What Lenders Should Know About Reporting Issuers´ Requirements To File Material Contracts

Historically, reporting issuers have been required to file with the securities regulatory authorities material contracts when they file a prospectus and, since 2005, as part of their continuous disclosure obligations. If filed, the contract is publicly available on the Sedar website. A "material contract" of an issuer was "any contract that it or any of its subsidiaries is a party to, other than a contract entered into in the ordinary course of business, that is material to the issuer". Many reporting issuers took the position that a financing or credit agreement was in the ordinary course of business and therefore, even if it was material, it did not need to be filed.