An Interest Loan Agreement is a fundamental legal document used when one party (the lender) provides financial accommodation to another party (the borrower) in exchange for repayment with interest. This agreement template is specifically designed for use in Canadian jurisdictions, incorporating requirements from the federal Interest Act, Criminal Code interest provisions, and applicable provincial laws. It's suitable for both commercial and consumer lending scenarios, though specific provisions may need to be modified depending on the nature of the parties involved. The agreement comprehensively covers loan amount, interest calculation methodologies, repayment schedules, default provisions, and security arrangements if applicable. It's particularly important in ensuring compliance with Canadian usury laws and provincial consumer protection regulations, while providing clear documentation of the parties' obligations and rights.
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1. Parties: Identifies and defines the Lender and Borrower with full legal names and addresses
2. Background: Explains the context of the loan and the parties' intention to enter into the agreement
3. Definitions and Interpretation: Defines key terms and establishes interpretation rules for the agreement
4. The Loan: Specifies the principal amount, purpose, and conditions precedent to advancement
5. Interest: Details the interest rate, calculation method, and payment periods in compliance with the Interest Act
6. Repayment Terms: Specifies payment schedule, prepayment rights, and method of payment
7. Representations and Warranties: Standard declarations by the Borrower about their legal capacity and financial condition
8. Covenants: Ongoing obligations of the Borrower during the loan term
9. Events of Default: Lists circumstances that constitute default and the Lender's remedies
10. Notices: Specifies how formal communications between parties should be made
11. General Provisions: Standard boilerplate clauses including governing law, assignment, and amendments
1. Security: Required if the loan is secured by any assets or property
2. Guarantee: Required if there are third-party guarantors for the loan
3. Insurance: Required if specific insurance must be maintained on secured assets
4. Syndication: Required for loans with multiple lenders or potential for syndication
5. Tax Provisions: Required for complex business loans with tax implications
6. Currency Provisions: Required if the loan involves multiple currencies
7. Regulatory Compliance: Required for loans subject to specific regulatory requirements
8. Priority and Subordination: Required if there are multiple creditors or security interests
1. Repayment Schedule: Detailed amortization table showing payment dates, amounts, and interest allocation
2. Interest Calculation Methods: Detailed explanation of interest calculation including compounding periods and annual rates
3. Security Details: Description of any assets or property securing the loan
4. Permitted Encumbrances: List of existing or permitted liens or encumbrances on secured assets
5. Forms: Standard forms for draw requests, compliance certificates, or payment notifications
6. Guarantor Documents: Forms and agreements related to any guarantees
7. Insurance Requirements: Detailed insurance requirements for secured assets
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Relevant Teams
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Relevant Roles
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Finance Director
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