The Interim Loan Agreement serves as a critical financing instrument in Canadian business transactions, providing temporary funding solutions while permanent financing arrangements are being finalized. This document type is commonly used in situations such as corporate acquisitions, construction projects, or business expansion where immediate funding is required but long-term financing is still being arranged. The agreement must comply with Canadian federal laws such as the Bank Act and Interest Act, as well as relevant provincial legislation. The Interim Loan Agreement typically includes detailed provisions for the loan facility, security arrangements, representations and warranties, covenants, and events of default, all tailored to meet the specific requirements of Canadian law and the temporary nature of the financing arrangement. It's particularly important in time-sensitive transactions where bridge financing is essential for business continuity or capturing time-sensitive opportunities.
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1. Parties: Identifies and defines the Lender(s) and Borrower(s) with their full legal names and addresses
2. Background: Sets out the context of the interim loan and why it is being made
3. Definitions: Defines key terms used throughout the agreement
4. The Facility: Details of the loan amount, purpose, and availability period
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Terms and schedule for repayment of the principal amount
7. Conditions Precedent: Conditions that must be satisfied before the loan becomes available
8. Representations and Warranties: Statements of fact and assurances given by the Borrower
9. Covenants: Ongoing obligations of the Borrower during the loan period
10. Events of Default: Circumstances that would constitute a default and their consequences
11. Payments: Payment mechanics, timing, and currency
12. Expenses: Allocation of costs and expenses related to the loan
13. Notices: How formal communications between parties should be made
14. Assignment and Transfer: Rights to transfer or assign the loan
15. Governing Law and Jurisdiction: Specifies Canadian law as governing law and jurisdiction for disputes
1. Security: Include when the loan is secured by any assets or guarantees
2. Guarantees: Include when there are third-party guarantors for the loan
3. Syndication Provisions: Include when there are multiple lenders or potential for syndication
4. Increased Costs: Include when the lender needs protection against regulatory changes affecting loan costs
5. Tax Gross-Up: Include when tax implications need to be addressed specifically
6. Market Disruption: Include when using floating interest rates to address market disruption events
7. Break Costs: Include when early repayment might result in costs to the lender
8. Currency Provisions: Include when the loan involves multiple currencies
9. Subordination: Include when the loan needs to be subordinated to other debt
10. Agent Provisions: Include when there is a facility agent acting for multiple lenders
1. Schedule 1 - Conditions Precedent Documents: List of all documents required before loan availability
2. Schedule 2 - Form of Drawdown Notice: Template for the Borrower to request loan disbursements
3. Schedule 3 - Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Schedule 4 - Form of Compliance Certificate: Template for periodic confirmation of compliance with loan terms
5. Schedule 5 - Security Documents: List and copies of security documents if loan is secured
6. Schedule 6 - Permitted Security: List of security interests permitted to exist
7. Schedule 7 - Existing Financial Indebtedness: Details of Borrower's existing debt obligations
8. Appendix A - Calculation of Interest: Detailed methodology for interest calculations
9. Appendix B - Form of Transfer Certificate: Template for transferring loan interests if permitted
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