The Unsecured Loan Agreement is essential for documenting lending arrangements where no assets are pledged as collateral. This document is commonly used in Canada for both business and personal loans, providing a legally binding framework that protects both lender and borrower interests. It's particularly relevant when parties wish to establish clear lending terms while avoiding the complexity of secured transactions. The agreement must comply with Canadian federal regulations, including the Interest Act and Criminal Code provisions on interest rates, as well as applicable provincial consumer protection laws. It typically includes detailed terms about the loan amount, interest calculation, repayment schedule, default provisions, and remedies, while being structured to accommodate various lending scenarios from personal loans to business financing.
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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 agreement and the parties' intention to be bound by its terms
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Loan Amount and Purpose: Specifies the principal amount being lent and the intended use of the funds
5. Interest Rate: Details the interest rate, calculation method, and compliance with Canadian interest rate laws
6. Repayment Terms: Outlines the repayment schedule, payment amounts, and payment methods
7. Representations and Warranties: States the borrower's assertions about their financial condition and ability to repay
8. Events of Default: Defines what constitutes a default and the consequences thereof
9. Remedies: Describes the lender's rights and remedies upon default
10. Notices: Specifies how formal communications between parties should be made
11. Governing Law: Confirms that the agreement is governed by Canadian law and specifies the applicable province
12. General Provisions: Includes standard boilerplate clauses such as severability, entire agreement, and amendments
1. Prepayment Provisions: Include when early repayment options are to be specifically allowed or restricted
2. Security Interest Waiver: Include to explicitly confirm the unsecured nature of the loan when clarity is needed
3. Joint and Several Liability: Include when there are multiple borrowers
4. Insurance Requirements: Include when the lender requires the borrower to maintain specific insurance
5. Financial Covenants: Include for business loans requiring ongoing financial performance metrics
6. Assignment and Transfer: Include when either party needs the right to assign the agreement
7. Currency Provisions: Include when the loan involves multiple currencies or foreign exchange considerations
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Schedule B - Calculation of Interest: Detailed explanation of interest calculation methodology if complex
3. Schedule C - Payment Instructions: Banking details and payment procedures
4. Appendix 1 - Borrower's Financial Statements: Recent financial statements or credit information referenced in representations
5. Appendix 2 - Defined Terms: Extended definitions if too lengthy for main agreement
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Private Lending
Real Estate
Small Business
Retail
Professional Services
Technology
Manufacturing
Construction
Healthcare
Education
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Operations
Business Development
Commercial Banking
Retail Banking
Corporate Services
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Financial Advisor
Business Development Manager
Risk Manager
Compliance Officer
Treasury Manager
Account Manager
Contract Administrator
Private Banker
Small Business Advisor
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