The Lender Letter of Intent is a crucial preliminary document in Canadian commercial financing transactions, typically issued after initial discussions between a lender and potential borrower but before detailed due diligence and final loan documentation. It serves as a roadmap for the proposed financing, outlining key commercial terms and conditions while generally maintaining a non-binding nature. This document is essential in establishing the framework for negotiation and eventual documentation of the loan, helping parties align their expectations and identify potential issues early in the process. The Letter of Intent must comply with Canadian federal banking regulations and provincial contract laws, making it a jurisdiction-specific instrument that requires careful consideration of both federal and provincial legal requirements. It's commonly used in situations where significant financing is contemplated and detailed due diligence will be required, providing a structured approach to progressing the transaction while protecting both parties' interests.
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1. Date and Addresses: Opening of letter with current date and proper addresses of both parties
2. Salutation: Formal greeting to the intended recipient
3. Purpose Statement: Clear statement that this is a letter of intent regarding proposed financing
4. Parties Introduction: Identification of the lender and borrower, including any relevant corporate details
5. Loan Terms: Key financial terms including loan amount, interest rate, term length, and payment structure
6. Security Requirements: Overview of required collateral or security for the loan
7. Conditions Precedent: Key conditions that must be met before the loan will be provided
8. Due Diligence Requirements: Outline of the due diligence process and required documentation
9. Timeline: Proposed timeline for completion of due diligence and loan documentation
10. Non-Binding Statement: Clear statement that this is a non-binding letter of intent, except for any specific binding provisions
11. Confidentiality: Statement regarding confidentiality of the terms and discussions
12. Closing: Signature blocks and formal letter closing
1. Exclusivity Period: Used when the lender requires a period of exclusive negotiation rights
2. Cost Recovery: Include when the borrower is expected to cover due diligence and documentation costs
3. Governing Law: Include when dealing with cross-border transactions or when specific jurisdiction needs to be established
4. Term Sheet Summary: Used for complex financing arrangements where key terms need to be summarized in bullet form
5. Break Fee: Include when a fee is required if the borrower doesn't proceed with the financing
6. Contact Details: Used when specific individuals or departments need to be identified for the due diligence process
1. Term Sheet: Detailed breakdown of all proposed financing terms and conditions
2. Required Documentation List: Comprehensive list of documents required for due diligence
3. Timeline Schedule: Detailed timeline for the proposed transaction, including key milestones and deadlines
4. Fee Structure: Breakdown of all applicable fees, including arrangement fees, legal fees, and other costs
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Commercial Real Estate
Manufacturing
Retail
Technology
Healthcare
Energy
Infrastructure
Agriculture
Transportation & Logistics
Hospitality
Professional Services
Relevant Teams
Legal
Finance
Risk Management
Credit Assessment
Corporate Banking
Treasury
Compliance
Due Diligence
Commercial Lending
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Treasury Manager
Commercial Lending Officer
Credit Risk Manager
Legal Counsel
Finance Director
Corporate Banking Manager
Relationship Manager
Risk Assessment Officer
Senior Loan Officer
Transaction Manager
Due Diligence Specialist
Corporate Secretary
Financial Controller
Business Development Manager
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