A Loan On Lease Agreement is a specialized financing instrument used when a party seeks to obtain funding secured against their interest in a lease. This document is particularly relevant in commercial real estate contexts where tenants seek to leverage their leasehold interest for financing, or where property owners wish to obtain financing against lease receivables. The agreement must carefully balance the requirements of Canadian federal banking laws with provincial property and security legislation. It typically includes detailed provisions about the loan terms, security arrangements, relationships between the lease and loan obligations, and remedies in case of default. The document is crucial for businesses looking to maximize the value of their lease interests while providing lenders with adequate security and control rights. The agreement must be structured to comply with both federal and provincial regulations, particularly regarding security registration and enforcement rights.
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1. Parties: Identifies and defines all parties to the agreement including the lender, borrower, and any guarantors
2. Background: Explains the context of the agreement, including reference to the underlying lease and the purpose of the loan
3. Definitions: Defines key terms used throughout the agreement
4. Loan Details: Specifies the loan amount, interest rate, term, and payment schedule
5. Security Interest: Describes the security interest in the lease and any other collateral
6. Lease Reference: Incorporates the underlying lease by reference and confirms its terms
7. Representations and Warranties: States the parties' representations regarding their authority, the lease status, and other material facts
8. Covenants: Sets out ongoing obligations of the borrower regarding the loan and lease
9. Events of Default: Defines what constitutes default under the agreement and consequences
10. Remedies: Outlines the lender's rights and remedies upon default
11. Assignment and Transfer: Governs the parties' rights to assign or transfer their interests
12. Notices: Specifies how formal communications between parties should be made
13. Governing Law: Specifies that Canadian law governs the agreement
14. General Provisions: Includes standard boilerplate clauses such as severability and entire agreement
1. Guarantee Provisions: Required when there is a guarantor for the loan
2. Insurance Requirements: Detailed insurance obligations beyond standard requirements
3. Environmental Matters: Required for properties where environmental concerns exist
4. Property Management: Include when specific property management requirements are part of the loan conditions
5. Cross-Default Provisions: Include when the loan is part of a larger financing arrangement
6. Subordination Provisions: Required when there are multiple lenders or security interests
7. Step-In Rights: Include when lender requires right to assume lease position
8. Tax Matters: Required when special tax considerations apply to the loan or lease
1. Schedule A - Property Description: Detailed description of the leased property
2. Schedule B - Payment Schedule: Detailed amortization schedule and payment terms
3. Schedule C - Lease Agreement: Copy of the underlying lease agreement
4. Schedule D - Security Documents: Lists and copies of all security documentation
5. Schedule E - Insurance Requirements: Detailed insurance requirements and specifications
6. Schedule F - Permitted Encumbrances: List of permitted liens or encumbrances on the property
7. Appendix 1 - Compliance Certificate: Form of compliance certificate for periodic submission
8. Appendix 2 - Notice of Drawing: Form for requesting loan advances if applicable
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Commercial Property
Retail
Industrial
Healthcare
Hospitality
Office Space
Manufacturing
Logistics & Warehousing
Relevant Teams
Legal
Finance
Real Estate
Treasury
Risk Management
Commercial Lending
Property Management
Asset Management
Corporate Development
Operations
Relevant Roles
Chief Financial Officer
Real Estate Manager
Commercial Lending Officer
Property Manager
Legal Counsel
Finance Director
Asset Manager
Treasury Manager
Risk Manager
Commercial Property Director
Lease Administrator
Banking Relationship Manager
Corporate Finance Manager
Real Estate Investment Manager
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