The Note and Security Agreement is a fundamental document in Canadian secured lending transactions, combining the features of a promissory note with comprehensive security arrangements. It is typically used when a lender requires collateral to secure a loan, whether in commercial financing, asset-based lending, or business expansion scenarios. The document must comply with federal legislation such as the Interest Act and provincial Personal Property Security Act requirements. It's particularly useful in situations where parties want to avoid multiple documents by combining the debt instrument and security agreement into a single, integrated document. The agreement includes essential details about the loan terms, security interests, enforcement rights, and obligations of all parties involved, while ensuring compliance with Canadian federal and provincial regulatory requirements.
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1. Parties: Identification of the lender and borrower with complete legal names and addresses
2. Background: Context of the loan arrangement and purpose of the agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Interest: Principal amount, interest rate, calculation method, and payment terms
5. Payment Terms: Schedule of payments, payment methods, and prepayment provisions
6. Security Interest: Description of collateral and grant of security interest
7. Representations and Warranties: Borrower's declarations regarding their legal status and authority
8. Covenants: Ongoing obligations of the borrower during the term of the loan
9. Events of Default: Circumstances constituting default and consequences
10. Remedies: Lender's rights and remedies upon default
11. Notice Provisions: Methods and addresses for formal communications
12. General Provisions: Standard legal provisions including governing law, amendments, and assignment
1. Guarantee: Terms of personal or corporate guarantee, used when a third party guarantees the loan
2. Insurance Requirements: Specific insurance obligations for the collateral, used when valuable assets are involved
3. Cross-Default Provisions: Links to other loans or agreements, used when multiple loans exist
4. Priority Arrangements: Provisions regarding ranking of security interests, used when multiple secured creditors exist
5. Environmental Representations: Environmental warranties and covenants, used when real property or industrial assets are involved
6. Foreign Currency Provisions: Terms for handling foreign currency payments, used in cross-border transactions
1. Schedule A - Promissory Note: The form of promissory note evidencing the debt
2. Schedule B - Collateral Description: Detailed description of assets serving as security
3. Schedule C - Payment Schedule: Detailed amortization schedule showing payment dates and amounts
4. Schedule D - Permitted Encumbrances: List of pre-existing liens or encumbrances allowed under the agreement
5. Schedule E - Subsidiary Guarantors: List of affiliated entities providing guarantees, if applicable
6. Appendix 1 - PPSA Registration Details: Details of personal property security registration
7. Appendix 2 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
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Construction
Transportation & Logistics
Healthcare
Professional Services
Energy & Resources
Relevant Teams
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Finance
Treasury
Credit Risk
Compliance
Commercial Lending
Operations
Corporate Secretariat
Business Development
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Relevant Roles
Chief Financial Officer
Finance Director
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Corporate Lawyer
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Commercial Lending Officer
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