The Loan Repayment Agreement is a critical legal instrument used to document and formalize the terms under which a borrower agrees to repay a loan to a lender. This document is essential in both personal and commercial contexts across Canada, where it must comply with federal legislation such as the Interest Act and provincial consumer protection laws. The agreement typically follows when an initial loan has been provided or when restructuring existing debt, and it should be used whenever parties need to establish clear, legally binding repayment terms. The document includes crucial details such as payment schedules, interest calculations, default provisions, and remedies, while ensuring compliance with Canadian usury laws and provincial security requirements. For secured loans, the agreement may reference or incorporate provincial Personal Property Security Act provisions.
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1. Parties: Identifies and provides full legal names and addresses of the lender and borrower
2. Background: Explains the context of the loan and the parties' intention to enter into a repayment agreement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Interest: States the principal amount, interest rate, and how interest is calculated
5. Repayment Terms: Details the payment schedule, amount of payments, and payment methods
6. Prepayment: Specifies the borrower's right to make early payments and any associated conditions
7. Events of Default: Lists circumstances that constitute default and their consequences
8. Remedies: Outlines the lender's rights and remedies in case of default
9. Representations and Warranties: States the parties' assertions about their capacity and authority to enter the agreement
10. Notices: Specifies how formal communications between parties should be made
11. General Provisions: Includes standard clauses like governing law, amendment process, and severability
12. Execution: Signature blocks and execution requirements
1. Security: Include when the loan is secured by collateral, describing the security interest and related obligations
2. Guarantor Provisions: Include when there is a guarantor for the loan, outlining their obligations and liability
3. Insurance Requirements: Include when the borrower must maintain specific insurance coverage
4. Financial Covenants: Include for business loans requiring maintenance of specific financial metrics
5. Co-Borrower Provisions: Include when there are multiple borrowers, defining joint and several liability
6. Late Payment Charges: Include when specific penalties for late payments apply
7. Tax Provisions: Include when there are specific tax implications or requirements
8. Assignment and Transfer: Include when either party may need to transfer their rights under the agreement
1. Schedule A - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest allocation
2. Schedule B - Collateral Description: Detailed description of any security or collateral for secured loans
3. Schedule C - Permitted Encumbrances: List of any existing liens or encumbrances on the collateral that are permitted
4. Appendix 1 - Calculation of Interest: Detailed explanation of interest calculation methodology
5. Appendix 2 - Pre-authorized Payment Form: Form for setting up automatic payments if applicable
6. Appendix 3 - Guarantor Acknowledgment: Additional documentation required from guarantors if applicable
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