The Loan Consent Letter is a crucial document in Canadian commercial lending practice, used when a borrower requires the lender's formal approval for actions that would otherwise be restricted under their loan agreement. Common scenarios requiring such consent include corporate restructuring, change of control transactions, additional debt incurrence, or asset sales. The letter must comply with Canadian federal banking regulations and provincial contract laws, and typically references the original loan agreement while specifying any conditions attached to the consent. The document serves multiple purposes: it provides clear evidence of the lender's approval, establishes any conditions or limitations on that approval, and maintains the integrity of the original loan agreement while accommodating necessary changes in the borrower's circumstances.
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1. Letter Header and Date: Formal business letter header including sender's details, recipient's details, and date
2. Reference Line: Clear reference to the original loan agreement including date and parties
3. Subject Line: Clear indication of the purpose of the consent letter
4. Recitals: Brief background explaining the context of the consent request and referencing relevant loan agreement provisions
5. Consent Statement: Clear and unambiguous statement of the consent being granted
6. Conditions: Any conditions that must be satisfied for the consent to be effective
7. Reservation of Rights: Statement preserving lender's rights under the original loan agreement
8. Governing Law Confirmation: Confirmation that the consent letter is governed by the same law as the original loan agreement
9. Signature Block: Space for authorized signatory of the lender to execute the letter
1. Fee Acknowledgment: Include when a consent fee is being charged by the lender
2. Representations and Warranties: Include when the borrower needs to confirm certain facts or circumstances as a condition of consent
3. Counterparts Clause: Include when the letter needs to be signed by multiple parties or in multiple copies
4. Confidentiality Statement: Include when the consent involves sensitive information or there are specific confidentiality requirements
5. Time Limitation: Include when the consent is time-limited or must be acted upon within a specific period
6. Acknowledgment Space: Include when borrower's countersignature is required to acknowledge terms
1. Schedule A - Amended Terms: Details of any specific terms being modified, if applicable
2. Schedule B - Additional Conditions: Detailed list of conditions that must be satisfied, if too lengthy for main letter
3. Schedule C - Required Documentation: List of documents that must be provided as a condition of consent
4. Appendix 1 - Corporate Authorization: Evidence of corporate authority to request and receive consent, if required
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Retail
Technology
Healthcare
Construction
Energy
Mining
Transportation and Logistics
Agriculture
Telecommunications
Professional Services
Hospitality
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Banking Operations
Credit Administration
Document Management
Transaction Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Corporate Lawyer
Legal Counsel
Finance Director
Relationship Manager (Banking)
Credit Officer
Loan Officer
Compliance Officer
Risk Manager
Corporate Secretary
Banking Operations Manager
Senior Finance Manager
Transaction Manager
Documentation Specialist
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