more

Letter Of Credit Contract

A Canadian-law governed Letter of Credit Contract establishing a bank's commitment to pay a beneficiary upon presentation of specified documents, typically used in international trade transactions.

find out more

Creditor Agreement

A Canadian-law governed agreement establishing terms and conditions between creditor and debtor, including credit facility details, security arrangements, and parties' rights and obligations.

find out more

Credit Application Agreement

A Canadian-compliant agreement establishing terms and conditions for credit extension, incorporating federal and provincial regulatory requirements.

find out more

Employee Credit Card Agreement

A Canadian-law governed agreement establishing terms and conditions for employee corporate credit card usage, including responsibilities, permissions, and compliance requirements.

find out more

Money Lending Contract

A Canadian-law governed agreement establishing terms and conditions for monetary lending between parties, ensuring compliance with federal and provincial lending regulations.

find out more

Credit Support Agreement

A Canadian law-governed agreement establishing terms for providing collateral or credit support to secure financial obligations between parties.

find out more

Funds Transfer Agreement

A Canadian-law governed agreement establishing terms and conditions for funds transfers between financial institutions and their customers, ensuring regulatory compliance and risk management.

find out more

Credit Facility Letter

A Canadian-law governed document that formalizes the terms and conditions of a credit facility offered by a financial institution to a borrower.

find out more

Credit Facilities Agreement

A Canadian-law governed agreement establishing credit facilities between lender and borrower, detailing lending terms, security arrangements, and compliance requirements under Canadian federal and provincial regulations.

find out more

Senior Facilities Agreement

A Canadian law-governed agreement establishing terms and conditions for syndicated senior debt facilities, including facility details, covenants, and security arrangements.

find out more

Credit Assignment Agreement

A Canadian legal document that facilitates the transfer of credit rights from one party to another, complying with federal and provincial regulations.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.

Read our Privacy Policy.