The Commercial Security Agreement is a crucial document in Malaysian commercial and financial transactions where assets are provided as security for obligations. It is commonly used in lending arrangements, corporate financing, and asset-backed transactions where a party requires security over specific assets as collateral. The agreement must comply with Malaysian security and property laws, including registration requirements under the Companies Act 2016 and perfection requirements for different types of assets. The document typically includes detailed provisions on the secured assets, enforcement mechanisms, representations and warranties, and covenants to ensure the security interest remains effective throughout its duration. It is essential for protecting the interests of security holders while providing clear guidelines for security providers regarding their obligations and restrictions.
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1. Parties: Identification of the security provider and security holder, including full legal names and registration details
2. Background: Context of the security arrangement, including reference to any underlying agreements or obligations
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Grant of Security Interest: Clear description of the security interest being created and the assets being secured
5. Secured Obligations: Definition of the obligations being secured, including principal amounts, interest, and other secured liabilities
6. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and status of secured assets
7. Covenants: Ongoing obligations of the security provider regarding maintenance and protection of secured assets
8. Events of Default: Circumstances constituting default and triggering enforcement rights
9. Enforcement: Rights and remedies of the security holder upon default, including power of sale
10. Protection of Third Parties: Provisions protecting purchasers and other third parties dealing with the security holder
11. Notices: Process and requirements for giving notices under the agreement
12. Assignment and Transfer: Rules regarding transfer of rights under the agreement
13. Governing Law and Jurisdiction: Specification of Malaysian law as governing law and jurisdiction for disputes
14. Execution: Formal execution blocks for all parties
1. Insurance: Requirements for insurance of secured assets, used when secured assets require specific insurance coverage
2. Further Assurance: Obligations to execute additional documents, used in complex security arrangements
3. Power of Attorney: Appointment of security holder as attorney, used when direct control over secured assets may be needed
4. Set-off Rights: Rights to set off secured obligations against other amounts, used in banking relationships
5. Currency Provisions: Rules for handling multiple currencies, used in international transactions
6. Tax Provisions: Allocation of tax liabilities, used when security arrangement has significant tax implications
7. Regulatory Compliance: Additional compliance obligations, used when secured assets are subject to regulatory oversight
1. Schedule 1 - Secured Assets: Detailed description and/or list of all assets subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed description of all secured obligations, including amounts and terms
3. Schedule 3 - Form of Notice: Standard forms of notices to be given to third parties
4. Schedule 4 - Existing Security Interests: List of any existing security interests affecting the secured assets
5. Schedule 5 - Required Filings: List of all registrations and filings required to perfect the security
6. Appendix A - Asset Valuations: Independent valuations of secured assets where applicable
7. Appendix B - Related Agreements: Copies or details of related agreements referenced in the main document
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Trading
Retail
Construction
Infrastructure
Energy
Technology
Agriculture
Logistics
Healthcare
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretarial
Credit Administration
Commercial Operations
Business Development
Corporate Banking
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Director
Chief Financial Officer
Risk Manager
Compliance Officer
Company Secretary
Commercial Director
Treasury Manager
Credit Manager
Security Trustee
Relationship Manager
Corporate Banking Officer
Legal Manager
Contract Administrator
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