The Sponsor Support Agreement is a fundamental document in project finance and major commercial ventures in Canada, designed to provide financial security and support mechanisms for significant projects or investments. This agreement becomes necessary when a project requires additional financial backing or credit enhancement from its sponsors, typically in large-scale infrastructure, energy, or development projects. The document outlines the sponsor's commitment to provide financial support under specified circumstances, including funding shortfalls, cost overruns, or specific trigger events. The agreement must comply with Canadian federal and provincial regulations, particularly regarding financial services, securities, and corporate law. It addresses crucial aspects such as support mechanics, trigger events, payment procedures, and termination rights, while incorporating specific Canadian legal requirements and market practices. The Sponsor Support Agreement serves as a key bankability document, often required by lenders and other stakeholders to ensure project viability and risk mitigation.
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1. Parties: Identifies the sponsor(s), beneficiary, and any other relevant parties to the agreement
2. Background: Explains the context of the agreement, including details about the project or entity receiving support
3. Definitions and Interpretation: Defines key terms and establishes rules for interpreting the agreement
4. Support Obligations: Details the nature, extent, and conditions of support to be provided by the sponsor
5. Trigger Events: Specifies circumstances that activate sponsor's obligation to provide support
6. Payment Mechanics: Describes procedures, timing, and methods for providing financial support
7. Representations and Warranties: Standard declarations about the parties' capacity, authority, and status
8. Covenants: Ongoing obligations of the parties throughout the agreement term
9. Events of Default: Circumstances constituting breach and their consequences
10. Term and Termination: Duration of the agreement and circumstances allowing early termination
11. Dispute Resolution: Procedures for resolving disagreements between parties
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, and governing law
1. Security Package: Details of any collateral or security provided to support the sponsor's obligations
2. Step-In Rights: Provisions allowing the sponsor to take control under specified circumstances
3. Insurance Requirements: Specific insurance obligations of the parties
4. Tax Provisions: Detailed tax treatment and allocation of tax responsibilities
5. Currency Provisions: For international sponsors, provisions dealing with currency conversion and exchange risks
6. Regulatory Compliance: Specific provisions addressing regulatory requirements for regulated industries
7. Force Majeure: Provisions dealing with extraordinary events affecting performance obligations
8. Assignment and Transfer: Detailed provisions regarding transfer of rights and obligations
1. Schedule A - Support Amount Calculation: Detailed methodology for calculating required support amounts
2. Schedule B - Form of Support Letter/Guarantee: Template documents for sponsor support instruments
3. Schedule C - Payment Procedures: Detailed procedures for implementing support payments
4. Schedule D - Project Details: Technical description of the project or venture being supported
5. Schedule E - Financial Model: Key financial projections and assumptions
6. Schedule F - Authorized Representatives: List of authorized signatories and contact persons
7. Appendix 1 - Compliance Certificates: Forms for periodic compliance certification
8. Appendix 2 - Notice Details: Detailed contact information for notices
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