A Loan Agreement Between Director And Company is a critical document used when a director provides financial support to their company through a formal loan arrangement. This agreement is particularly relevant in the Canadian business context where companies seek alternative financing options or require bridge funding. The document must comply with Canadian federal and provincial corporate laws, tax regulations, and securities requirements if applicable. It typically includes detailed terms about the loan amount, interest rate (considering Criminal Code interest rate limitations), repayment schedule, and any security arrangements. The agreement should reflect board approval and proper corporate governance procedures, while addressing potential conflicts of interest and ensuring fair terms for both parties. This type of agreement is commonly used in both private and public companies, though public companies may face additional disclosure requirements under securities laws.
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1. Parties: Identifies the director as lender and the company as borrower, including full legal names and addresses
2. Background: Explains the context of the loan, confirms director's capacity, and states board approval
3. Definitions: Defines key terms used throughout the agreement
4. Loan Amount and Purpose: Specifies the principal amount and intended use of the loan funds
5. Interest Rate: Details the applicable interest rate, calculation method, and payment frequency
6. Repayment Terms: Outlines the repayment schedule, including principal and interest payment dates
7. Representations and Warranties: Standard corporate representations and specific declarations regarding the loan
8. Events of Default: Defines circumstances constituting default and consequences
9. Notices: Specifies how formal communications between parties should be made
10. Governing Law: Confirms Canadian law governance and jurisdiction
11. General Provisions: Standard boilerplate clauses including assignment, amendments, and severability
1. Security: Include when the loan is secured by company assets or other collateral
2. Subordination: Required if the loan needs to be subordinated to other company debt
3. Conversion Rights: Include if the loan can be converted to equity
4. Prepayment Terms: Add if early repayment is allowed with specific terms
5. Tax Provisions: Include detailed tax treatment if complex tax implications exist
6. Board Approval Process: Add detailed approval process if required by corporate governance
7. Regulatory Compliance: Include for public companies or when specific regulatory requirements apply
1. Schedule A - Repayment Schedule: Detailed amortization schedule showing all payment dates and amounts
2. Schedule B - Board Resolution: Copy of board resolution approving the loan
3. Schedule C - Security Details: Description of any security or collateral (if applicable)
4. Appendix 1 - Loan Disbursement Instructions: Details of how and when loan funds will be transferred
5. Appendix 2 - Compliance Certificate: Template for periodic compliance certification if required
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Relevant legal definitions
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Relevant Industries
Technology
Manufacturing
Professional Services
Retail
Healthcare
Real Estate
Construction
Financial Services
Mining
Energy
Agriculture
Transportation
Telecommunications
Entertainment
Education
Relevant Teams
Legal
Finance
Corporate Governance
Treasury
Compliance
Risk Management
Board Secretariat
Corporate Affairs
Executive Management
Audit
Relevant Roles
Chief Executive Officer
Chief Financial Officer
Company Director
Corporate Secretary
General Counsel
Legal Counsel
Finance Director
Treasury Manager
Compliance Officer
Corporate Governance Officer
Board Member
Financial Controller
Risk Manager
Company Secretary
Managing Director
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