The Asset Based Loan Agreement is a specialized financing document used when a company seeks to obtain credit facilities secured by its working capital assets and other eligible collateral. This agreement is particularly relevant in the Canadian market where businesses require flexible financing solutions based on their asset values. The document incorporates specific Canadian legal requirements, including compliance with the Personal Property Security Act (PPSA) and federal banking regulations. It establishes the framework for determining borrowing availability based on eligible assets, sets out the security structure, and includes comprehensive monitoring and reporting requirements. The agreement is commonly used by mid to large-sized companies with significant tangible assets, providing them with more flexible borrowing options compared to traditional term loans or unsecured credit facilities.
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1. Parties: Identification of the lender, borrower, and any guarantors or other parties to the agreement
2. Background: Context of the loan arrangement and purpose of the facility
3. Definitions: Comprehensive definitions of terms used throughout the agreement, including specific asset-based lending terminology
4. The Facility: Details of the loan facility, including type, amount, purpose, and availability
5. Borrowing Base: Definition and calculation of the borrowing base, eligible assets, advance rates, and reserves
6. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
7. Security: Description of security interests being granted over the borrower's assets
8. Representations and Warranties: Borrower's statements about its legal status, assets, and business condition
9. Covenants: Positive and negative obligations of the borrower during the term of the loan
10. Reporting Requirements: Required financial reports, borrowing base certificates, and other periodic reporting
11. Events of Default: Circumstances constituting default and consequences
12. Administration: Operational aspects including payments, interest calculations, and fee provisions
13. Boilerplate Provisions: Standard legal provisions including notices, amendments, governing law, etc.
1. Guarantees: Required when third-party guarantees are part of the credit support
2. Field Examination: Include when lender requires right to conduct periodic asset examinations
3. Cash Management: Required when implementing cash dominion or specific cash management requirements
4. Intercreditor Provisions: Include when there are multiple lenders or subordinated debt
5. Environmental Matters: Important when real property or environmentally sensitive assets are involved
6. Insurance Requirements: Detailed insurance requirements when specific coverage is crucial
7. Tax Matters: Include when cross-border or complex tax issues are involved
8. Multiple Currency Provisions: Required for facilities offering multiple currency options
1. Borrowing Base Certificate: Template for periodic reporting of borrowing base calculations
2. Eligible Assets Criteria: Detailed criteria for determining eligible receivables, inventory, or other assets
3. Advance Rates: Specific advance rates applicable to different asset categories
4. Permitted Liens: List of pre-existing or permitted security interests
5. Compliance Certificate: Template for periodic financial covenant compliance reporting
6. Collateral Locations: List of locations where collateral is stored or maintained
7. Subsidiary Information: Details of borrower's subsidiaries and corporate structure
8. Required Insurance: Specific insurance requirements and minimum coverage amounts
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Wholesale Distribution
Retail
Automotive
Industrial Equipment
Agriculture
Consumer Goods
Transportation and Logistics
Warehousing
Mining
Construction
Technology Hardware
Food and Beverage
Pharmaceuticals
Relevant Teams
Finance
Treasury
Legal
Risk Management
Credit
Operations
Compliance
Commercial Banking
Asset-Based Lending
Portfolio Management
Collateral Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Credit Manager
Risk Manager
Commercial Lending Officer
Asset-Based Lending Specialist
Collateral Analyst
Corporate Lawyer
Legal Counsel
Account Manager
Portfolio Manager
Financial Controller
Operations Manager
Compliance Officer
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