The Credit Waiver is a crucial document in Canadian financial and business operations, typically employed when a debtor requires relief from specific credit obligations but the creditor wishes to maintain the overall credit relationship. This document becomes necessary when circumstances arise that might otherwise trigger defaults under the original credit agreement, but where both parties agree that a modification of terms is preferable to enforcement action. The Credit Waiver must comply with Canadian federal banking regulations, including the Bank Act and relevant provincial legislation, and typically includes detailed information about the original credit facility, specific obligations being waived, conditions for the waiver, and any continuing obligations. It's particularly relevant in situations involving temporary business challenges, technical defaults, or when modifications to credit terms are needed to accommodate changing business circumstances.
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1. Parties: Identification of the creditor(s) and debtor(s), including full legal names and addresses
2. Background: Context of the original credit facility and the circumstances leading to the waiver
3. Definitions: Key terms used throughout the document, including 'Credit Agreement', 'Obligations', 'Waiver Period', etc.
4. Credit Facility Details: Description of the original credit facility, including amount, date, and reference numbers
5. Waiver Scope: Specific details of what obligations or defaults are being waived
6. Conditions Precedent: Conditions that must be satisfied before the waiver becomes effective
7. Representations and Warranties: Statements of fact by the debtor regarding their current situation
8. Continuing Obligations: Specification of obligations that remain in force despite the waiver
9. Release: Release of claims related to the waived obligations
10. Governing Law: Specification of applicable Canadian law and jurisdiction
1. Multiple Creditors Provisions: Required when there are multiple creditors involved, addressing voting rights and decision-making processes
2. Collateral Provisions: Needed when there is security or collateral involved in the credit facility
3. Fee Provisions: Include when there are fees associated with granting the waiver
4. Reporting Requirements: Additional reporting obligations imposed as part of the waiver
5. Future Compliance Conditions: Specific conditions the debtor must meet going forward
6. Cross-Default Provisions: Addressing impact on other credit facilities or agreements
7. Reinstatement Provisions: Conditions under which waived obligations might be reinstated
1. Schedule A - Credit Facility Details: Detailed description of the original credit facility including all amendments
2. Schedule B - Waived Defaults: Specific list of defaults or breaches being waived
3. Schedule C - Security Documents: List of all security documents related to the credit facility
4. Schedule D - Compliance Certificate: Form of certificate confirming compliance with waiver conditions
5. Schedule E - Payment Schedule: If applicable, modified payment terms or schedule
6. Appendix 1 - Related Agreements: List of other agreements affected by or related to the waiver
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