The Deferment Agreement is a crucial legal instrument in Canadian financial operations, typically employed when a debtor requires temporary relief from payment obligations due to financial hardship, business restructuring, or other significant circumstances. This document modification tool allows parties to formally agree to postpone or restructure debt payments while maintaining the underlying obligation. The agreement must comply with Canadian federal legislation such as the Interest Act and provincial consumer protection laws, making it essential to tailor the agreement to the specific province of operation. A properly structured Deferment Agreement helps prevent defaults, maintains business relationships, and provides clear documentation of modified payment terms while ensuring legal enforceability.
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1. Parties: Identification of the creditor and debtor, including full legal names and addresses
2. Background: Context of the original debt obligation and reason for deferment
3. Definitions: Key terms used throughout the agreement, including 'Original Agreement', 'Deferment Period', 'Deferred Amount'
4. Acknowledgment of Debt: Confirmation of the original debt amount and terms
5. Deferment Terms: Specific details of the deferment including duration, conditions, and any interest during deferment
6. Payment Terms: Schedule of payments after deferment period, including amounts and dates
7. Interest and Charges: Details of any interest or additional charges during and after deferment
8. Default Provisions: Consequences of missing payments or breaching agreement terms
9. Representations and Warranties: Statements of fact and promises by both parties
10. Notices: How formal communications between parties should be made
11. Governing Law: Specification of applicable Canadian law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Security: Include when the deferment agreement is secured by assets or collateral
2. Guarantor Provisions: Required when a third party guarantees the deferred payments
3. Insurance Requirements: Include when specific insurance must be maintained during deferment
4. Early Payment Provisions: Terms for early repayment if allowed, including any penalties or benefits
5. Force Majeure: Include during uncertain times (e.g., pandemic) to address unforeseen circumstances
6. Assignment and Transfer: Include if either party may need to transfer their rights/obligations
7. Modification Terms: Include when flexibility for future modifications may be needed
1. Schedule A - Original Debt Documentation: Copy or summary of the original loan agreement or debt instrument
2. Schedule B - Payment Schedule: Detailed schedule of payments including dates, amounts, and payment methods
3. Schedule C - Current Debt Statement: Statement showing current balance, interest, and any fees as of agreement date
4. Schedule D - Security Details: Description of any security or collateral (if applicable)
5. Appendix 1 - Calculation of Interest: Methodology for calculating interest during and after deferment
6. Appendix 2 - Notice Forms: Standard forms for various notices under the agreement
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