The Third Party Loan Agreement is a crucial financial instrument used when a borrower requires additional support to secure a loan, typically through a guarantee or security provided by a third party. This agreement is particularly relevant in the Canadian market where businesses and individuals often seek financing with the backing of external parties to enhance their creditworthiness. The document must comply with Canadian federal legislation, including the Interest Act and Bank Act, as well as provincial security and property laws. It outlines the complete lending arrangement, including loan terms, security details, guarantor obligations, default provisions, and enforcement mechanisms. This type of agreement is commonly used in business expansions, real estate transactions, and major asset purchases where additional security beyond the borrower's assets is required by the lender.
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1. Parties: Identifies and defines all parties to the agreement: Lender, Borrower, and Guarantor (if applicable)
2. Background: Explains the context and purpose of the loan agreement
3. Definitions: Defines key terms used throughout the agreement
4. The Loan: Details the principal amount, purpose, and basic terms of the loan
5. Interest: Specifies interest rate, calculation method, and payment terms
6. Repayment Terms: Outlines the repayment schedule, methods of payment, and prepayment provisions
7. Conditions Precedent: Lists conditions that must be satisfied before the loan is advanced
8. Representations and Warranties: States the facts and assurances provided by the borrower
9. Covenants: Details ongoing obligations of the borrower during the loan term
10. Events of Default: Defines circumstances constituting default and consequences
11. Remedies: Outlines lender's rights and remedies upon default
12. General Provisions: Includes standard clauses such as notices, amendments, and governing law
1. Security: Include when the loan is secured by assets or property
2. Guarantee Provisions: Include when there is a third-party guarantor
3. Insurance Requirements: Include when specific insurance coverage is required for secured assets
4. Financial Covenants: Include for business loans requiring specific financial performance metrics
5. Subordination: Include when the loan needs to be subordinated to other debt
6. Cross-Default: Include when default under other specified agreements should trigger default under this loan
7. Assignment and Participation: Include when the lender may want to assign or sell the loan
8. Tax Provisions: Include when specific tax considerations need to be addressed
1. Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Security Details: Description of any assets or property securing the loan
3. Permitted Liens: List of pre-approved liens or encumbrances on secured assets
4. Disclosure Schedule: Borrower's disclosures related to representations and warranties
5. Form of Promissory Note: Standard form of note evidencing the debt
6. Form of Compliance Certificate: Template for periodic compliance reporting
7. Required Insurance: Details of required insurance coverage and terms
8. Authorized Signatories: List of persons authorized to act on behalf of each party
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Technology
Healthcare
Construction
Agriculture
Mining
Energy
Transportation & Logistics
Professional Services
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Administration
Commercial Banking
Corporate Banking
Business Development
Loan Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Loan Officer
Treasury Manager
Compliance Officer
Financial Controller
Business Development Manager
Account Manager
Security Trustee
Portfolio Manager
Commercial Banking Manager
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