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A client asked us: GSAs and share pledge agreements

Canada - December 18 2017 If a lender has a general security agreement (GSA) from its borrower, should it also have a share pledge agreement to cover the shares held by the...

Dueling PMSIs in acquisition financing in Ontario

Canada - September 28 2017 A lender financing the acquisition of assets by its borrower may intuitively believe that it will acquire a purchase money security interest (a...

Ontario Court of Appeal confirms practice of concurrent demands upon borrowers and guarantors

Canada - June 26 2017 The Ontario Court of Appeal has once again confirmed that it will hold personal guarantors to the business deal they knowingly entered into, and will...

Related parties to a borrower cannot be compelled to deliver subordination agreements

Canada - March 30 2017 Subordination agreements are fundamental to the structuring of financings involving a senior lender and the holders of any other junior debt of a...

A banker asked us: Forthwith vs. Promptly it’s only a matter of time

Canada - December 15 2016 Q: What’s the difference between “forthwith,” “promptly” and “as soon as possible”? I have seen all of these terms in credit agreements and never...