The Loan Collateral Agreement is a fundamental document in secured lending transactions across Canadian jurisdictions, essential for establishing legally enforceable security interests in a borrower's assets. It is used whenever a lender requires collateral to secure a loan, whether in commercial, consumer, or specialized lending contexts. The agreement must comply with the Personal Property Security Act (PPSA) in common law provinces or the Civil Code of Quebec, requiring specific provisions for creation, perfection, and enforcement of security interests. The document details the pledged assets, parties' rights and obligations, default scenarios, and enforcement mechanisms. It's particularly crucial for risk management in lending operations and must be carefully drafted to ensure enforceability and protection of the lender's interests while complying with all applicable federal and provincial regulations.
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1. Parties: Identification of the lender and borrower, including full legal names and addresses
2. Background: Context of the loan agreement and purpose of the collateral arrangement
3. Definitions: Key terms used throughout the agreement, including definition of Collateral, Secured Obligations, and Events of Default
4. Grant of Security Interest: The formal creation of the security interest in the collateral
5. Description of Collateral: Detailed description of assets being pledged as collateral
6. Representations and Warranties: Borrower's statements regarding ownership, condition, and status of collateral
7. Covenants: Ongoing obligations regarding maintenance, insurance, and use of collateral
8. Perfection Requirements: Steps required to perfect the security interest, including registration requirements
9. Events of Default: Circumstances that trigger lender's right to enforce security
10. Enforcement Rights: Lender's rights and remedies upon default
11. General Provisions: Standard clauses including notices, amendments, governing law, etc.
1. Inter-creditor Provisions: Required when multiple secured creditors are involved, establishing priority and relationships between different security interests
2. Quebec Security Provisions: Special provisions required when collateral is located in Quebec or borrower is Quebec-based
3. Consumer Protection Provisions: Required when borrower is a consumer rather than a business
4. Cross-Border Provisions: Required when collateral is located in multiple jurisdictions or parties are in different countries
5. Environmental Representations: Required when collateral includes real property or equipment that could have environmental implications
1. Schedule A - Collateral Description: Detailed itemization and description of all assets serving as collateral
2. Schedule B - Permitted Liens: List of pre-existing or permitted security interests on the collateral
3. Schedule C - Locations of Collateral: List of all locations where collateral is or will be stored/located
4. Schedule D - Serial Numbered Goods: Details of any serial-numbered collateral (vehicles, equipment, etc.) including serial numbers
5. Appendix 1 - Forms of Notice: Standard forms for various notices required under the agreement
6. Appendix 2 - Insurance Requirements: Detailed insurance requirements for different types of collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Commercial Lending
Asset Finance
Equipment Leasing
Real Estate
Manufacturing
Agriculture
Retail
Technology
Relevant Teams
Legal
Credit Risk
Commercial Banking
Compliance
Loan Operations
Securities Administration
Due Diligence
Corporate Banking
Asset Finance
Document Management
Relevant Roles
Legal Counsel
Commercial Loan Officer
Credit Risk Manager
Compliance Officer
Banking Operations Manager
Loan Administrator
Securities Registration Specialist
Credit Analyst
Corporate Banking Manager
Asset Finance Manager
Relationship Manager
Due Diligence Officer
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