The Personal Security Agreement is a fundamental document in Canadian secured lending transactions, used to establish a lender's security interest in a borrower's personal property. This agreement is essential when a lender requires collateral to secure a loan or other obligations, and is governed by the Personal Property Security Act (PPSA) in all Canadian provinces except Quebec, which follows the Civil Code. The document serves multiple purposes: it creates the security interest, describes the collateral in detail, establishes the rights and obligations of both parties, and outlines the enforcement process in case of default. It's commonly used in various contexts, from basic business loans to complex commercial financing arrangements, and must be carefully drafted to ensure enforceability and compliance with provincial regulations. The agreement typically includes specific provisions required by the PPSA, detailed collateral descriptions, and various covenants and warranties to protect the secured party's interests.
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1. Parties: Identification of the secured party and the debtor, including full legal names and addresses
2. Background: Context of the security agreement, including the underlying obligation being secured
3. Definitions: Key terms used throughout the agreement, including specific PPSA terminology
4. Grant of Security Interest: Express creation of the security interest and description of the collateral
5. Obligations Secured: Description of the debts, liabilities, or obligations being secured
6. Representations and Warranties: Debtor's statements regarding ownership, authority, and status of collateral
7. Covenants: Ongoing obligations of the debtor regarding maintenance and protection of collateral
8. Use and Verification of Collateral: Terms governing how the debtor may use the collateral and secured party's verification rights
9. Insurance: Requirements for insurance coverage on the collateral
10. Default: Definition of events of default under the agreement
11. Remedies: Secured party's rights and remedies upon default
12. General Provisions: Standard contract terms including notices, amendments, and governing law
13. Execution: Signature blocks and execution requirements
1. Additional Secured Party Rights: Enhanced rights for the secured party, used in higher-risk transactions
2. Subordination Provisions: Required when there are multiple secured parties with different priority levels
3. Power of Attorney: Grants secured party authority to act on debtor's behalf, used in higher-risk situations
4. Assignment: Terms governing if and how the security interest can be assigned, used when assignment rights are important
5. Guarantee Provisions: Required when a third party is guaranteeing the secured obligations
6. Release and Discharge: Terms for releasing the security interest, used in complex transactions
7. Privacy Consent: Required when personal information will be collected and shared extensively
8. Cross-Default Provisions: Used when multiple agreements are interconnected
1. Schedule A - Collateral Description: Detailed description of all collateral covered by the security interest
2. Schedule B - Permitted Encumbrances: List of pre-existing liens or encumbrances allowed under the agreement
3. Schedule C - Locations of Collateral: Specified locations where collateral is or will be kept
4. Schedule D - Intellectual Property: Detailed list of IP rights included in the collateral, if applicable
5. Schedule E - Property Insurance Requirements: Specific insurance requirements for different types of collateral
6. Appendix 1 - Form of Notice: Template for notices required under the agreement
7. Appendix 2 - PPSA Registration Details: Information regarding PPSA registration and filing requirements
Relevant legal definitions
Collateral
Obligations
Secured Obligations
Event of Default
Security Interest
Permitted Liens
Business Day
Governing Law
Proceeds
PPSA
Applicable Law
Encumbrance
Person
Related Rights
Secured Party
Debtor
Security Agreement
Enforcement Rights
Interest Rate
Default Rate
Intellectual Property
Permitted Transferee
Guarantor
Additional Security
Records
Material Adverse Change
Receiver
Receivables
Inventory
Equipment
Financing Statement
Registration
Priority
Perfection
Possession
Notice
Operating Account
Insurance Proceeds
Location of Collateral
Verification Statement
Obligations
Secured Obligations
Event of Default
Security Interest
Permitted Liens
Business Day
Governing Law
Proceeds
PPSA
Applicable Law
Encumbrance
Person
Related Rights
Secured Party
Debtor
Security Agreement
Enforcement Rights
Interest Rate
Default Rate
Intellectual Property
Permitted Transferee
Guarantor
Additional Security
Records
Material Adverse Change
Receiver
Receivables
Inventory
Equipment
Financing Statement
Registration
Priority
Perfection
Possession
Notice
Operating Account
Insurance Proceeds
Location of Collateral
Verification Statement
Clauses
Interpretation
Grant of Security Interest
Collateral Description
Secured Obligations
Representations and Warranties
Registration and Perfection
Insurance
Covenants
Use and Preservation of Collateral
Inspection Rights
Further Assurances
Events of Default
Enforcement
Remedies
Power of Attorney
Receiver Appointment
Assignment and Transfer
Notices
Amendments
Severability
Governing Law
Jurisdiction
Indemnification
Costs and Expenses
Entire Agreement
Waiver
Counterparts
Survival
Time of Essence
Confidentiality
Priority
Release of Security Interest
Additional Security
Acknowledgment
Grant of Security Interest
Collateral Description
Secured Obligations
Representations and Warranties
Registration and Perfection
Insurance
Covenants
Use and Preservation of Collateral
Inspection Rights
Further Assurances
Events of Default
Enforcement
Remedies
Power of Attorney
Receiver Appointment
Assignment and Transfer
Notices
Amendments
Severability
Governing Law
Jurisdiction
Indemnification
Costs and Expenses
Entire Agreement
Waiver
Counterparts
Survival
Time of Essence
Confidentiality
Priority
Release of Security Interest
Additional Security
Acknowledgment
Relevant Industries
Banking and Financial Services
Commercial Lending
Asset-Based Lending
Equipment Financing
Retail Banking
Manufacturing
Agriculture
Technology
Real Estate
Professional Services
Construction
Transportation and Logistics
Healthcare
Energy
Relevant Teams
Legal
Finance
Credit Risk
Commercial Banking
Compliance
Operations
Treasury
Collections
Document Management
Risk Management
Business Development
Commercial Lending
Relevant Roles
Commercial Lending Officer
Credit Risk Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Credit Analyst
Financial Services Manager
Commercial Banking Manager
Asset-Based Lending Manager
Compliance Officer
Contract Administrator
Chief Financial Officer
Treasury Manager
Risk Management Officer
Business Development Manager
Collections Manager
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