The Vendor Finance Agreement is a crucial document used in commercial transactions where a vendor provides direct financing to a purchaser for the acquisition of goods or services, particularly common in high-value equipment or inventory purchases. This agreement type is structured to comply with Canadian federal and provincial regulations, including the Interest Act, Personal Property Security Act, and relevant consumer protection legislation. The document typically includes comprehensive terms covering the financing amount, interest rates, payment schedules, security interests, and default provisions. It's particularly valuable when traditional financing options may not be optimal or when vendors wish to facilitate sales through direct financing arrangements. The agreement must carefully balance the vendor's security interests with the purchaser's rights while ensuring compliance with applicable Canadian lending and security regulations.
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1. Parties: Identifies and defines the vendor, purchaser, and any guarantors or other relevant parties to the agreement
2. Background: Sets out the context of the agreement, including the vendor's business, the goods/services being financed, and the parties' intention to enter into a financing arrangement
3. Definitions: Defines key terms used throughout the agreement for clarity and consistency
4. Finance Terms: Details the principal amount, interest rate, payment schedule, and term of financing
5. Security Interest: Establishes the vendor's security interest in the financed goods/assets
6. Payment Terms: Specifies payment mechanics, dates, methods, and consequences of late payment
7. Representations and Warranties: States the parties' assertions about their capacity, authority, and other material facts
8. Covenants: Lists ongoing obligations of the parties during the term of the agreement
9. Events of Default: Defines circumstances constituting default and consequences thereof
10. Remedies: Outlines available remedies in case of default or breach
11. General Provisions: Contains standard legal provisions including notices, amendments, governing law, etc.
1. Insurance Requirements: Required when the financed assets need specific insurance coverage
2. Guarantees: Include when third-party guarantees are part of the financing arrangement
3. Tax Provisions: Required for cross-border transactions or when specific tax considerations apply
4. Assignment and Transfer: Include when rights under the agreement may need to be assigned
5. Additional Security: Required when additional collateral or security beyond the financed assets is provided
6. Maintenance and Use Requirements: Include for equipment or assets requiring specific maintenance or usage standards
7. Early Termination Rights: Include when early payoff or termination options are available
1. Schedule A - Description of Financed Assets: Detailed description of goods/assets being financed
2. Schedule B - Payment Schedule: Amortization schedule showing payment dates, amounts, and interest allocation
3. Schedule C - Security Registration Details: Details of security interests and registration requirements
4. Schedule D - Insurance Requirements: Specific insurance requirements and minimum coverage levels
5. Schedule E - Guarantor Information: Details of guarantors and guarantee terms if applicable
6. Appendix 1 - Form of Security Agreement: Standard form security agreement to be executed
7. Appendix 2 - Notice of Assignment: Template for assignment notification if required
8. Appendix 3 - Certificate of Acceptance: Form for confirming delivery and acceptance of financed assets
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Healthcare
Technology
Agriculture
Transportation
Industrial Equipment
Retail
Wholesale Distribution
Energy
Mining
Telecommunications
Relevant Teams
Legal
Finance
Commercial
Risk Management
Treasury
Sales
Procurement
Credit Control
Operations
Business Development
Compliance
Relevant Roles
Chief Financial Officer
Finance Director
Commercial Director
Credit Manager
Legal Counsel
Contract Manager
Risk Manager
Treasury Manager
Sales Director
Procurement Manager
Financial Controller
Business Development Manager
Operations Director
Account Executive
Corporate Lawyer
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