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The Group Loan Agreement Form is a specialized legal instrument designed for use in Canadian lending transactions involving multiple borrowers who share responsibility for a single loan. This document becomes necessary when two or more parties wish to collectively borrow funds while sharing liability for the loan's repayment. It is particularly relevant for business partnerships, community groups, cooperatives, or family members seeking joint financing. The agreement encompasses essential elements required by Canadian banking regulations, including interest rate disclosure requirements under the Interest Act, privacy provisions under PIPEDA, and provincial consumer protection requirements. The document structure ensures clear delineation of responsibilities, risk allocation, and group governance mechanisms while maintaining compliance with both federal and provincial lending regulations.

1. Parties: Identification of all group members as borrowers and the lender, including full legal names and addresses

2. Background: Context of the group loan arrangement and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Loan Amount and Purpose: Total loan amount, individual allocations among group members, and specified purpose of the loan

5. Interest Rate and Charges: Interest rate specifications, calculation method, and additional charges in compliance with the Interest Act

6. Term and Repayment: Loan duration, repayment schedule, and payment allocation methodology

7. Joint and Several Liability: Provisions establishing shared responsibility among group members for the entire loan amount

8. Security and Collateral: Details of any assets or guarantees provided as security for the loan

9. Representations and Warranties: Statements of fact and assurances from each group member

10. Covenants: Ongoing obligations and restrictions on borrowers during the loan term

11. Default Events: Circumstances constituting default and consequences thereof

12. Group Member Relations: Internal governance and decision-making processes among group members

13. Notices: Communication procedures and contact information for all parties

14. Governing Law: Specification of Canadian law application and jurisdiction

15. General Provisions: Standard boilerplate clauses including severability, amendments, and entire agreement