Canadian lenders, prepare a General Security Agreement with this comprehensive template, which gives the lender a security interest in a borrower's present and after-acquired personal property including inventory, equipment, accounts and book debts, and all income and proceeds arising from the property. Provisions of the Agreement include:

• The security interest secures payment and performance of all of the borrower's present and future obligations and indebtedness to the lender, including the lender's costs of enforcing the Agreement.


• The borrower agrees to protect and preserve the collateral, to keep it in good condition and repair, to pay all taxes and charges levied against it, and to keep it fully insured.


• So long as the borrower is not in breach of its obligations, the borrower may possess and use the collateral in the ordinary course of its business.


• This form of Agreement can be used in any province with Personal Property Security Act legislation.

This General Security Agreement for Canada is provided in MS Word format, and is fully editable to fit your circumstances.