Use this template to prepare a Security Agreement securing repayment of shareholder loans for use in the Province of Ontario, Canada, between a corporation (borrower) and a secured party (a trustee acting on behalf of the shareholders). Provisions of the agreement include:

• The borrower grants the secured party a security interest in the borrower's assets and undertaking, in order to secure its current or future indebtedness to its shareholders for shareholder advances, stock dividends or other obligations.
  
• The secured party holds the security interest in trust for the shareholders and may release all or part of the secured collateral as it sees fit.
  
• The borrower is restricted from selling, transferring, leasing or otherwise disposing of any of the collateral forming the security.

This is a Canadian legal document prepared pursuant to the Ontario Personal Property Security Act.