The Demand Loan agreement is a versatile financing instrument used in Canadian business and personal lending contexts. It provides lenders with maximum flexibility by allowing them to call for repayment at any time, while giving borrowers access to funds without a fixed term commitment. This document type is commonly used for business operating lines of credit, bridge financing, or situations where the lending relationship may need to be reviewed or terminated on short notice. The agreement must comply with Canadian federal legislation such as the Interest Act and Bank Act, as well as applicable provincial laws regarding security interests and consumer protection. The Demand Loan structure is particularly useful for managing credit risk and maintaining lender control over the lending relationship, while providing clear documentation of the parties' rights and obligations.
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1. Parties: Identification of the lender and borrower with their complete legal names and addresses
2. Background: Brief context of the loan arrangement and relationship between the parties
3. Definitions: Key terms used throughout the agreement including 'Business Day', 'Interest Rate', 'Loan Amount', etc.
4. The Loan: Details of the loan amount, purpose, and acknowledgment of receipt
5. Interest: Interest rate, calculation method, and payment frequency
6. Repayment: Terms of repayment including the demand nature of the loan and payment mechanics
7. Representations and Warranties: Borrower's confirmations regarding their legal capacity, financial condition, and authority
8. Events of Default: Circumstances constituting default, including failure to pay on demand
9. Remedies: Lender's rights and remedies upon default or failure to repay upon demand
10. Notices: Method and addresses for formal communications between parties
11. General Provisions: Standard clauses including governing law, assignment, amendments, and severability
1. Security: Required if the loan is secured by any assets or property
2. Guarantee: Include when there is a guarantor for the loan
3. Insurance: Required if specific insurance coverage is mandatory for the borrower
4. Conditions Precedent: Include if there are specific conditions that must be met before the loan is advanced
5. Covenants: Include if ongoing obligations or restrictions are placed on the borrower
6. Tax Provisions: Required if there are specific tax considerations or withholding requirements
7. Currency Provisions: Include for loans involving multiple currencies or foreign exchange considerations
8. Assignment and Participation: Include if the lender wants the right to sell or assign the loan
1. Schedule A - Loan Details: Specific details of the loan amount, interest rate, and payment instructions
2. Schedule B - Calculation of Interest: Detailed methodology for interest calculations and examples
3. Schedule C - Draw Down Notice: Form for requesting loan advances if multiple draws are permitted
4. Schedule D - Repayment Schedule: Optional amortization schedule or payment details
5. Schedule E - Security Details: Description of any security or collateral if the loan is secured
6. Appendix 1 - Compliance Certificate: Form for periodic confirmation of compliance with loan terms
7. Appendix 2 - Notice of Demand: Standard form for issuing repayment demands
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Private Lending
Real Estate
Commercial Business
Retail
Manufacturing
Professional Services
Agriculture
Construction
Technology
Healthcare
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Commercial Banking
Corporate Banking
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Manager
Credit Manager
Loan Officer
Commercial Banking Officer
Risk Manager
Corporate Lawyer
Legal Counsel
Business Development Manager
Treasury Manager
Account Manager
Financial Controller
Credit Analyst
Compliance Officer
Banking Relationship Manager
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