The Security Agreement Form is a fundamental document in Canadian secured lending transactions, used to create enforceable security interests in a debtor's personal property. It is essential when a lender requires collateral to secure a loan or other obligations. The agreement must be carefully drafted to comply with the Personal Property Security Act (PPSA) in common law provinces and territories, or the Civil Code in Quebec. The document typically accompanies loan agreements, credit facilities, or other financing arrangements and must include specific provisions required by Canadian law for enforceability. The Security Agreement Form should clearly describe the collateral, specify the secured obligations, and set out the rights and remedies available to the secured party upon default, while ensuring proper registration under applicable provincial personal property security regimes.
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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 reference to any related agreements (e.g., loan agreement, credit facility)
3. Definitions: Definitions of key terms used throughout the agreement
4. Grant of Security Interest: Express grant of security interest and description of collateral in compliance with PPSA requirements
5. Secured Obligations: Definition of obligations being secured (debts, liabilities, etc.)
6. Representations and Warranties: Debtor's representations regarding ownership, authority, and status of collateral
7. Covenants: Debtor's ongoing obligations regarding maintenance, insurance, and use of collateral
8. Default Events: Comprehensive list of events constituting default under the agreement
9. Remedies: Secured party's rights and remedies upon default, including PPSA remedies
10. Further Assurances: Debtor's obligation to execute additional documents and assist in perfecting security
11. Notices: Process and addresses for giving formal notices under the agreement
12. General Provisions: Standard boilerplate provisions including governing law, assignment, and severability
1. Intercreditor Provisions: Required when multiple secured parties have interests in the same collateral
2. Securities Account Control: Needed when security includes investment property or securities accounts
3. Intellectual Property: Special provisions for security interests in patents, trademarks, or other IP
4. Real Property References: Required when collateral includes fixtures or other real property-related assets
5. Foreign Collateral: Special provisions for collateral located outside Canada
6. Consumer Protection Provisions: Required when the debtor is a consumer rather than a business
7. Quebec Provisions: Special provisions required if any collateral is located in Quebec
1. Schedule A - Collateral Description: Detailed description of all collateral subject to the security interest
2. Schedule B - Permitted Liens: List of pre-existing or permitted security interests affecting the collateral
3. Schedule C - Locations of Collateral: List of all locations where collateral is or may be located
4. Schedule D - Intellectual Property: Detailed list of IP rights subject to the security interest
5. Schedule E - Securities and Instruments: List of securities, instruments, or investment property included as collateral
6. Appendix 1 - PPSA Filing Details: Information required for PPSA registration and filing
7. Appendix 2 - Form of Additional Debtor Accession: Standard form for adding additional debtors to the security agreement
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Transportation and Logistics
Construction
Professional Services
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Relevant Teams
Legal
Finance
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Credit and Risk
Compliance
Corporate Secretariat
Commercial Lending
Security Administration
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Relevant Roles
Chief Financial Officer
Corporate Counsel
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Finance Director
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Risk Manager
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Corporate Secretary
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