A Revolving Credit Loan Agreement is a sophisticated financing document used when a borrower requires flexible access to credit on an ongoing basis. This agreement, structured under Canadian law, enables the borrower to draw down funds, repay them, and reborrow within an agreed maximum facility amount. The document is particularly useful for businesses with cyclical cash flows or varying working capital needs. It includes comprehensive provisions addressing facility mechanics, security arrangements (if applicable), borrower obligations, and lender rights. The agreement must comply with Canadian federal legislation such as the Bank Act and Interest Act, as well as relevant provincial laws regarding security and consumer protection. The document typically serves as the primary agreement governing the ongoing lending relationship between the financial institution and the borrower.
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1. Parties: Identification of the lender, borrower, and any guarantors
2. Background: Context of the agreement and relationship between the parties
3. Definitions and Interpretation: Key terms used throughout the agreement and rules of interpretation
4. The Facility: Core terms of the revolving credit facility including amount, purpose, and revolving nature
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Drawdown Mechanics: Procedures and requirements for making drawdowns under the facility
7. Interest and Fees: Interest rates, calculation methods, fees, and payment terms
8. Repayment and Prepayment: Terms for repayment, prepayment rights and obligations
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Ongoing obligations of the borrower including financial covenants
11. Events of Default: Circumstances constituting default and consequences
12. Changes to Parties: Rules regarding assignment and transfer rights
13. Administration: Administrative aspects including calculations and payments
14. Notices: Communication requirements and contact details
15. General Provisions: Miscellaneous legal provisions including governing law
1. Security: Details of security arrangements - include if the facility is secured
2. Guarantees: Terms of any guarantees - include if there are guarantors
3. Accordion Feature: Provisions for increasing the facility amount - include if facility may be expanded
4. Multiple Currency Provisions: Rules for multiple currency drawings - include if multiple currencies are allowed
5. Letter of Credit Facility: Terms for issuing letters of credit - include if LCs are part of the facility
6. Market Disruption: Provisions for dealing with market disruption events - include for LIBOR/CDOR based facilities
7. Tax Provisions: Detailed tax provisions - include if cross-border elements exist
8. Borrowing Base: Borrowing base calculation and reporting - include if facility is asset-based
1. Definitions Schedule: Detailed definitions of terms used in the agreement
2. Conditions Precedent Schedule: List of required documents and conditions
3. Form of Drawdown Request: Template for borrower to request drawings
4. Form of Compliance Certificate: Template for periodic compliance reporting
5. Repayment Schedule: Details of any scheduled repayment obligations
6. Financial Covenants Schedule: Detailed financial covenant calculations and thresholds
7. Security Documents: Forms of security documents if facility is secured
8. Notice Details: Contact information for all parties
9. Borrowing Base Certificate: Template for borrowing base calculations if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Real Estate
Technology
Healthcare
Energy
Mining
Agriculture
Transportation and Logistics
Construction
Professional Services
Telecommunications
Hospitality
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Commercial Banking
Risk Management
Operations
Transaction Management
Documentation
Relationship Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Corporate Lawyer
Legal Counsel
Credit Manager
Risk Manager
Relationship Manager
Loan Officer
Compliance Officer
Financial Controller
Banking Executive
Corporate Secretary
Account Manager
Credit Analyst
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