The Purchase Security Agreement is a fundamental document in Canadian secured transactions, used when a party wishes to secure payment or performance of an obligation related to the purchase of personal property. It must comply with provincial Personal Property Security Act (PPSA) requirements and relevant federal legislation. The agreement is commonly used in various commercial contexts, from simple asset purchases to complex commercial transactions, and includes essential elements such as parties' details, collateral description, secured obligations, representations, warranties, and enforcement provisions. This document is crucial for protecting the interests of creditors/sellers while providing clear terms for debtors/purchasers, and forms the basis for registering security interests in provincial personal property registries.
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1. Parties: Identification of the secured party (creditor) and debtor, including full legal names and addresses
2. Background: Context of the security agreement, including reference to any underlying purchase or credit agreement
3. Definitions: Key terms used throughout the agreement, including specific PPSA-required definitions
4. Grant of Security Interest: Express provision creating the security interest in the collateral
5. Description of Collateral: Detailed description of the assets being secured, meeting PPSA requirements for specificity
6. Secured Obligations: Definition of the obligations being secured, including principal amounts, interest, and other charges
7. Representations and Warranties: Debtor's statements regarding ownership, authority, and status of collateral
8. Covenants: Ongoing obligations of the debtor regarding maintenance, insurance, and use of collateral
9. Default Events: Comprehensive list of circumstances constituting default
10. Remedies: Rights and remedies of the secured party upon default, consistent with PPSA requirements
11. Further Assurances: Debtor's obligation to execute additional documents and assist in perfecting security
12. Notices: Process for giving formal notices under the agreement
13. Governing Law: Specification of applicable Canadian province and laws
14. General Provisions: Standard boilerplate including severability, amendment process, and counterparts
1. Purchase Money Security Interest Provisions: Special provisions required when security interest qualifies as PMSI under PPSA
2. Cross-Default Provisions: Links to defaults under other agreements when multiple agreements exist
3. Subordination Terms: Required when there are multiple secured parties with priority arrangements
4. Consumer Protection Provisions: Mandatory when debtor is a consumer rather than business
5. Serial Numbered Goods Provisions: Special provisions for vehicles, equipment with serial numbers
6. Insurance Requirements: Detailed insurance obligations when collateral requires specific coverage
7. Registration and Perfection: Specific provisions regarding PPSA registration when not covered in general terms
1. Schedule A - Collateral Description: Detailed itemization and description of all collateral covered
2. Schedule B - Permitted Liens: List of pre-existing or permitted encumbrances on collateral
3. Schedule C - Serial Numbered Goods: Details of serial numbers for vehicles, equipment, etc.
4. Schedule D - Locations of Collateral: List of all locations where collateral is kept
5. Schedule E - Intellectual Property: Details of any IP included in collateral
6. Appendix 1 - Form of PPSA Financing Statement: Template or copy of registration form
7. Appendix 2 - Insurance Requirements: Detailed insurance specifications for collateral
Relevant legal definitions
Agreement
Applicable Law
Business Day
Collateral
Default Rate
Event of Default
Governmental Authority
Lien
Permitted Liens
Person
PPSA
Purchase Money Security Interest
Purchase Price
Secured Obligations
Security Interest
Serial Numbered Goods
Proceeds
Related Rights
Receivables
Intellectual Property
Insurance Proceeds
Interest Rate
Material Adverse Effect
Permitted Disposition
Principal Amount
Registry
Secured Party
Subordinated Debt
Term
Transaction Documents
Applicable Law
Business Day
Collateral
Default Rate
Event of Default
Governmental Authority
Lien
Permitted Liens
Person
PPSA
Purchase Money Security Interest
Purchase Price
Secured Obligations
Security Interest
Serial Numbered Goods
Proceeds
Related Rights
Receivables
Intellectual Property
Insurance Proceeds
Interest Rate
Material Adverse Effect
Permitted Disposition
Principal Amount
Registry
Secured Party
Subordinated Debt
Term
Transaction Documents
Clauses
Interpretation
Grant of Security Interest
Collateral Description
Purchase Terms
Payment Obligations
Registration and Perfection
Representations and Warranties
Covenants
Insurance
Default
Remedies
Priority
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Counterparts
Severability
Further Assurances
Entire Agreement
Waiver
Indemnification
Confidentiality
Force Majeure
Survival
Time of Essence
Assignment and Transfer
Costs and Expenses
Termination
Grant of Security Interest
Collateral Description
Purchase Terms
Payment Obligations
Registration and Perfection
Representations and Warranties
Covenants
Insurance
Default
Remedies
Priority
Assignment
Amendments
Notices
Governing Law
Jurisdiction
Counterparts
Severability
Further Assurances
Entire Agreement
Waiver
Indemnification
Confidentiality
Force Majeure
Survival
Time of Essence
Assignment and Transfer
Costs and Expenses
Termination
Relevant Industries
Banking and Financial Services
Retail
Manufacturing
Automotive
Equipment and Machinery
Agriculture
Construction
Technology and Software
Real Estate
Energy
Transportation and Logistics
Healthcare
Mining and Resources
Relevant Teams
Legal
Finance
Risk Management
Treasury
Credit and Collections
Compliance
Commercial Operations
Business Development
Contract Administration
Corporate Secretariat
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Manager
Risk Manager
Commercial Director
Chief Financial Officer
Treasury Manager
Contracts Administrator
Compliance Officer
Security Registration Specialist
Corporate Secretary
Business Development Manager
Account Manager
Collections Manager
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