The Undertaking Loan Agreement is a specialized financing document used in Canadian jurisdictions when a lender requires specific commitments and ongoing obligations from a borrower beyond standard loan repayment terms. This document is particularly relevant for business financing where the lender needs additional assurance about the borrower's conduct, use of funds, or maintenance of specific financial metrics. The agreement combines traditional loan provisions with detailed undertakings that may include financial covenants, operational restrictions, and reporting requirements. It must comply with Canadian federal legislation including the Interest Act and Banking Act, as well as relevant provincial laws governing contracts and security interests. The document is commonly used in commercial lending, project financing, and corporate borrowing scenarios where enhanced lender protection is required.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan arrangement and relationship between the parties
3. Definitions: Key terms used throughout the agreement, including 'Business Day', 'Interest Rate', 'Loan Amount', 'Maturity Date'
4. The Loan: Core terms including loan amount, purpose, and disbursement conditions
5. Interest: Interest rate, calculation method, and payment terms in compliance with the Interest Act
6. Repayment: Payment schedule, prepayment terms, and method of payment
7. Representations and Warranties: Borrower's statements regarding their legal status, authority, and financial condition
8. Covenants: Ongoing obligations of the Borrower during the loan term
9. Events of Default: Circumstances constituting default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Notices: How formal communications between parties should be made
12. General Provisions: Standard clauses including governing law, assignment, amendments
1. Security: Required if loan is secured - details of collateral and security registration
2. Guarantees: Include when there are third-party guarantors of the loan
3. Insurance: Required when specific insurance coverage is mandatory
4. Conditions Precedent: Include for complex loans with pre-disbursement requirements
5. Financial Covenants: Include for business loans requiring specific financial metrics
6. Change of Control: Include for corporate borrowers where ownership stability is important
7. Cross-Default: Include when linking default to other agreements
8. Tax Provisions: Required when tax implications need specific addressing
1. Schedule A - Repayment Schedule: Detailed amortization schedule with payment dates and amounts
2. Schedule B - Security Documentation: Forms and details of security registration if loan is secured
3. Schedule C - Disbursement Conditions: Checklist of conditions for loan advancement
4. Schedule D - Compliance Certificate: Form for periodic financial covenant compliance reporting
5. Schedule E - Permitted Liens: List of pre-existing or permitted encumbrances on security
6. Appendix 1 - Borrower Resolutions: Corporate authorization documents for the loan
7. Appendix 2 - Draw Request Form: Standard form for requesting loan disbursements
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Commercial and Industrial
Manufacturing
Technology
Healthcare
Retail
Agriculture
Construction
Energy
Transportation and Logistics
Professional Services
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Credit Administration
Corporate Banking
Commercial Lending
Deal Advisory
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Commercial Lending Officer
Credit Risk Manager
Legal Counsel
Corporate Secretary
Compliance Officer
Financial Controller
Account Manager
Loan Officer
Risk Assessment Officer
Banking Relationship Manager
Corporate Finance Manager
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