The Lease Security Agreement is a specialized contract used in Canadian commercial transactions where a lessor wants to maintain both ownership rights and a registered security interest in leased assets. This dual approach provides additional protection for the lessor while offering potential tax and accounting benefits to the lessee. The agreement is particularly useful in equipment financing, vehicle leasing, and other asset-based lending scenarios. It must comply with provincial Personal Property Security Act requirements for creation and registration of security interests, as well as provincial property and contract law. The document typically includes detailed provisions about the leased property, payment terms, maintenance obligations, insurance requirements, default scenarios, and remedies available to the lessor. Common in commercial leasing transactions, this agreement type offers more robust protection than standard lease agreements by combining possessory rights with security interests.
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1. Parties: Identification of the lessor/secured party and lessee/debtor with full legal names and addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the lease security arrangement
3. Definitions: Definitions of key terms used throughout the agreement including 'Leased Property', 'Security Interest', 'Lease Term', and 'Payment Obligations'
4. Grant of Lease: Terms of the lease, including duration, permitted use, and maintenance obligations
5. Grant of Security Interest: Creation and scope of the security interest in the leased property
6. Payment Terms: Lease payment amounts, schedules, and methods of payment
7. Representations and Warranties: Statements of fact and assurances from both parties regarding their capacity and the leased property
8. Covenants: Ongoing obligations of the lessee including maintenance, insurance, and use restrictions
9. Default and Remedies: Events of default and the lessor's rights and remedies upon default
10. Insurance Requirements: Required insurance coverage for the leased property
11. Return of Leased Property: Conditions and procedures for returning the property at lease end
12. General Provisions: Standard contract clauses including notices, amendments, governing law, and assignment
1. Purchase Option: Include when the lessee has the option to purchase the leased property at the end of the lease term
2. Sublease Provisions: Include when sublease or assignment of the lease is permitted
3. Environmental Matters: Include when the leased property involves potential environmental risks or compliance requirements
4. Cross-Collateralization: Include when the security interest extends to other agreements between the parties
5. Personal Guarantees: Include when additional parties are guaranteeing the lessee's obligations
6. Priority and Subordination: Include when there are multiple security interests or lenders involved
7. International Provisions: Include for cross-border leases requiring additional jurisdictional considerations
1. Schedule A - Description of Leased Property: Detailed description of all leased property including serial numbers, specifications, and conditions
2. Schedule B - Payment Schedule: Detailed breakdown of all lease payments, including dates, amounts, and any escalation provisions
3. Schedule C - Insurance Requirements: Specific insurance requirements including types of coverage, amounts, and named insureds
4. Schedule D - Permitted Locations: List of locations where the leased property may be kept or used
5. Schedule E - Maintenance Requirements: Detailed maintenance schedules and requirements for the leased property
6. Appendix 1 - Form of PPSA Financing Statement: Template or copy of the PPSA financing statement to be filed
7. Appendix 2 - Condition Report: Initial condition report of the leased property
Authors
Relevant legal definitions
Clauses
Relevant Industries
Financial Services
Manufacturing
Construction
Transportation and Logistics
Agriculture
Mining and Resources
Healthcare
Commercial Real Estate
Industrial Equipment
Technology and IT
Retail
Relevant Teams
Legal
Finance
Risk Management
Operations
Treasury
Credit
Compliance
Commercial Lending
Asset Management
Contract Administration
Relevant Roles
Legal Counsel
Finance Manager
Asset Manager
Credit Risk Manager
Commercial Lending Officer
Leasing Manager
Contract Administrator
Chief Financial Officer
Treasury Manager
Operations Manager
Risk Management Officer
Equipment Finance Specialist
Portfolio Manager
Compliance Officer
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