The Loan Agreement With Security is a crucial document used in Canadian lending transactions where a lender provides financing to a borrower against specific collateral. This agreement is commonly used when businesses or individuals require substantial financing and can offer assets as security, providing the lender with a registered security interest under Canadian law. The document combines traditional loan provisions with security arrangements, incorporating requirements from federal banking laws and provincial security legislation. It's particularly important in commercial lending, asset-based financing, and business expansion scenarios where secured credit is required. The agreement must comply with Canadian federal and provincial requirements, including PPSA regulations, interest rate laws, and banking regulations. It typically includes comprehensive provisions for creation, registration, and enforcement of security interests, making it a fundamental tool in secured lending transactions.
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1. Parties: Identification of lender and borrower with full legal names and addresses
2. Background: Context of the loan arrangement and purpose
3. Definitions: Defined terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and permitted use of funds
5. Interest and Fees: Interest rate, calculation method, and any additional fees
6. Repayment Terms: Payment schedule, prepayment provisions, and payment mechanics
7. Security: Description of collateral and creation of security interest
8. Conditions Precedent: Conditions that must be met before loan disbursement
9. Representations and Warranties: Borrower's statements about their legal and financial status
10. Covenants: Ongoing obligations of the borrower during the loan term
11. Events of Default: Circumstances that trigger default and remedies
12. Enforcement Rights: Lender's rights and remedies upon default
13. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Guarantee: Include when there is a third-party guarantor for the loan
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required for the collateral
3. Financial Covenants: Include for business borrowers when financial ratios must be maintained
4. Priority and Subordination: Include when there are multiple lenders or existing security interests
5. Cross-Default: Include when default under other agreements should trigger default under this loan
6. Tax Provisions: Include detailed tax provisions when tax implications are significant
7. Assignment and Participation: Include when the lender may want to sell or participate out the loan
8. Co-Borrower Provisions: Include when there are multiple borrowers
1. Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Collateral Description: Detailed description of all assets serving as security
3. Permitted Encumbrances: List of existing liens or encumbrances that are allowed
4. Form of Compliance Certificate: Template for periodic borrower certifications
5. Security Registration Details: PPSA and other security registration particulars
6. Insurance Requirements: Detailed specifications for required insurance coverage
7. Form of Draw Request: Template for requesting loan advances if multiple draws are permitted
8. Subsidiary Guarantors: List of subsidiary companies providing guarantees if applicable
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Technology
Agriculture
Construction
Healthcare
Transportation & Logistics
Energy & Resources
Professional Services
Relevant Teams
Legal
Finance
Treasury
Credit
Risk Management
Compliance
Commercial Banking
Corporate Secretariat
Loan Administration
Security Administration
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Risk Manager
Commercial Banking Manager
Security Registration Officer
Compliance Officer
Portfolio Manager
Credit Analyst
Corporate Secretary
Financial Controller
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