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The Customer Credit Agreement serves as the primary legal document establishing a credit relationship between a credit provider and a customer in Canada. It is essential for any business extending credit facilities, including revolving credit, installment loans, or credit cards to Canadian consumers. The agreement must comply with federal legislation such as the Interest Act and Bank Act, as well as provincial consumer protection laws. This document typically includes mandatory disclosure requirements, interest rate calculations, fee structures, and consumer rights and obligations. It is particularly important in the context of increasing consumer credit offerings and the need for transparent, compliant credit arrangements in the Canadian market. The agreement should be regularly reviewed and updated to ensure ongoing compliance with evolving regulatory requirements and market practices.

1. Parties: Identification of the credit provider and customer, including full legal names and addresses

2. Background: Brief context of the credit arrangement and purpose of the agreement

3. Definitions: Definitions of key terms used throughout the agreement

4. Credit Facility Details: Description of the credit facility, including credit limit, type of facility (revolving/non-revolving)

5. Interest Rate and Charges: Detailed breakdown of interest rates, calculation method, and all applicable fees

6. Repayment Terms: Payment schedule, minimum payments, payment methods, and prepayment provisions

7. Security: Details of any security or collateral required for the credit facility

8. Events of Default: Circumstances constituting default and consequences

9. Representations and Warranties: Customer's confirmations regarding their financial situation and provided information

10. Covenants: Ongoing obligations of the customer during the credit agreement term

11. Term and Termination: Duration of the agreement and conditions for termination

12. Privacy and Information Sharing: Terms regarding the collection, use, and disclosure of customer information

13. Governing Law: Specification of applicable Canadian law and jurisdiction

14. Notice Provisions: Methods and requirements for formal communications between parties