The Soft Loan Agreement is designed for situations where the lender wishes to provide financing under more favorable terms than those available in the commercial lending market. This document is commonly used in Canada for family lending, business support between related entities, social enterprise financing, or development funding. The agreement complies with Canadian federal laws such as the Interest Act and provincial regulations while incorporating flexible terms characteristic of soft loans. It includes essential provisions covering loan amount, interest (if any), repayment terms, and default conditions, but typically features more lenient terms such as below-market interest rates, flexible repayment schedules, limited enforcement provisions, or subordination to other debts. The document is particularly useful when the lending relationship is based on social, familial, or strategic considerations rather than purely commercial ones.
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1. Parties: Identifies and defines the Lender and Borrower with their full legal names and addresses
2. Background: Sets out the context of the loan agreement and the parties' intention to enter into a soft loan arrangement
3. Definitions: Defines key terms used throughout the agreement including 'Loan Amount', 'Interest Rate', 'Repayment Date', etc.
4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use
5. Interest: Details the interest rate (if any), how it is calculated, and when it is payable
6. Repayment Terms: Outlines the repayment schedule, methods of payment, and any flexibility in repayment timing
7. Representations and Warranties: Standard declarations by the Borrower about their legal capacity and financial condition
8. Events of Default: Defines circumstances that constitute default and the consequences thereof
9. Notices: Specifies how formal communications between parties should be made
10. Governing Law and Jurisdiction: Establishes that Canadian law governs the agreement and specifies the jurisdiction for dispute resolution
1. Security: Include if any form of security is required, even if minimal due to the soft nature of the loan
2. Guarantor Provisions: Include if a third party is guaranteeing the loan
3. Subordination: Include if the loan needs to be subordinated to other debts
4. Tax Provisions: Include if there are specific tax implications that need to be addressed
5. Assignment and Transfer: Include if either party may need to transfer their rights or obligations
6. Conversion Rights: Include if the loan may be converted into equity or another form of investment
1. Repayment Schedule: Details the dates and amounts of repayment installments
2. Form of Promissory Note: Standard form of promissory note if required
3. Security Documents: If applicable, lists and describes any security being provided
4. Guarantor Documents: If applicable, contains the guarantee agreement and guarantor details
5. Subordination Terms: If applicable, detailed terms of subordination to other creditors
Relevant legal definitions
Agreement
Applicable Law
Business Day
Borrower
Default Interest Rate
Default Notice
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Notice
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Prepayment
Principal
Repayment Date
Repayment Schedule
Security
Subordinated Debt
Tax
Term
Working Day
Applicable Law
Business Day
Borrower
Default Interest Rate
Default Notice
Event of Default
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Notice
Outstanding Amount
Parties
Payment Date
Permitted Purpose
Prepayment
Principal
Repayment Date
Repayment Schedule
Security
Subordinated Debt
Tax
Term
Working Day
Clauses
Loan Amount
Interest
Repayment
Security
Default
Representations and Warranties
Covenants
Conditions Precedent
Subordination
Assignment
Notices
Confidentiality
Force Majeure
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Waiver
Costs and Expenses
Tax
Currency
Set-off
Transfer Rights
Termination
Interest
Repayment
Security
Default
Representations and Warranties
Covenants
Conditions Precedent
Subordination
Assignment
Notices
Confidentiality
Force Majeure
Amendments
Governing Law
Dispute Resolution
Severability
Entire Agreement
Waiver
Costs and Expenses
Tax
Currency
Set-off
Transfer Rights
Termination
Relevant Industries
Financial Services
Family Business
Social Enterprise
Non-Profit
Start-ups
Small Business
Education
Healthcare
Agricultural
Technology
Real Estate
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Investment
Business Development
Credit Administration
Executive Leadership
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Treasury Manager
Business Development Manager
Investment Manager
Loan Officer
Compliance Officer
Risk Manager
Company Secretary
Financial Controller
Managing Director
Family Office Manager
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