The Simple Business Loan Agreement is a fundamental legal instrument used in Canadian business financing transactions when a lender provides funds to a business borrower. This document is essential for both established companies seeking working capital and growing businesses requiring expansion funding. The agreement ensures compliance with Canadian federal legislation such as the Interest Act and provincial lending regulations, while establishing clear terms for loan amount, interest rates, repayment schedules, and potential security interests. It's particularly useful for straightforward business loans where the parties need a clear, comprehensive, but not overly complex agreement that protects both lender and borrower interests under Canadian law.
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1. Parties: Identification of the Lender and Borrower with their full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of the loan
5. Interest Rate: Interest rate details, calculation method, and payment frequency
6. Repayment Terms: Payment schedule, amount of payments, and method of payment
7. Borrower's Representations and Warranties: Borrower's statements about their legal and financial status
8. Conditions Precedent: Conditions that must be met before the loan is advanced
9. Events of Default: Circumstances that constitute default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Notices: How formal communications between parties should be made
12. Governing Law: Specification of Canadian jurisdiction governing the agreement
13. General Provisions: Standard boilerplate clauses including amendments, assignment, and severability
1. Security: Details of any collateral or security for the loan - include when loan is secured
2. Guarantor Provisions: Terms applicable to guarantors - include when there are personal or corporate guarantors
3. Insurance Requirements: Required insurance coverage - include for larger loans or when specific assets need protection
4. Financial Covenants: Financial ratios and requirements - include for larger loans or when ongoing financial monitoring is needed
5. Prepayment Terms: Terms for early repayment - include when early repayment is allowed with specific conditions
6. Draw Down Provisions: Terms for multiple advances - include for loans disbursed in installments
7. Interest Rate Adjustment: Provisions for changing interest rates - include for floating rate loans
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Schedule B - Security Description: Detailed description of any collateral or security interests
3. Schedule C - Draw Down Schedule: Schedule of multiple loan advances if applicable
4. Schedule D - Financial Covenants Calculation: Formulas and methods for calculating financial covenants
5. Appendix 1 - Loan Application: Copy of the original loan application
6. Appendix 2 - Certificate of Independent Legal Advice: Confirmation that borrower received independent legal advice
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Small Business
Commercial Real Estate
Manufacturing
Retail
Technology
Professional Services
Construction
Agriculture
Healthcare
Hospitality
Transportation and Logistics
Relevant Teams
Legal
Finance
Credit and Risk
Commercial Banking
Compliance
Treasury
Corporate Services
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Business Owner
Corporate Lawyer
Legal Counsel
Banking Officer
Loan Officer
Credit Manager
Risk Manager
Commercial Banking Manager
Business Development Manager
Financial Controller
Compliance Officer
Treasury Manager
Managing Director
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