The Framework Loan Agreement is designed for situations where a borrower requires flexible access to funding over an extended period, rather than a single loan disbursement. This document type is particularly valuable for businesses with ongoing capital needs or project-based funding requirements. The agreement, structured under Canadian law, establishes the master terms and conditions that will govern all subsequent borrowings, including maximum facility amounts, drawdown procedures, interest calculations, and security arrangements. It must comply with federal legislation such as the Interest Act and Bank Act, as well as relevant provincial laws regarding security and contract formation. The Framework Loan Agreement typically includes provisions for multiple drawdowns, varying interest rates, and comprehensive security arrangements, making it suitable for both simple bilateral arrangements and more complex syndicated facilities.
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1. Parties: Identification of the lender and borrower, including their legal status and registered addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the lending framework
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and rules of interpretation
4. The Facility: Core terms of the lending framework including facility type, purpose, and maximum amount
5. Drawdown Mechanics: Procedures and conditions for requesting and making drawdowns under the facility
6. Interest and Fees: Interest calculation methods, applicable rates, and all fee structures
7. Repayment and Prepayment: Terms for scheduled repayments and voluntary prepayment provisions
8. Conditions Precedent: Conditions that must be satisfied before initial and subsequent drawdowns
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Ongoing obligations of the borrower including financial covenants and reporting requirements
11. Events of Default: Circumstances constituting default and their consequences
12. Security: Overview of security arrangements and their enforcement
13. Changes to Parties: Rules for assignment, transfer, and succession
14. Administration: Operational aspects including payments, calculations, and notices
15. Governing Law and Jurisdiction: Choice of law and jurisdiction for dispute resolution
16. Boilerplate Provisions: Standard contract clauses including severability, entire agreement, and amendments
1. Accordion Feature: Optional provision allowing for increase in facility amount under specified conditions
2. Multi-currency Provisions: Required if the facility can be drawn in multiple currencies
3. Guarantees: Needed when third-party guarantees are part of the credit support
4. Tax Gross-up and Indemnities: Detailed tax provisions if cross-border elements exist
5. Market Disruption: Provisions dealing with benchmark rate unavailability or market disruption
6. Multi-Borrower Provisions: Required for group borrowing structures
7. Regulatory Compliance: Specific provisions required for regulated borrowers
8. Environmental Compliance: Specific provisions for environmentally sensitive industries
1. Drawdown Request Form: Standard form for requesting drawdowns under the facility
2. Conditions Precedent Documents: List of required documents and conditions for initial and subsequent drawdowns
3. Repayment Schedule: If applicable, schedule of required repayment dates and amounts
4. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
5. Compliance Certificate: Form of periodic compliance certification
6. Security Documents: Forms or copies of security documentation
7. Fee Schedule: Detailed breakdown of all applicable fees
8. Notice Details: Contact information and notice requirements for all parties
9. Form of Transfer Certificate: Standard form for transferring interests in the facility
10. Existing Security: List of existing security interests and permitted encumbrances
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Manufacturing
Energy and Resources
Infrastructure
Technology
Healthcare
Retail and Consumer Goods
Transportation and Logistics
Agriculture and Forestry
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Secretariat
Banking Operations
Risk Management
Corporate Finance
Deal Advisory
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Corporate Lawyer
Relationship Manager (Banking)
Credit Manager
Risk Manager
Compliance Officer
Corporate Secretary
Financial Controller
Banking Operations Manager
Senior Loan Officer
Chief Legal Officer
Transaction Manager
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