The Guarantee Facility Agreement is a crucial financial instrument in Canadian commercial practice, used when a party (guarantor) agrees to support the financial obligations of another party (principal debtor) to a financial institution. This document is particularly relevant when establishing ongoing guarantee arrangements rather than one-off guarantees. The agreement must comply with Canadian federal banking regulations and provincial contract laws, incorporating specific requirements for guarantee enforcement and security interests. A well-structured Guarantee Facility Agreement will address key aspects including facility limits, conditions for issuance, monitoring requirements, enforcement mechanisms, and reporting obligations. It's commonly used in corporate group structures, project finance, and commercial lending arrangements where ongoing guarantee support is required.
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1. Parties: Identification of the guarantor, beneficiary (typically a bank/financial institution), and the principal debtor
2. Background: Context of the agreement, relationship between parties, and purpose of the guarantee facility
3. Definitions and Interpretation: Key terms used throughout the agreement and rules for interpreting the agreement
4. The Guarantee Facility: Core terms of the facility including maximum liability amount and nature of guaranteed obligations
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes effective
6. Guarantor's Obligations: Scope of guarantee, payment obligations, and indemnities
7. Representations and Warranties: Statements of fact and assurances given by the guarantor
8. Covenants: Ongoing obligations of the guarantor during the life of the facility
9. Events of Default: Circumstances that trigger default and enforcement rights
10. Payments and Calculations: Payment mechanics, currency provisions, and calculation methods
11. Changes to Parties: Rules regarding assignment, transfer, and succession
12. Notices: Communication requirements and contact details
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and severability
1. Security: Include when the guarantee is secured by specific assets or collateral
2. Tax Gross-Up: Include when tax obligations need to be addressed specifically
3. Increased Costs: Include when the facility may be affected by regulatory changes
4. Set-off Rights: Include when specific set-off provisions are required
5. Multiple Guarantors: Include when there is more than one guarantor
6. Currency Provisions: Include for cross-border transactions or multiple currency facilities
7. Guarantee Limitations: Include when specific caps or limitations apply to the guarantee
8. Counter-Indemnity: Include when the guarantor requires indemnification from the principal debtor
1. Form of Demand: Standard form for making demands under the guarantee
2. Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Guarantee Facility Terms: Detailed terms including fees, interest rates, and payment schedules
4. Security Documents: Forms of security documents if applicable
5. Notice Details: Detailed contact information for all parties
6. Form of Transfer Certificate: Standard form for transferring rights under the facility
7. Existing Encumbrances: List of permitted existing security interests or encumbrances
8. Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Corporate Finance
Manufacturing
Real Estate
Retail
Infrastructure
Energy
Technology
Transportation
Agriculture
Healthcare
Construction
Mining
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit
Commercial Banking
Corporate Banking
Transaction Management
Portfolio Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Relationship Manager
Compliance Officer
Banking Officer
Corporate Secretary
Financial Controller
General Counsel
Transaction Manager
Security Trustee
Portfolio Manager
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