The Loan Market Agreement is a fundamental document used in Canadian commercial lending transactions to establish and govern the relationship between lenders and borrowers. This agreement is particularly relevant when structuring medium to large-scale commercial loans, whether bilateral or syndicated, and can be adapted for various industry sectors. The document incorporates essential provisions required under Canadian federal legislation, including the Bank Act and Interest Act, as well as provincial security and property laws. It typically includes detailed sections on facility terms, conditions precedent, representations and warranties, covenants, and events of default, all tailored to comply with Canadian legal requirements and market practices. The agreement is designed to provide comprehensive protection for lenders while ensuring fair and transparent terms for borrowers, incorporating both standard market provisions and jurisdiction-specific requirements.
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1. Parties: Identification of the lender(s), borrower(s), and any guarantors or other parties to the agreement
2. Background: Context of the loan agreement, including purpose of the loan and any relevant background information
3. Definitions: Comprehensive definitions of terms used throughout the agreement
4. The Facility: Details of the loan facility, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the loan can be drawn
6. Drawdown: Procedures and requirements for drawing down the loan
7. Interest: Interest rate provisions, calculation methods, and payment terms
8. Repayment: Terms for repayment of the loan, including scheduled payments and prepayment provisions
9. Representations and Warranties: Statements of fact and assurances given by the borrower
10. Covenants: Positive and negative obligations of the borrower during the loan term
11. Events of Default: Circumstances constituting default and consequences thereof
12. Changes to Parties: Provisions regarding assignment, transfer, and syndication
13. Administration: Administrative provisions including notices and calculations
14. Governing Law and Jurisdiction: Choice of law and jurisdiction for dispute resolution
1. Security: Include when the loan is secured by collateral or guarantees
2. Increased Costs and Tax Gross-Up: Include for cross-border transactions or when tax implications are significant
3. Market Disruption: Include when using floating interest rates to address market disruption scenarios
4. Multi-Currency Provisions: Include when the facility allows for drawings in multiple currencies
5. Syndication Provisions: Include for syndicated loans with multiple lenders
6. Agency Provisions: Include when there is an administrative agent for syndicated facilities
7. Intercreditor Provisions: Include when there are multiple classes of creditors
8. Environmental Compliance: Include when environmental risks are relevant to the borrower's business
1. Form of Drawdown Request: Standard form for requesting loan disbursements
2. Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Repayment Schedule: Detailed schedule of repayment dates and amounts
4. Form of Transfer Certificate: Standard form for transferring loan participations
5. Form of Compliance Certificate: Template for periodic compliance reporting
6. Existing Security: Details of any existing security interests or encumbrances
7. Form of Accession Deed: Standard form for new parties joining the agreement
8. Financial Covenants Calculations: Detailed methodology for calculating financial covenants
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Energy
Infrastructure
Technology
Healthcare
Retail
Mining
Agriculture
Transportation
Telecommunications
Construction
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Corporate Banking
Loan Administration
Transaction Management
Portfolio Management
Business Development
Syndications
Operations
Documentation
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Legal Counsel
Corporate Lawyer
Relationship Manager
Credit Officer
Risk Manager
Compliance Officer
Transaction Manager
Loan Officer
Investment Banker
Corporate Banking Manager
Financial Controller
Business Development Manager
Syndications Manager
Portfolio Manager
Debt Finance Manager
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