The Overfacility Agreement is utilized when a borrower requires additional credit capacity beyond their existing facility limits. This document is particularly relevant in the Canadian financial market where businesses may need temporary or permanent increases in their credit facilities due to expansion, seasonal requirements, or unforeseen business needs. The agreement typically follows Canadian banking practices and must comply with federal legislation such as the Bank Act and provincial securities laws. The Overfacility Agreement includes detailed provisions for activation triggers, utilization mechanics, pricing structures, and security arrangements, often cross-referencing existing facility documentation. It's designed to provide flexibility while maintaining appropriate risk management controls and regulatory compliance, particularly important in the Canadian financial services sector where regulatory oversight is significant.
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1. Parties: Identification of the lender(s) and borrower(s)
2. Background: Context of the agreement, reference to existing facility agreements, and purpose of the overfacility
3. Definitions and Interpretation: Key terms, interpretation rules, and reference to definitions in main facility agreement
4. The Overfacility: Core terms of the overfacility including amount, purpose, and availability conditions
5. Utilization: Process and conditions for drawing on the overfacility
6. Interest and Fees: Interest calculation, payment terms, and applicable fees
7. Repayment and Prepayment: Terms for mandatory and voluntary repayment of the overfacility
8. Conditions Precedent: Requirements to be met before the overfacility becomes available
9. Representations and Warranties: Standard banking representations and specific overfacility-related confirmations
10. Covenants: Ongoing obligations of the borrower including financial covenants and reporting requirements
11. Events of Default: Circumstances constituting default and consequences
12. Changes to Parties: Rules for assignment and transfer by lenders and borrowers
13. Administration: Administrative provisions including notices and calculations
14. Governing Law and Enforcement: Choice of law, jurisdiction, and enforcement provisions
1. Security: Required if the overfacility is separately secured from the main facility
2. Guarantee: Include if there are guarantors for the overfacility
3. Subordination: Required if the overfacility is subordinated to other facilities
4. Multicurrency Provisions: Include if the overfacility can be drawn in multiple currencies
5. Agency Provisions: Required for syndicated overfacilities with an agent bank
6. Set-off Rights: Optional enhanced set-off rights specific to the overfacility
7. Market Disruption: Include for floating rate facilities to address market disruption events
8. Increased Costs and Tax Provisions: Detailed provisions if required by lender policy or multi-jurisdictional use
1. Conditions Precedent Documents: List of required documents and conditions to be satisfied
2. Form of Utilization Request: Standard form for requesting drawings under the overfacility
3. Calculation of Interest and Fees: Detailed methodology for calculating interest and fees
4. Form of Transfer Certificate: Standard form for transfers between lenders if applicable
5. Existing Security Documents: List and copies of security documents that extend to the overfacility
6. Form of Compliance Certificate: Template for periodic compliance reporting
7. Contact Details: Administrative and notice details for all parties
8. Repayment Schedule: If applicable, schedule of repayment dates and amounts
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Manufacturing
Retail
Energy
Infrastructure
Technology
Healthcare
Real Estate
Transportation
Mining
Agriculture
Telecommunications
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Credit
Operations
Banking
Strategic Planning
Relevant Roles
Chief Financial Officer
Treasury Manager
Finance Director
Corporate Lawyer
Legal Counsel
Banking Relationship Manager
Credit Risk Manager
Compliance Officer
Financial Controller
Corporate Secretary
Banking & Finance Partner
Senior Finance Manager
Treasury Operations Manager
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