The Business Finance Agreement is a fundamental document used in Canadian commercial lending transactions when a business seeks financing from a financial institution or other lender. It serves as the primary agreement governing the lending relationship, incorporating requirements from federal legislation such as the Bank Act and provincial laws including the Personal Property Security Act. This document is essential when businesses require capital for expansion, working capital, asset acquisition, or other commercial purposes. The agreement comprehensively addresses loan terms, security arrangements, representations and warranties, covenants, events of default, and enforcement rights. It must comply with Canadian banking regulations, usury laws, and security registration requirements, while also accommodating the specific needs of the business and lender. The document typically works in conjunction with various security documents and may require adaptation based on the province of operation and specific industry requirements.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the financing arrangement and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. The Facility: Details of the loan amount, purpose, and type of facility (term loan, revolving credit, etc.)
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Interest and Fees: Interest rate, calculation method, fees, and payment terms
7. Repayment Terms: Schedule of repayments, prepayment provisions, and payment methods
8. Security: Description of security being provided for the loan
9. Representations and Warranties: Statements of fact by the borrower about their business and circumstances
10. Covenants: Ongoing obligations of the borrower during the term of the loan
11. Events of Default: Circumstances that constitute default and consequences
12. Enforcement: Lender's rights and remedies upon default
13. General Provisions: Standard clauses including notices, amendments, and governing law
1. Guarantees: Required when there are personal or corporate guarantors for the loan
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
3. Special Drawing Conditions: For facilities with multiple drawdown periods or special conditions
4. Syndication Provisions: Required when multiple lenders are or may be involved
5. Additional Security Provisions: For complex security arrangements involving multiple assets or types of security
6. Environmental Matters: Required when financing involves real property or environmentally sensitive businesses
7. Subordination Provisions: When there are other creditors requiring priority arrangements
8. Currency Provisions: For loans involving multiple currencies or foreign exchange considerations
1. Schedule A - Defined Terms: Comprehensive list of defined terms and their meanings
2. Schedule B - Drawdown Notice: Form of notice for requesting loan advances
3. Schedule C - Repayment Schedule: Detailed amortization or repayment schedule
4. Schedule D - Security Documents: List and copies of all security documents
5. Schedule E - Permitted Encumbrances: List of approved existing security interests or liens
6. Schedule F - Financial Covenants: Detailed financial ratios and covenants to be maintained
7. Appendix 1 - Compliance Certificate: Form for periodic compliance reporting
8. Appendix 2 - Corporate Information: Corporate documents and organizational structure
Authors
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Retail
Technology
Real Estate
Healthcare
Construction
Transportation
Agriculture
Professional Services
Hospitality
Energy
Mining
Telecommunications
Financial Services
Entertainment
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Secretariat
Executive Leadership
Business Development
Commercial Banking
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Lawyer
Legal Counsel
Risk Manager
Credit Manager
Commercial Banking Officer
Relationship Manager
Compliance Officer
Chief Executive Officer
Financial Controller
Business Development Manager
Account Manager
Corporate Secretary
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