General Security Agreement - Limited (Canada)

General Security Agreement given by a borrower to a lender as security for a loan.

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Often the Lender of a loan will want some additional assurance, usually in the form of collateral, in case the Borrower fails to repay the loan. To ensure that that collateral is collectible in the case of a default, the parties will often enter into another agreement—a security agreement. A security agreement sets out the rights of the Lender with regard to the collateral. Please note that you must register this Agreement in accordance with Provincial Legislation.

This form includes special formatting features to assist you in completing the agreement.

This form can be used in the following provinces: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon.
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
General Security Agreement(Limited)
 
THIS AGREEMENT made as of       between      , of       (the “Debtor”) and      , of       (the “Secured Party”).
 
WHEREAS:
(A)   The Debtor has issued to Secured Party, a secured promissory note, dated the date hereof, in the principal amount of $      (the “Note”); and
(B)   As security for the obligations evidenced by the Note, the Debtor has agreed to pledge to Secured Party and grant to Secured Party a security interest in the Collateral (as hereinafter defined); and
(C)   the Debtor and Secured Party desire to execute and deliver this Agreement;
NOW, THEREFORE, in consideration of the benefits accruing to the Debtor, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Debtor covenants and agrees with Secured Party as follows:
1.   Security for Obligations. This Agreement is for the benefit of Secured Party to secure the prompt and complete payment and performance of all of the Debtors obligations arising under the Note (such obligations are collectively referred to herein as the “Obligations”).
2.   Definition of Collateral. As used herein, the term “Collateral” shall mean all of the Debtors right, title and interest in the property described in Exhibit A hereto.
3.   Pledge of Collateral. To secure the prompt and complete payment and performance when due of all of the Obligations, the Debtor hereby pledges to Secured Party and grants to Secured Party a security interest of first priority in all of the right, title and interest of the Debtor in all of the Collateral.
4.   Remedies in Case of Event of Default. Upon the failure of the Debtor to make payments in accordance with the terms of the Note, or upon the occurrence of a default of any provision of the Note or at any time during the continuance of such default, any one of which shall constitute an “Event of Default”, Secured Party, subject to the terms of the Note, may:
(a)   exercise any and all rights and remedies granted to a secured party by the Personal Property Security Act as in effect in the Province of       on the date hereof (the “PPSA”) or otherwise allowed at law and, in either case, as otherwise provided by this Agreement;
(b)   take possession of the Collateral or any part thereof with or without process of law; and
(c)   dispose of the Collateral as Secured Party may choose, so long as every aspect of the disposition including the method, manner, time, place and terms are commercially reasonable.
5.   Transfer by the Debtor. The Debtor shall not sell or otherwise dispose of or grant any option with respect to, or pledge or otherwise encumber, any of the Collateral or any interest therein.
6.   Covenants. The Debtor covenants and agrees that for the duration of this Agreement the Debtor shall:
(a)   defend Secured Partys right, title and security interest in and to the Collateral as a first priority security interest against the claims and demands of all persons whomsoever; and
(b)   shall not grant any other lien or security interest on any of the Collateral.
7.   Power of Attorney. The Debtor hereby appoints Secured Party as the Debtors attorneyinfact to exercise at any time after the occurrence of an Event of Default all or any of the powers and authorities conferred on or reserved to Secured Party by or pursuant to this Agreement or applicable law, and (without prejudice to the generality of any of the foregoing) to seal and deliver or otherwise perfect any deed, assurance, agreements, instrument or act as Secured Party may reasonably deem proper in or for the purpose of exercising any of such powers and authorities. The Debtor hereby ratifies and confirms, and hereby agrees to ratify and confirm, whatever lawful acts Secured Party shall do in the exercise of the power of attorney granted to Secured Party pursuant to this Section 7, which power of attorney, being given for consideration, is irrevocable.
8.   Miscellaneous. This Agreement shall create a continuing security interest in the Collateral and shall be binding upon the successors and assigns of the Debtor and shall inure to the benefit of and be enforceable by Secured Party and Secured Partys permitted successors and assigns. The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on the parties hereto. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings between the parties related to such matters. This Agreement may be amended or modified only by a writing signed by both parties hereto. This Agreement is not assignable or transferable by either party, provided that Secured Party may assign this Agreement to any holder of the Note. The Debtor shall retain all rights of a stockholder with respect to any Collateral until the occurrence of an Event of Default.
9.   Financing Statements. The Debtor agrees to deliver promptly to Secured Party such duly executed PPSA Financing Statements as Secured Party may reasonably request, for filing, as may be appropriate, with respect to Secured Partys security interest in the Collateral in such jurisdictions as Secured Party may reasonably determine to be appropriate.
10.   Termination. Upon such time, if any, as the Debtor shall pay, satisfy or otherwise discharge in full the Obligations, this Agreement shall be null and void and the security interests granted hereunder shall automatically terminate.
11.   Governing Law. This Agreement shall (irrespective of where it is executed, delivered and/or performed) be governed by and construed in accordance with the laws of the Province of       (without giving effect to principles of conflicts of law), except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any Province other than       are governed by the laws of said Province. All terms used herein which are defined in the PPSA (as in effect and interpreted in      ) have the meanings therein provided.
IN WITNESS WHEREOF, the Debtor and Secured Party have caused this Agreement to be executed as of the date first above written.
 
 
 
Witness
 
     
 
 
 
Witness
 
     
 
 
 
 
 
 
Exhibit A
Description of Collateral
 
     
Number of Pages6
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#28343
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
General Security Agreement(Limited)
 
THIS AGREEMENT made as of       between      , of       (the “Debtor”) and      , of       (the “Secured Party”).
 
WHEREAS:
(A)   The Debtor has issued to Secured Party, a secured promissory note, dated the date hereof, in the principal amount of $      (the “Note”); and
(B)   As security for the obligations evidenced by the Note, the Debtor has agreed to pledge to Secured Party and grant to Secured Party a security interest in the Collateral (as hereinafter defined); and
(C)   the Debtor and Secured Party desire to execute and deliver this Agreement;
NOW, THEREFORE, in consideration of the benefits accruing to the Debtor, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Debtor covenants and agrees with Secured Party as follows:
1.   Security for Obligations. This Agreement is for the benefit of Secured Party to secure the prompt and complete payment and performance of all of the Debtors obligations arising under the Note (such obligations are collectively referred to herein as the “Obligations”).
2.   Definition of Collateral. As used herein, the term “Collateral” shall mean all of the Debtors right, title and interest in the property described in Exhibit A hereto.
3.   Pledge of Collateral. To secure the prompt and complete payment and performance when due of all of the Obligations, the Debtor hereby pledges to Secured Party and grants to Secured Party a security interest of first priority in all of the right, title and interest of the Debtor in all of the Collateral.
4.   Remedies in Case of Event of Default. Upon the failure of the Debtor to make payments in accordance with the terms of the Note, or upon the occurrence of a default of any provision of the Note or at any time during the continuance of such default, any one of which shall constitute an “Event of Default”, Secured Party, subject to the terms of the Note, may:
(a)   exercise any and all rights and remedies granted to a secured party by the Personal Property Security Act as in effect in the Province of       on the date hereof (the “PPSA”) or otherwise allowed at law and, in either case, as otherwise provided by this Agreement;
(b)   take possession of the Collateral or any part thereof with or without process of law; and
(c)   dispose of the Collateral as Secured Party may choose, so long as every aspect of the disposition including the method, manner, time, place and terms are commercially reasonable.
5.   Transfer by the Debtor. The Debtor shall not sell or otherwise dispose of or grant any option with respect to, or pledge or otherwise encumber, any of the Collateral or any interest therein.
6.   Covenants. The Debtor covenants and agrees that for the duration of this Agreement the Debtor shall:
(a)   defend Secured Partys right, title and security interest in and to the Collateral as a first priority security interest against the claims and demands of all persons whomsoever; and
(b)   shall not grant any other lien or security interest on any of the Collateral.
7.   Power of Attorney. The Debtor hereby appoints Secured Party as the Debtors attorneyinfact to exercise at any time after the occurrence of an Event of Default all or any of the powers and authorities conferred on or reserved to Secured Party by or pursuant to this Agreement or applicable law, and (without prejudice to the generality of any of the foregoing) to seal and deliver or otherwise perfect any deed, assurance, agreements, instrument or act as Secured Party may reasonably deem proper in or for the purpose of exercising any of such powers and authorities. The Debtor hereby ratifies and confirms, and hereby agrees to ratify and confirm, whatever lawful acts Secured Party shall do in the exercise of the power of attorney granted to Secured Party pursuant to this Section 7, which power of attorney, being given for consideration, is irrevocable.
8.   Miscellaneous. This Agreement shall create a continuing security interest in the Collateral and shall be binding upon the successors and assigns of the Debtor and shall inure to the benefit of and be enforceable by Secured Party and Secured Partys permitted successors and assigns. The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on the parties hereto. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings between the parties related to such matters. This Agreement may be amended or modified only by a writing signed by both parties hereto. This Agreement is not assignable or transferable by either party, provided that Secured Party may assign this Agreement to any holder of the Note. The Debtor shall retain all rights of a stockholder with respect to any Collateral until the occurrence of an Event of Default.
9.   Financing Statements. The Debtor agrees to deliver promptly to Secured Party such duly executed PPSA Financing Statements as Secured Party may reasonably request, for filing, as may be appropriate, with respect to Secured Partys security interest in the Collateral in such jurisdictions as Secured Party may reasonably determine to be appropriate.
10.   Termination. Upon such time, if any, as the Debtor shall pay, satisfy or otherwise discharge in full the Obligations, this Agreement shall be null and void and the security interests granted hereunder shall automatically terminate.
11.   Governing Law. This Agreement shall (irrespective of where it is executed, delivered and/or performed) be governed by and construed in accordance with the laws of the Province of       (without giving effect to principles of conflicts of law), except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any Province other than       are governed by the laws of said Province. All terms used herein which are defined in the PPSA (as in effect and interpreted in      ) have the meanings therein provided.
IN WITNESS WHEREOF, the Debtor and Secured Party have caused this Agreement to be executed as of the date first above written.
 
 
 
Witness
 
     
 
 
 
Witness
 
     
 
 
 
 
 
 
Exhibit A
Description of Collateral
 
     

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