The Loan Extension Agreement is utilized when parties to an existing loan arrangement wish to extend the loan's maturity date beyond its original term. This document is essential in Canadian lending practice when borrowers require additional time to repay their loans, but the fundamental lending relationship remains sound. It typically becomes relevant as the original loan maturity date approaches and both parties agree to continue the lending relationship. The agreement must comply with Canadian federal legislation such as the Interest Act and Bank Act, as well as provincial contract laws and consumer protection regulations where applicable. The document includes critical information such as the new maturity date, any modified payment terms, confirmation of existing security arrangements, and conditions precedent to the extension becoming effective. It's particularly important in commercial lending, real estate financing, and corporate borrowing scenarios where loan modifications need to be properly documented to maintain legal enforceability and regulatory compliance.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Recitals describing the original loan agreement, its key terms, and the parties' desire to extend the loan
3. Definitions: Key terms used in the agreement, including 'Original Loan Agreement', 'Extension Date', and 'New Maturity Date'
4. Extension of Term: Specific provision extending the loan maturity date and stating the new maturity date
5. Payment Terms: Confirmation of payment schedule during the extended term, including interest rate and payment amounts
6. Conditions Precedent: Conditions that must be satisfied before the extension becomes effective
7. Representations and Warranties: Borrower's confirmation that original representations remain true and no defaults exist
8. Confirmation of Original Agreement: Statement that all other terms of the original loan agreement remain unchanged
9. Costs and Expenses: Allocation of costs related to preparing and executing the extension agreement
10. Governing Law: Specification of applicable Canadian jurisdiction
11. Execution: Signature blocks for all parties
1. Additional Security: Required when new or additional security is being provided as part of the extension
2. Guarantor Consent: Needed when the original loan has guarantors who must consent to the extension
3. Interest Rate Modification: Include when the interest rate is being changed as part of the extension
4. Fee Provisions: Required when an extension fee or other new fees are being charged
5. Insurance Requirements: Include when additional insurance requirements are being added
6. Financial Covenants: Needed when modifying or adding financial covenants for the extended term
7. Prepayment Terms: Include when modifying prepayment rights or penalties
1. Schedule A - Original Loan Agreement: Copy of the original loan agreement being extended
2. Schedule B - Payment Schedule: Updated amortization and payment schedule for the extended term
3. Schedule C - Outstanding Balance Statement: Statement showing current loan balance and payment status
4. Schedule D - Security Documentation: List and copies of existing security documents that remain in effect
5. Schedule E - Guarantor Acknowledgments: Signed acknowledgments from any guarantors if applicable
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