The Arrears Repayment Agreement is essential when formalizing arrangements for the repayment of outstanding debts in Canadian jurisdictions. It is typically used when a debtor has fallen behind on payments and both parties wish to establish a structured plan for debt resolution. The document must comply with federal legislation such as the Interest Act and provincial consumer protection laws, while incorporating key elements such as debt acknowledgment, payment terms, and default provisions. This agreement is particularly valuable for businesses and financial institutions managing accounts receivable, as it provides legal protection while offering debtors a manageable way to settle their obligations. The agreement can be customized to include various payment structures, security arrangements, and debt forgiveness conditions, making it adaptable to different scenarios while maintaining its enforceability under Canadian law.
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1. Parties: Identifies and provides full details of the creditor and debtor, including legal names, addresses, and any registration numbers
2. Background: Explains the context of the original debt, acknowledges the outstanding amount, and establishes the purpose of the agreement
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Acknowledgment of Debt: Formal acknowledgment of the total amount owed, including any interest and charges accrued to date
5. Repayment Terms: Details of the repayment schedule, including payment amounts, frequency, and method of payment
6. Interest and Charges: Specifies any ongoing interest rates, additional charges, or fees applicable during the repayment period
7. Default Provisions: Consequences of missing payments or breaching the agreement terms
8. Representations and Warranties: Statements of fact and promises made by the debtor regarding their financial situation and ability to pay
9. Governing Law: Specifies that the agreement is governed by Canadian law and the applicable provincial jurisdiction
10. Execution: Signature blocks and execution requirements for all parties
1. Security: Used when the debt is secured against specific assets or requires guarantors
2. Early Repayment: Include when allowing for early repayment options and any associated conditions or benefits
3. Insurance Requirements: Include when requiring the debtor to maintain specific insurance coverage
4. Debt Forgiveness Conditions: Used when part of the debt may be forgiven upon meeting certain conditions
5. Financial Reporting: Include when requiring ongoing financial disclosure from the debtor
6. Dispute Resolution: Alternative dispute resolution procedures, if agreed to be included
7. Assignment: Include when either party needs the right to assign the agreement to another party
1. Schedule A - Debt Calculation: Detailed breakdown of the total debt amount, including principal, interest, and any other charges
2. Schedule B - Payment Schedule: Detailed table of payment dates, amounts, and running balance
3. Schedule C - Direct Debit Authorization: If applicable, authorization for automatic payment withdrawals
4. Schedule D - Security Details: If applicable, details of any assets provided as security
5. Appendix 1 - Original Debt Documentation: Copies or references to the original agreements or invoices creating the debt
Relevant legal definitions
Agreement
Arrears
Business Day
Collateral
Commencement Date
Creditor
Debt
Default
Default Interest Rate
Due Date
Early Repayment
Effective Date
Event of Default
Guarantor
Initial Debt
Installment
Interest Rate
Late Payment Fee
Material Adverse Change
Original Agreement
Outstanding Balance
Parties
Payment Date
Payment Schedule
Permitted Payment Method
Principal Amount
Repayment Period
Repayment Schedule
Security
Settlement Date
Term
Total Amount Owing
Arrears
Business Day
Collateral
Commencement Date
Creditor
Debt
Default
Default Interest Rate
Due Date
Early Repayment
Effective Date
Event of Default
Guarantor
Initial Debt
Installment
Interest Rate
Late Payment Fee
Material Adverse Change
Original Agreement
Outstanding Balance
Parties
Payment Date
Payment Schedule
Permitted Payment Method
Principal Amount
Repayment Period
Repayment Schedule
Security
Settlement Date
Term
Total Amount Owing
Clauses
Acknowledgment of Debt
Payment Terms
Interest
Security
Default
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Amendment
Assignment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Early Repayment
Costs and Expenses
Further Assurance
Waiver
Time of Essence
Indemnification
Counterparts
Independent Legal Advice
Authority
Survival
Payment Terms
Interest
Security
Default
Representations and Warranties
Covenants
Events of Default
Remedies
Notice
Amendment
Assignment
Severability
Entire Agreement
Governing Law
Dispute Resolution
Force Majeure
Confidentiality
Early Repayment
Costs and Expenses
Further Assurance
Waiver
Time of Essence
Indemnification
Counterparts
Independent Legal Advice
Authority
Survival
Relevant Industries
Financial Services
Banking
Retail
Healthcare
Utilities
Telecommunications
Professional Services
Real Estate
Construction
Manufacturing
Education
Relevant Teams
Legal
Finance
Credit Control
Collections
Accounts Receivable
Risk Management
Treasury
Compliance
Commercial Operations
Customer Service
Relevant Roles
Credit Manager
Collections Manager
Financial Controller
Accounts Receivable Manager
Legal Counsel
Risk Manager
Treasury Manager
Debt Recovery Specialist
Finance Director
Commercial Manager
Credit Control Officer
Chief Financial Officer
Compliance Officer
Business Development Manager
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