The Gold Loan Agreement is a specialized financing instrument used in Canadian jurisdiction when a borrower seeks to obtain funding by providing gold as collateral security. This document is particularly relevant when dealing with gold dealers, jewelry manufacturers, mining companies, or high-net-worth individuals who possess significant gold holdings. The agreement must comply with Canadian federal and provincial regulations, including the Bank Act, Personal Property Security Act, and Precious Metals Marking Act. It includes comprehensive provisions for valuation, custody, and maintenance of the gold collateral, along with standard loan terms and security enforcement mechanisms. The document is structured to protect both lender and borrower interests while ensuring regulatory compliance in the Canadian precious metals lending market.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement and brief description of the transaction
3. Definitions: Definitions of key terms used throughout the agreement, including technical terms related to gold quality and measurement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement terms
5. Gold Collateral Details: Description of the gold being provided as security, including weight, purity, and form
6. Security Interest: Creation and perfection of security interest in the gold collateral
7. Interest and Repayment: Interest rate, calculation method, and repayment schedule
8. Storage and Custody: Arrangements for secure storage and custody of the gold collateral
9. Representations and Warranties: Standard representations including ownership and quality of gold
10. Covenants: Ongoing obligations of the borrower regarding maintenance and protection of the collateral
11. Events of Default: Circumstances constituting default and remedies available to the lender
12. Enforcement Rights: Lender's rights to seize or sell the gold collateral upon default
13. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law
1. Insurance: Requirements for insurance coverage of the gold collateral, if stored by borrower
2. Additional Security: Provisions for any additional security beyond the gold collateral
3. Guarantors: Terms applying to guarantors if third-party guarantees are required
4. Valuation Mechanisms: Procedures for periodic valuation of gold and margin calls if applicable
5. Multiple Borrowers: Joint and several liability provisions if multiple borrowers are involved
6. Security Agent: Provisions regarding appointment and duties of security agent if applicable
7. Tax Provisions: Specific tax considerations related to gold transactions and loan
1. Schedule A - Gold Collateral Description: Detailed inventory of gold items including weight, purity, form, and identifying marks
2. Schedule B - Valuation Methodology: Detailed procedures for valuing the gold collateral
3. Schedule C - Storage Requirements: Specific requirements for storage and handling of the gold collateral
4. Schedule D - Insurance Requirements: Detailed insurance requirements including coverage types and amounts
5. Schedule E - Form of Security Registration: Template for security registration documents
6. Appendix 1 - Gold Testing Procedures: Procedures for testing and verifying gold quality
7. Appendix 2 - Delivery and Collection Procedures: Procedures for delivery and collection of gold collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Precious Metals and Mining
Jewelry Manufacturing
Commodity Trading
Wealth Management
Insurance
Secure Storage and Custody
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Administration
Collateral Management
Precious Metals Operations
Securities Administration
Relationship Management
Insurance
Custody Operations
Relevant Roles
Chief Financial Officer
Treasury Manager
Loan Officer
Compliance Officer
Risk Manager
Legal Counsel
Precious Metals Specialist
Credit Manager
Collateral Manager
Security Registration Officer
Vault Manager
Insurance Underwriter
Portfolio Manager
Relationship Manager
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