The Non-Interest Bearing Loan Agreement is commonly used in Canada when parties wish to establish a formal lending arrangement without charging interest on the borrowed amount. This document is particularly relevant for transactions between related parties, family members, charitable organizations, or in situations where charging interest may not be desired or appropriate. The agreement must comply with Canadian federal legislation, including the Interest Act and Income Tax Act, as well as provincial contract laws. It's essential to note that while no interest is charged, the Canada Revenue Agency may impute interest for tax purposes in certain related-party situations. The document typically includes clear terms about the principal amount, repayment schedule, default provisions, and any security arrangements, while explicitly stating its non-interest bearing nature to prevent any misinterpretation.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses
2. Background: Explains the context of the loan agreement and confirms the parties' intention to enter into a non-interest bearing loan arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount: Specifies the principal amount of the loan and confirms no interest will be charged
5. Purpose of Loan: States the intended use of the loan funds
6. Repayment Terms: Details the repayment schedule, payment amounts, and payment methods
7. Representations and Warranties: Standard declarations by the Borrower regarding their legal capacity and financial condition
8. Events of Default: Defines circumstances that constitute default and consequences thereof
9. Remedies: Outlines the Lender's rights and remedies in case of default
10. Notices: Specifies how formal communications between parties should be made
11. General Provisions: Includes standard boilerplate clauses like governing law, assignment, and amendments
1. Security: Include when the loan is secured by specific assets or collateral
2. Guarantor Provisions: Include when there is a third-party guarantor for the loan
3. Prepayment Terms: Include when early repayment options are available
4. Subordination: Include when the loan needs to be subordinated to other debts
5. Related Party Provisions: Include when the loan is between related parties to address tax implications
6. Currency Provisions: Include when the loan and repayments involve multiple currencies
7. Covenants: Include when ongoing obligations or restrictions are imposed on the Borrower
8. Insurance Requirements: Include when specific insurance must be maintained by the Borrower
1. Schedule A - Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Schedule B - Security Details: Description of any assets or collateral securing the loan
3. Schedule C - Guarantor Agreement: Terms and conditions of the guarantee when applicable
4. Schedule D - Permitted Uses of Funds: Detailed list of approved uses for the loan proceeds
5. Schedule E - Form of Promissory Note: Standard form of promissory note to be issued
6. Schedule F - Direct Debit Authorization: Form for automatic payment authorization if applicable
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