FORM 00944 (04-20-2007) SECURITY AGREEMENT (SECURITY INTEREST IN CONSUMER GOODS)
1. SECURITY INTEREST (c) not to remove Collateral from the location(s) set forth in Section 12 (a) For value received the undersigned ("Debtor") hereby grants to Royal without the prior written consent of RBC (except that RBC hereby Bank of Canada ("RBC"), a security interest ("Security Interest") in the goods consents to the removal for normal use by Debtor of any motor vehicle (including all parts, accessories, attachments, additions and accessions thereto) of comprised in the said Collateral); Debtor described in Section 12, and in all proceeds thereof, all of the foregoing (d) to keep Collateral in good order, condition and repair and not to use it in being hereinafter collectively called "Collateral". violation of the provisions hereof or any other agreement relating to it or (b) The terms "proceeds", "accession", "secured party", "Money", any policy insuring it or any applicable statute, law, bylaw, rule, "financing statements" and "financing change statements", whenever used herein, regulation or ordinance; shall be interpreted pursuant to their respective meanings when used in the Personal (e) to do, execute, acknowledge and deliver such financing statements, Property Security Act of the province referred to in section 10 (n) as amended from financing change statements and further assignments, transfers, time to time, which Act, including amendments thereto and any Act substituted documents, acts, matters and things as may be reasonably requested by therefore and any amendments thereto is herein referred to as the "P.P.S.A.". Any RBC of or with respect to Collateral in order to give effect to these reference herein to "Collateral" shall, unless the context otherwise requires, be presents and to pay all costs for searches and filings in connection deemed a reference to "Collateral or any part thereof". therewith; 2. INDEBTEDNESS SECURED (f) to pay all taxes, rates, levies, assessments and other charges of every (a) Security Interest granted by Debtor to RBC secures payment and nature which may be lawfully levied, assessed or imposed against or in satisfaction of any and all obligations, indebtedness and liability of respect of Debtor or Collateral as and when the same become due and Debtor (or, if there is more than one Debtor, any one or more of them) to payable; and RBC (including interest thereon), present or future, direct or indirect, (g) to insure Collateral in such amounts and against such risks as would absolute or contingent, matured or not, extended or renewed, customarily be insured by a prudent owner of similar Collateral and in wheresoever and howsoever incurred and any ultimate unpaid balance such additional amounts and against such additional risks as RBC may thereof including, for greater certainty, any Visa debt, and whether the from time to time direct, with loss payable to RBC and debtor, as same is from time to time reduced and thereafter increased or entirely insureds, as their respective interests may appear, and to pay all extinguished and thereafter incurred again and whether Debtor be bound premiums therefor and deliver copies of policies and evidence of renewal alone or with another or others and whether as principal or surety to RBC on request. (hereinafter collectively called "Indebtedness"). If the Security Interest in Collateral is not sufficient, in the event of default, to satisfy all 5. USE AND VERIFICATION OF COLLATERAL Indebtedness of Debtor, then Debtor acknowledges and agrees that Subject to compliance with Debtor's covenants contained herein and the rights of Debtor shall continue to be liable for any Indebtedness remaining RBC contemplated hereby, Debtor may, until default, possess and use or operate and outstanding and RBC shall be entitled to pursue full payment thereof. enjoy Collateral in any manner not inconsistent with the provisions hereof; provided (b) Debtor hereby acknowledges that in the event RBC extends revolving always that RBC shall have the right at any time to view Collateral in any manner credit facilities to Debtor, any advances made to Debtor pursuant thereto RBC may consider appropriate and Debtor agrees to furnish all assistance and (including interest thereon) are intended to constitute Indebtedness and information and to platform all such acts as RBC may reasonably request in be secured hereby. Debtor further acknowledges that so long as such connection therewith and for such purpose to grant to RBC or its agents access to all credit facilities remain available to Debtor, whether or not they are being places where Collateral may be located and to all premises occupied by Debtor. used at any given time and whether or not RBC is committed to make 6. DISPOSITION OF MONIES advances pursuant thereto, Debtor shall have an ongoing obligation to Subject to any applicable requirements of P.P.S.A., all Money collected or received RBC to notify RBC in writing when Debtor wishes to terminate Debtor's by RBC pursuant to or in exercise of any right to apply for advances under such facilities, and until Debtor fulfills right it possesses with respect to Collateral shall be applied on account of that obligation and pays all Indebtedness this Security Agreement and Indebtedness in such manner as RBC deems best or, at the option of RBC, may be the Security Interest granted hereby shall continue in full force and held unappropriated in a collateral account or released to Debtor, all without effect and Debtor shall not be entitled to call for any discharge of such prejudice to the liability of Debtor or the rights of RBC hereunder, and any surplus Security Interest or any registration evidencing the same. shall be accounted for as required by law. 3. REPRESENTATIONS AND WARRANTIES 7. EVENTS OF DEFAULT Debtor represents and warrants and so long as this Security Agreement remains in The happening of any one of the following events or conditions shall constitute effect shall be deemed to continuously represent and warrant that: default hereunder which is herein referred to as "default" (a) Collateral is owned by Debtor free of any security interest, mortgage, (a) the nonpayment when due, whether by acceleration or otherwise, of any lien, claim, charge or encumbrance (hereinafter collectively called principal or interest forming part of Indebtedness or the failure of Debtor "Encumbrances") save for Security Interest and those Encumbrances to observe or perform any obligation, covenant, term, provision or shown in Section 11 or hereafter approved in writing by RBC prior to condition contained in this Security Agreement or any other agreement their creation or assumption; and between Debtor and RBC; (b) the location(s) of Collateral specified in Section 12 is (are) accurate and (b) the death of or a declaration of incompetency by a court of competent complete. jurisdiction with respect to Debtor; 4. COVENANTS OF DEBTOR (c) the bankruptcy or insolvency of Debtor; the filing against Debtor of a So long as this Security Agreement remains in effect Debtor covenants and agrees: petition in bankruptcy; the making of an authorized assignment for the (a) to defend Collateral against the claims and demands of all other parties benefit of creditors by Debtor; the appointment of a receiver or trustee claiming the same or an interest therein; to keep Collateral free from all for Debtor or for any assets of Debtor; or the institution by or against Encumbrances, except for Security Interest and those shown on Section Debtor of any other type of insolvency proceeding under the Bankruptcy 11 or hereafter approved in writing by RBC prior to their creation or and Insolvency Act; assumption, and not to sell, exchange, transfer, assign, lease or otherwise (d) if any Encumbrance affecting Collateral becomes enforceable against dispose of Collateral or any interest therein without the prior written Collateral; consent of RBC, and in any event, to deposit all Money received from any disposition of Collateral with RBC; (e) if any execution, sequestration, extent or other process of any court becomes enforceable against Debtor or if a distress or analogous process (b) to notify RBC promptly of any change in the information contained is levied upon the assets of Debtor or any part thereof; or herein and of any claims, litigation, loss or damage which relates to Debtor or Collateral;
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(f) if any certificate, statement, representation, warranty or written report any charge therefore is made or entered on RBC's records subsequent heretofore or hereafter furnished by or on behalf of Debtor pursuant to thereto. or in connection with this Security Agreement, or otherwise (including, (c) Upon any default by Debtor hereunder, RBC may, but shall not be without limitation, the representations and warranties contained herein) obliged to, rectify such default and Debtor shall pay to RBC, forthwith or as an inducement to RBC to extend any credit to or to enter into this upon written demand therefor, an amount equal to the expense or any other agreement with Debtor proves to have been false in any incurred by RBC in so doing plus interest thereon from the date such material respect at the time as of which the facts therein set forth were expense is incurred until it is paid at the rate of Fifteen Percent (15%) stated or certified, or proves to have omitted any substantial contingent per annum. or unliquidated liability or claim against Debtor; or if upon the date of execution of this Security Agreement, there shall have been any (d) RBC may grant extensions of time and other indulgences, give up material adverse change in any of the facts disclosed by such security, accept compositions, compound, compromise, settle, grant certificate, statement, representation, warranty or written report, which releases and discharges and otherwise deal with Debtor, sureties and change shall not have been disclosed to RBC at or prior to the time of others and with Collateral and other security as RBC may see fit such execution. without prejudice to the liability of Debtor or RBC's right to hold and realize Security Interest. 8. ACCELERATION (e) This Security Agreement shall ensure to the benefit of and be binding RBC, in its sole discretion, may declare all or any part of Indebtedness which is upon the parties hereto and their respective heirs, executors, not by its terms payable on demand to be immediately due and payable, without administrators, successors and assigns. If more than one Debtor demand or notice of any kind, in the event of default, or if RBC in good faith executes this Security Agreement the obligations of such Debtors believes and has commercially reasonable grounds to believe itself hereunder shall be joint and several. insecure or that the Collateral is or is about to be placed in jeopardy. The provisions of this clause are not intended in any way to affect any rights of RBC (f) No modification, variation or amendment of any provision of this with respect to any Indebtedness which may now or hereafter be payable on Security Agreement shall be made except by a written agreement, demand. executed by the parties hereto and no waiver of any provision hereof shall be effective unless in writing. 9. REMEDIES (g) Subject to the requirements of Section 10(h), whenever either party (a) Upon default, RBC may take possession of, collect, demand, sue on, hereto is required or entitled to notify or direct the other or make a enforce, recover and receive Collateral and give valid and binding demand or request upon the other, such notice, direction, demand or receipts and discharges therefore and in respect thereof, and RBC may request shall be in writing and shall be sufficiently given in the case of sell, lease or otherwise dispose of Collateral in such manner, at such RBC, if delivered to it or sent by first class mail addressed to it at its time or times and place or places, for such consideration and upon such address herein set forth or as changed pursuant hereto and, in the case terms and conditions as to RBC may seem reasonable. of Debtor, if delivered to it or sent by first class mail addressed to it at (b) In addition to those rights granted herein and in any other agreement its address last known to RBC. Either party may notify the other now or hereafter in effect between Debtor and RBC and in addition to pursuant hereto of any change in such party's address to be used for any other rights RBC may have at law or in equity, RBC shall have, the purposes hereof. both before and after default, all rights and remedies of a secured party (h) This Security Agreement and the security afforded hereby is in under P.P.S.A. Provided always, that RBC shall not be liable or addition to and not in substitution for any other security now or accountable for any failure to exercise its remedies, take possession of, hereafter held by RBC and is, and is intended to be a continuing collect, enforce, realize, sell, lease or otherwise dispose of Collateral or Security Agreement and shall remain in full force and effect until the to institute any proceedings for such purposes. Furthermore, RBC shall Manager or Acting Manager from time to time of the herein have no obligation to take any steps to preserve rights against prior mentioned branch of RBC shall actually receive written notice of its parties to any instrument or chattel paper constituting Collateral and discontinuance; and, notwithstanding such notice, shall remain in full whether or not in RBC's possession and shall not be liable or force and effect thereafter until all Indebtedness contracted for or accountable for failure to do so. created before the receipt of such notice by RBC, and any extensions (c) Debtor agrees to be liable for and to pay all costs, charges and expenses or renewals thereof (whether made before or after receipt of such reasonably incurred by RBC (including reasonable solicitor's fees and notice) together with interest accruing thereon after such notice, shall expenses) when enforcing this Security Agreement, taking and be paid in full. maintaining custody of, preserving, repairing, processing, preparing for (i) The headings used in this Security Agreement are for convenience disposition and disposing of Collateral and in enforcing or collecting only and are not to be considered a part of this Security Agreement Indebtedness and all such costs, charges and expenses shall be a first and do not in any way limit or amplify the terms and provisions of this charge on the proceeds of realization, collection or disposition of Security Agreement. Collateral and shall be secured hereby. (j) When the context so requires, the singular number shall be read as if 10. MISCELLANEOUS the plural were expressed and the provisions hereof shall be read with (a) Debtor hereby authorizes RBC to file such financing statements, all grammatical changes necessary dependent upon the person referred financing change statements and other documents and do such acts, to being a male or a female. matters and things as RBC may deem appropriate to perfect on an (k) In the event any provision of this Security Agreement, as amended ongoing basis and continue Security Interest to protect And preserve from time to time, shall be deemed invalid or void, in whole or in part, Collateral and to realize upon Security Interest and Debtor hereby by any court of competent jurisdiction, the remaining terms and irrevocably constitutes and appoints the Manager or Acting Manager provisions of this Security Agreement shall remain in full force and from time to time of the herein mentioned branch of RBC the true and effect. lawful attorney of Debtor, with full power of substitution, to do any of the foregoing in the name of Debtor whenever and wherever it may be (l) Nothing herein contained shall in any way obligate RBC to grant, deemed necessary or expedient continue, renew, extend time for payment of or accept anything which constitutes or would constitute Indebtedness. (b) Without limiting any other rights of RBC, whenever Indebtedness is immediately due and payable or RBC has the right to declare it to be (m) The Security Interest created hereby is intended to attach when this immediately due and payable (whether or not it has so declared), RBC Security Agreement is signed by Debtor and delivered to RBC. may, in its sole discretion, set off against Indebtedness any and all (n) This Security Agreement and the transactions evidenced hereby shall amounts then owed to Debtor by RBC in any capacity, whether or not be governed by and construed in accordance with the laws of the due, and RBC shall be deemed to have exercised such right of setoff province in which the herein mentioned branch of RBC is located, as immediately at the time of making its decision to do so even though those laws may from time to time be in effect, including, where applicable, the P.P.S.A.
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ENCUMBRANCES AFFECTING COLLATERAL Name of the company and address Amount of the debt
NONE
11. COLLATERAL Description Location of Collateral
12. COPY OF AGREEMENT Debtor hereby acknowledges receipt of a copy of this Security Agreement. 13. COPY OF FINANCING STATEMENT Debtor waives Debtor's right to receive a copy of any financing statement or financing change statement registered by RBC or any verification statement received in respect thereof (This provision applies in every PPSA province except Ontario). 14. NAME, ETC., OF DEBTOR Debtor represents and warrants that the following information is accurate: (Ensure proper full legal name is inserted)
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
IN WITNESS WHEREOF Debtor has executed this Security Agreement this ______(Month) (Day) (Year)
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BANK ADDRESS
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1. SECURITY INTEREST (b) to notify RBC promptly of any change in the information contained (a) For value received the undersigned ("Debtor") hereby grants to Royal herein and of any claims, litigation, loss or damage which relates to Bank of Canada ("RBC"), a security interest ("Security Interest") in the Debtor or Collateral; goods (including all parts, accessories, attachments, additions and (c) not to remove Collateral from the location(s) set forth in Section 12 accessions thereto) of Debtor described in Section 12, and in all without the prior written consent of RBC (except that RBC hereby proceeds thereof, all of the foregoing being hereinafter collectively consents to the removal for normal use by Debtor of any motor vehicle called "Collateral". comprised in the said Collateral); (b) The terms "proceeds", "accession", "secured party", "Money", (d) to keep Collateral in good order, condition and repair and not to use it "financing statements" and "financing change statements", whenever in violation of the provisions hereof or any other agreement relating to used herein, shall be interpreted pursuant to their respective meanings it or any policy insuring it or any applicable statute, law, bylaw, rule, when used in the Personal Property Security Act of the province regulation or ordinance; referred to in section 10 (n) as amended from time to time, which Act, including amendments thereto and any Act substituted therefore and (e) to do, execute, acknowledge and deliver such financing statements, any amendments thereto is herein referred to as the "P.P.S.A.". Any financing change statements and further assignments, transfers, reference herein to "Collateral" shall, unless the context otherwise documents, acts, matters and things as may be reasonably requested by requires, be deemed a reference to "Collateral or any part thereof". RBC of or with respect to Collateral in order to give effect to these presents and to pay all costs for searches and filings in connection 2. INDEBTEDNESS SECURED therewith; (a) Security Interest granted by Debtor to RBC secures payment and (f) to pay all taxes, rates, levies, assessments and other charges of every satisfaction of any and all obligations, indebtedness and liability of nature which may be lawfully levied, assessed or imposed against or in Debtor (or, if there is more than one Debtor, any one or more of them) respect of Debtor or Collateral as and when the same become due and to RBC (including interest thereon), present or future, direct or indirect, payable; and absolute or contingent, matured or not, extended or renewed, wheresoever and howsoever incurred and any ultimate unpaid balance (g) to insure Collateral in such amounts and against such risks as would thereof including, for greater certainty, any Visa debt, and whether the customarily be insured by a prudent owner of similar Collateral and in same is from time to time reduced and thereafter increased or entirely such additional amounts and against such additional risks as RBC may extinguished and thereafter incurred again and whether Debtor be from time to time direct, with loss payable to RBC and debtor, as bound alone or with another or others and whether as principal or insureds, as their respective interests may appear, and to pay all surety (hereinafter collectively called "Indebtedness"). If the Security premiums therefor and deliver copies of policies and evidence of Interest in Collateral is not sufficient, in the event of default, to satisfy renewal to RBC on request. all Indebtedness of Debtor, then Debtor acknowledges and agrees that 5. USE AND VERIFICATION OF COLLATERAL Debtor shall continue to be liable for any Indebtedness remaining Subject to compliance with Debtor's covenants contained herein and the rights of outstanding and RBC shall be entitled to pursue full payment thereof. RBC contemplated hereby, Debtor may, until default, possess and use or operate (b) Debtor hereby acknowledges that in the event RBC extends revolving and enjoy Collateral in any manner not inconsistent with the provisions hereof; credit facilities to Debtor, any advances made to Debtor pursuant provided always that RBC shall have the right at any time to view Collateral in any thereto (including interest thereon) are intended to constitute manner RBC may consider appropriate and Debtor agrees to furnish all assistance Indebtedness and be secured hereby. Debtor further acknowledges that and information and to platform all such acts as RBC may reasonably request in so long as such credit facilities remain available to Debtor, whether or connection therewith and for such purpose to grant to RBC or its agents access to not they are being used at any given time and whether or not RBC is all places where Collateral may be located and to all premises occupied by Debtor. committed to make advances pursuant thereto, Debtor shall have an ongoing obligation to RBC to notify RBC in writing when Debtor 6. DISPOSITION OF MONIES wishes to terminate Debtor's right to apply for advances under such Subject to any applicable requirements of P.P.S.A., all Money collected or received facilities, and until Debtor fulfills that obligation and pays all by RBC pursuant to or in exercise of any Indebtedness this Security Agreement and the Security Interest granted right it possesses with respect to Collateral shall be applied on account of hereby shall continue in full force and effect and Debtor shall not be Indebtedness in such manner as RBC deems best or, at the option of RBC, may be entitled to call for any discharge of such Security Interest or any held unappropriated in a collateral account or released to Debtor, all without registration evidencing the same. prejudice to the liability of Debtor or the rights of RBC hereunder, and any surplus shall be accounted for as required by law. 3. REPRESENTATIONS AND WARRANTIES Debtor represents and warrants and so long as this Security Agreement remains in 7. EVENTS OF DEFAULT effect shall be deemed to continuously represent and warrant that: The happening of any one of the following events or conditions shall constitute (a) Collateral is owned by Debtor free of any security interest, mortgage, default hereunder which is herein referred to as "default" lien, claim, charge or encumbrance (hereinafter collectively called (a) the nonpayment when due, whether by acceleration or otherwise, of "Encumbrances") save for Security Interest and those Encumbrances any principal or interest forming part of Indebtedness or the failure of shown in Section 11 or hereafter approved in writing by RBC prior to Debtor to observe or perform any obligation, covenant, term, provision their creation or assumption; and or condition contained in this Security Agreement or any other agreement between Debtor and RBC; (b) the location(s) of Collateral specified in Section 12 is (are) accurate and complete. (b) the death of or a declaration of incompetency by a court of competent jurisdiction with respect to Debtor; 4. COVENANTS OF DEBTOR (c) the bankruptcy or insolvency of Debtor; the filing against Debtor of a So long as this Security Agreement remains in effect Debtor covenants and agrees: petition in bankruptcy; the making of an authorized assignment for the (a) to defend Collateral against the claims and demands of all other parties benefit of creditors by Debtor; the appointment of a receiver or trustee claiming the same or an interest therein; to keep Collateral free from all for Debtor or for any assets of Debtor; or the institution by or against Encumbrances, except for Security Interest and those shown on Section Debtor of any other type of insolvency proceeding under the 11 or hereafter approved in writing by RBC prior to their creation or Bankruptcy and Insolvency Act; assumption, and not to sell, exchange, transfer, assign, lease or otherwise dispose of Collateral or any interest therein without the prior (d) if any Encumbrance affecting Collateral becomes enforceable against written consent of RBC, and in any event, to deposit all Money Collateral; received from any disposition of Collateral with RBC; (e) if any execution, sequestration, extent or other process of any court becomes enforceable against Debtor or if a distress or analogous process is levied upon the assets of Debtor or any part thereof; or
BANK COPY Page 1 of 3 FORM 00944 (04-20-2007) if any certificate, statement, representation, warranty or written report heretofore or (c) Upon any default by Debtor hereunder, RBC may, but shall not be hereafter furnished by or on behalf of Debtor pursuant to or in connection with this obliged to, rectify such default and Debtor shall pay to RBC, forthwith Security Agreement, or otherwise (including, without limitation, the representations upon written demand therefor, an amount equal to the expense incurred and warranties contained herein) or as an inducement to RBC to extend any credit by RBC in so doing plus interest thereon from the date such expense is to or to enter into this or any other agreement with Debtor proves to have been false incurred until it is paid at the rate of Fifteen Percent (15%) per annum. in any material respect at the time as of which the facts therein set forth were stated (d) RBC may grant extensions of time and other indulgences, give up or certified, or proves to have omitted any substantial contingent or unliquidated security, accept compositions, compound, compromise, settle, grant liability or claim against Debtor; or if upon the date of execution of this Security releases and discharges and otherwise deal with Debtor, sureties and Agreement, there shall have been any material adverse change in any of the facts others and with Collateral and other security as RBC may see fit disclosed by such certificate, statement, representation, warranty or written report, without prejudice to the liability of Debtor or RBC's right to hold and which change shall not have been disclosed to RBC at or prior to the time of such realize Security Interest. execution. (e) This Security Agreement shall ensure to the benefit of and be binding 8. ACCELERATION upon the parties hereto and their respective heirs, executors, RBC, in its sole discretion, may declare all or any part of Indebtedness which is not administrators, successors and assigns. If more than one Debtor by its terms payable on demand to be immediately due and payable, without executes this Security Agreement the obligations of such Debtors demand or notice of any kind, in the event of default, or if RBC in good faith hereunder shall be joint and several. believes and has commercially reasonable grounds to believe itself (f) No modification, variation or amendment of any provision of this insecure or that the Collateral is or is about to be placed in jeopardy. The provisions Security Agreement shall be made except by a written agreement, of this clause are not intended in any way to affect any rights of RBC with respect executed by the parties hereto and no waiver of any provision hereof to any Indebtedness which may now or hereafter be payable on demand. shall be effective unless in writing. 9. REMEDIES (g) Subject to the requirements of Section 10(h), whenever either party (a) Upon default, RBC may take possession of, collect, demand, sue on, hereto is required or entitled to notify or direct the other or make a enforce, recover and receive Collateral and give valid and binding demand or request upon the other, such notice, direction, demand or receipts and discharges therefore and in respect thereof, and RBC may request shall be in writing and shall be sufficiently given in the case of sell, lease or otherwise dispose of Collateral in such manner, at such RBC, if delivered to it or sent by first class mail addressed to it at its time or times and place or places, for such consideration and upon such address herein set forth or as changed pursuant hereto and, in the case terms and conditions as to RBC may seem reasonable. of Debtor, if delivered to it or sent by first class mail addressed to it at (b) In addition to those rights granted herein and in any other agreement its address last known to RBC. Either party may notify the other now or hereafter in effect between Debtor and RBC and in addition to pursuant hereto of any change in such party's address to be used for the any other rights RBC may have at law or in equity, RBC shall have, purposes hereof. both before and after default, all rights and remedies of a secured party (h) This Security Agreement and the security afforded hereby is in addition under P.P.S.A. Provided always, that RBC shall not be liable or to and not in substitution for any other security now or hereafter held accountable for any failure to exercise its remedies, take possession of, by RBC and is, and is intended to be a continuing Security Agreement collect, enforce, realize, sell, lease or otherwise dispose of Collateral or and shall remain in full force and effect until the Manager or Acting to institute any proceedings for such purposes. Furthermore, RBC shall Manager from time to time of the herein mentioned branch of RBC have no obligation to take any steps to preserve rights against prior shall actually receive written notice of its discontinuance; and, parties to any instrument or chattel paper constituting Collateral and notwithstanding such notice, shall remain in full force and effect whether or not in RBC's possession and shall not be liable or thereafter until all Indebtedness contracted for or created before the accountable for failure to do so. receipt of such notice by RBC, and any extensions or renewals thereof (c) Debtor agrees to be liable for and to pay all costs, charges and expenses (whether made before or after receipt of such notice) together with reasonably incurred by RBC (including reasonable solicitor's fees and interest accruing thereon after such notice, shall be paid in full. expenses) when enforcing this Security Agreement, taking and (i) The headings used in this Security Agreement are for convenience only maintaining custody of, preserving, repairing, processing, preparing for and are not to be considered a part of this Security Agreement and do disposition and disposing of Collateral and in enforcing or collecting not in any way limit or amplify the terms and provisions of this Indebtedness and all such costs, charges and expenses shall be a first Security Agreement. charge on the proceeds of realization, collection or disposition of (j) When the context so requires, the singular number shall be read as if Collateral and shall be secured hereby. the plural were expressed and the provisions hereof shall be read with 10. MISCELLANEOUS all grammatical changes necessary dependent upon the person referred (a) Debtor hereby authorizes RBC to file such financing statements, to being a male or a female. financing change statements and other documents and do such acts, (k) In the event any provision of this Security Agreement, as amended matters and things as RBC may deem appropriate to perfect on an from time to time, shall be deemed invalid or void, in whole or in part, ongoing basis and continue Security Interest to protect And preserve by any court of competent jurisdiction, the remaining terms and Collateral and to realize upon Security Interest and Debtor hereby provisions of this Security Agreement shall remain in full force and irrevocably constitutes and appoints the Manager or Acting Manager effect. from time to time of the herein mentioned branch of RBC the true and (l) Nothing herein contained shall in any way obligate RBC to grant, lawful attorney of Debtor, with full power of substitution, to do any of continue, renew, extend time for payment of or accept anything which the foregoing in the name of Debtor whenever and wherever it may be constitutes or would constitute Indebtedness. deemed necessary or expedient The Security Interest created hereby is intended to attach when this (b) Without limiting any other rights of RBC, whenever Indebtedness is (m) Security Agreement is signed by Debtor and delivered to RBC. immediately due and payable or RBC has the right to declare it to be immediately due and payable (whether or not it has so declared), RBC (n) This Security Agreement and the transactions evidenced hereby shall may, in its sole discretion, set off against Indebtedness any and all be governed by and construed in accordance with the laws of the amounts then owed to Debtor by RBC in any capacity, whether or not province in which the herein mentioned branch of RBC is located, as due, and RBC shall be deemed to have exercised such right of setoff those laws may from time to time be in effect, including, where immediately at the time of making its decision to do so even though applicable, the P.P.S.A. any charge therefore is made or entered on RBC's records subsequent thereto.
11. ENCUMBRANCES AFFECTING COLLATERAL Name of the company and address Amount of the debt
NONE
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12. COLLATERAL Description Location of Collateral
13. COPY OF AGREEMENT Debtor hereby acknowledges receipt of a copy of this Security Agreement. 14. COPY OF FINANCING STATEMENT Debtor waives Debtor's right to receive a copy of any financing statement or financing change statement registered by RBC or any verification statement received in respect thereof (This provision applies in every PPSA province except Ontario). 15. NAME, ETC., OF DEBTOR Debtor represents and warrants that the following information is accurate: (Ensure proper full legal name is inserted)
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
IN WITNESS WHEREOF Debtor has executed this Security Agreement this ______(Month) (Day) (Year)
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BANK ADDRESS
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11. ENCUMBRANCES AFFECTING COLLATERAL Name of the company and address Amount of the debt
NONE
12. COLLATERAL Description Location of Collateral
13. COPY OF AGREEMENT Debtor hereby acknowledges receipt of a copy of this Security Agreement. 14. COPY OF FINANCING STATEMENT Debtor waives Debtor's right to receive a copy of any financing statement or financing change statement registered by RBC or any verification statement received in respect thereof (This provision applies in every PPSA province except Ontario). 15. NAME, ETC., OF DEBTOR Debtor represents and warrants that the following information is accurate: (Ensure proper full legal name is inserted)
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
DEBTOR NAME DATE OF BIRTH DAY MONTH YEAR
ADDRESS OF INDIVIDUAL DEBTOR CITY PROVINCE POSTAL CODE
IN WITNESS WHEREOF Debtor has executed this Security Agreement this ______(Month) (Day) (Year)
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BANK ADDRESS
REGISTRATION COPY Page 1 of 1