The Addendum To Loan Agreement is utilized when parties to an existing loan agreement need to modify specific terms without creating an entirely new agreement. This document is particularly relevant in situations where circumstances have changed since the original loan agreement was executed, such as modifications to payment terms, interest rates, security arrangements, or loan covenants. Under Canadian law, this document must comply with federal regulations governing banking and interest rates, as well as provincial requirements for contract modifications. The addendum typically includes clear references to the original agreement, specific modifications being made, and confirmation that unmodified terms remain in effect. It's commonly used in both commercial and personal lending contexts, requiring careful attention to both federal and provincial legal requirements to ensure enforceability.
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1. Parties: Identification of all parties to the original loan agreement and this addendum
2. Background: Reference to the original loan agreement, including date and parties, and brief context for the modifications
3. Definitions: Key terms used in the addendum, including reference to definitions in the original agreement
4. Amendments: Specific modifications to the original agreement, clearly identifying sections being modified and new language
5. Effective Date: When the modifications take effect
6. Confirmation of Other Terms: Statement that all other terms of the original agreement remain in full force and effect
7. Entire Agreement: Confirmation that this addendum and the original agreement constitute the entire agreement
8. Counterparts: Provision allowing execution in counterparts
9. Governing Law: Confirmation of applicable law, typically matching the original agreement
10. Execution: Signature blocks for all parties
1. Additional Security: Include when modifications involve changes to security arrangements or additional collateral
2. Payment Terms Modification: Detailed section when changes involve payment amounts, schedules, or methods
3. Interest Rate Changes: Specific section for modifications to interest rates or calculation methods
4. Conditions Precedent: Include when modifications are subject to certain conditions being met
5. Representations and Warranties: Include when parties need to make new representations regarding the modifications
6. Consent of Guarantors: Required when original agreement includes guarantors who must consent to modifications
7. Fee Provisions: Include when modification involves new or changed fees
8. Currency Modifications: Include when changes involve currency of payment or exchange rate provisions
1. Modified Payment Schedule: Detailed schedule of revised payment dates and amounts
2. Updated Security Details: Description of new or modified security arrangements
3. Amended Loan Terms Summary: Summary table showing original vs. modified terms
4. Guarantor Acknowledgments: Forms for guarantor signatures and acknowledgments
5. Compliance Certificates: Updated forms for ongoing compliance reporting if modified
6. Property Descriptions: Updated descriptions of any real property or significant assets serving as security
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Relevant Roles
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Finance Director
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Banking Relationship Manager
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Loan Officer
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