The Drawdown Loan Agreement is a crucial financing document used when a borrower requires access to funds over time rather than as a single lump sum. This type of agreement is particularly common in project financing, construction lending, and corporate credit facilities under Canadian law. The document establishes a maximum facility amount and allows the borrower to draw funds as needed, subject to specified conditions and notice requirements. It 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 agreement typically includes detailed provisions for drawdown mechanics, conditions precedent, interest calculations, repayment terms, and security arrangements, making it suitable for complex financing arrangements where flexibility in funding is required.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan arrangement and purpose of the facility
3. Definitions and Interpretation: Defined terms used throughout the agreement and interpretation rules
4. The Facility: Details of the loan facility including amount, purpose, and availability period
5. Drawdown Mechanics: Procedures and conditions for requesting and making drawdowns
6. Interest: Interest rate, calculation method, payment dates, and default interest provisions
7. Repayment: Terms for repayment including scheduled payments and prepayment provisions
8. Representations and Warranties: Statements of fact and assurances given by the Borrower
9. Covenants: Ongoing obligations of the Borrower during the term of the loan
10. Events of Default: Circumstances constituting default and consequences
11. Changes to Parties: Rules regarding assignment and transfer rights
12. Notices: Communication requirements and contact details
13. General Provisions: Miscellaneous legal provisions including governing law and enforcement
1. Security: Include when the loan is secured by collateral, detailing the security arrangement
2. Guarantee: Include when there are third-party guarantors for the loan
3. Conditions Precedent: Include for complex loans requiring specific conditions to be met before drawdown
4. Market Disruption: Include for floating rate loans to address market disruption scenarios
5. Increased Costs: Include for longer-term loans to address regulatory changes affecting the lender's costs
6. Tax Gross-Up: Include when tax implications need to be addressed explicitly
7. Multi-Currency Provisions: Include if the facility allows drawdowns in multiple currencies
8. Agency and Trust: Include for syndicated loans involving multiple lenders
1. Schedule 1 - Drawdown Request Form: Standard form for making drawdown requests
2. Schedule 2 - Repayment Schedule: Detailed schedule of repayment dates and amounts
3. Schedule 3 - Conditions Precedent Documents: List of required documents and conditions for initial drawdown
4. Schedule 4 - Calculation of Interest: Detailed methodology for interest calculations
5. Schedule 5 - Form of Compliance Certificate: Template for periodic compliance reporting
6. Schedule 6 - Security Documents: List and/or copies of security documentation
7. Schedule 7 - Permitted Security Interests: List of pre-approved security interests
8. Schedule 8 - Form of Transfer Certificate: Template for transferring loan interests
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Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Infrastructure
Energy
Mining
Technology
Healthcare
Retail
Agriculture
Transportation
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Loan Administration
Risk Management
Corporate Finance
Deal Advisory
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Risk Manager
Compliance Officer
Financial Controller
Banking Relationship Manager
Corporate Banking Director
Senior Credit Analyst
Treasury Operations Manager
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