The Simple Loan Note Agreement is a fundamental legal document used in Canadian lending transactions to formalize loan arrangements between parties. This document type is particularly useful for straightforward lending situations where a comprehensive but not overly complex agreement is needed. It combines elements of a promissory note with basic loan agreement provisions, making it suitable for both corporate and individual lending scenarios. The agreement must comply with Canadian federal legislation, particularly the Interest Act and Criminal Code provisions regarding interest rates, as well as applicable provincial consumer protection laws. Common applications include business loans, personal loans, and inter-company lending arrangements. The document typically includes detailed terms about the loan amount, interest calculation, repayment schedule, default provisions, and any security arrangements, while remaining simpler and more straightforward than a full-scale credit facility agreement.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Brief context of the loan arrangement and the parties' intention to be legally bound
3. Definitions: Defines key terms used throughout the agreement including 'Principal Amount', 'Interest Rate', 'Maturity Date', etc.
4. Loan Amount and Interest: Specifies the principal amount, interest rate (ensuring compliance with Interest Act requirements), and interest calculation method
5. Repayment Terms: Details the repayment schedule, payment amounts, and payment methods
6. Prepayment Rights: Outlines the borrower's rights to prepay the loan and any applicable prepayment charges or benefits
7. Events of Default: Lists circumstances constituting default and the lender's rights upon default
8. Representations and Warranties: Standard declarations by the borrower regarding their legal capacity and financial condition
9. Notices: Specifies how and where formal communications between parties should be delivered
10. Governing Law: Establishes that Canadian law governs the agreement and specifies the applicable province
11. Execution: Signature blocks and execution requirements
1. Security: Required if the loan is secured by any assets or guarantees
2. Guarantor Provisions: Include when a third party is guaranteeing the loan
3. Insurance Requirements: Include when requiring the borrower to maintain specific insurance coverage
4. Late Payment Penalties: Optional section detailing additional charges for late payments
5. Assignment: Include if either party needs the right to assign the agreement to others
6. Subordination: Required if this loan needs to be subordinated to other debts
7. Tax Provisions: Include when specific tax considerations need to be addressed
8. Reporting Requirements: Include when the borrower must provide periodic financial reports
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Security Details: Description of any collateral or security being provided
3. Permitted Encumbrances: List of existing liens or encumbrances allowed under the agreement
4. Form of Promissory Note: Standard form of promissory note if required
5. Compliance Certificate: Template for periodic compliance certification if required
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Banking
Private Lending
Real Estate
Small Business
Corporate Finance
Investment Management
Commercial Banking
Retail Banking
Alternative Lending
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit Administration
Corporate Secretariat
Loan Operations
Business Development
Account Management
Relevant Roles
Chief Financial Officer
Finance Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Manager
Financial Controller
Treasury Manager
Compliance Officer
Risk Manager
Account Manager
Business Development Manager
Financial Analyst
Corporate Secretary
Banking Relationship Manager
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