The Limited Recourse Loan Agreement is a specialized financing instrument used in Canadian jurisdictions where lenders agree to limit their recovery rights to specific assets or collateral rather than having full recourse to all of the borrower's assets. This document type is particularly valuable in project finance, real estate development, and other structured finance transactions where the loan is secured by specific high-value assets or cash flows. The agreement must comply with Canadian federal banking laws, provincial secured transaction legislation, and other relevant regulatory requirements. It typically includes detailed provisions regarding the collateral, enforcement mechanisms, and the explicit limitation of recourse, making it distinct from standard loan agreements. The Limited Recourse Loan Agreement is especially useful when borrowers seek to ring-fence certain assets or when lenders are comfortable with the value and quality of specific collateral without requiring additional security.
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1. Parties: Identification of the lender and borrower, including full legal names and addresses
2. Background: Context of the loan agreement, including purpose and general structure of the limited recourse arrangement
3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and interpretation rules
4. The Loan: Principal amount, purpose, availability and drawdown mechanics
5. Interest and Fees: Interest rate, calculation method, payment periods, and any associated fees
6. Repayment Terms: Repayment schedule, prepayment provisions, and mandatory prepayment events
7. Limited Recourse Provisions: Explicit limitation of lender's recourse to specified collateral/assets
8. Security: Description of collateral/assets securing the loan and security interest creation
9. Conditions Precedent: Conditions that must be satisfied before loan advancement
10. Representations and Warranties: Borrower's statements regarding its status, authority, and the collateral
11. Covenants: Borrower's ongoing obligations regarding the loan and collateral
12. Events of Default: Circumstances constituting default and consequences
13. Enforcement: Lender's rights and remedies against the specified collateral upon default
14. General Provisions: Standard provisions including notices, amendments, governing law, etc.
1. Guarantees: Include when there are third-party guarantors of the loan obligations
2. Insurance: Include when specific insurance requirements apply to the collateral
3. Tax Provisions: Include when there are specific tax considerations or gross-up requirements
4. Assignment and Participation: Include when the loan may be traded or participated
5. Intercreditor Provisions: Include when there are multiple creditors with interests in the collateral
6. Foreign Currency Provisions: Include when loan or payments involve multiple currencies
7. Special Purpose Vehicle Provisions: Include when borrower is an SPV with specific requirements
1. Loan Details Schedule: Detailed terms of the loan including amount, interest rate, and payment dates
2. Collateral Schedule: Detailed description and/or listing of the assets comprising the collateral
3. Form of Drawdown Notice: Standard form for requesting loan advances
4. Form of Compliance Certificate: Template for periodic compliance certification
5. Security Documents: Forms of security agreements, charges, or other security instruments
6. Permitted Liens: List of pre-existing or permitted encumbrances on the collateral
7. Conditions Precedent Documents: List of required documents and conditions for closing
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Infrastructure
Project Finance
Mining
Energy
Construction
Asset Management
Private Equity
Commercial Property
Natural Resources
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Banking
Structured Finance
Real Estate Finance
Project Finance
Portfolio Management
Transaction Management
Relevant Roles
Finance Director
Legal Counsel
Corporate Lawyer
Investment Manager
Project Finance Manager
Credit Risk Manager
Structured Finance Associate
Commercial Banking Officer
Real Estate Finance Manager
Treasury Manager
Chief Financial Officer
Risk Officer
Compliance Officer
Portfolio Manager
Asset Manager
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