The Credit Loan Agreement serves as the primary legal instrument for documenting lending arrangements in Canada, whether for commercial or consumer purposes. This document is essential when any form of credit facility is extended, incorporating requirements from federal legislation such as the Interest Act and Bank Act, as well as provincial consumer protection laws. The agreement typically details the loan amount, interest calculations, repayment schedule, security arrangements (if any), events of default, and remedies available to the lender. It's particularly important that the Credit Loan Agreement complies with Canadian usury laws, which cap interest rates at 60% annually, and includes all mandatory cost of borrowing disclosures required by Canadian regulations.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of the loan
5. Interest Rate and Calculations: Details of interest rate, calculation method, and compound periods
6. Repayment Terms: Payment schedule, installment amounts, and payment methods
7. Representations and Warranties: Borrower's assertions about their financial condition and authority to enter the agreement
8. Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Circumstances that constitute default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Notices: How and where formal communications between parties should be sent
12. General Provisions: Standard clauses including governing law, assignment, and amendments
13. Execution: Signature blocks and execution details
1. Security: Include when loan is secured by collateral or assets
2. Guarantor Provisions: Include when there is a guarantor for the loan
3. Insurance Requirements: Include when specific insurance must be maintained on collateral
4. Prepayment Terms: Include when early repayment is allowed with specific conditions
5. Late Payment Provisions: Include when specific late payment fees or penalties apply
6. Cross-Default: Include when default on other obligations affects this loan
7. Financial Covenants: Include when specific financial ratios or conditions must be maintained
8. Subordination: Include when loan has specific priority ranking relative to other debt
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Security Details: Detailed description of any collateral or security arrangements
3. Permitted Encumbrances: List of approved existing liens or encumbrances
4. Disclosure Statement: Cost of borrowing disclosure as required by law
5. Insurance Requirements: Detailed insurance specifications for secured assets
6. Guarantor Acknowledgment: Separate acknowledgment and agreement by guarantors
7. Existing Indebtedness: Schedule of borrower's existing debt obligations
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Technology
Healthcare
Construction
Agriculture
Transportation
Energy
Mining
Professional Services
Hospitality
Education
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Administration
Operations
Documentation
Collections
Business Development
Relevant Roles
Chief Financial Officer
Finance Director
Credit Manager
Legal Counsel
Corporate Lawyer
Risk Manager
Compliance Officer
Treasury Manager
Financial Controller
Account Manager
Loan Officer
Credit Analyst
Banking Relationship Manager
Collections Manager
Documentation Specialist
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