The Personal Property Security Agreement is a crucial document in Malaysian secured financing transactions, used when a party needs to create a security interest over movable property to secure financial obligations. It is governed by Malaysian law, particularly the Hire Purchase Act 1967, and must comply with local registration requirements and enforcement procedures. The agreement is essential for various financing arrangements, from simple bilateral loans to complex corporate financing structures, and typically includes detailed descriptions of the collateral, secured obligations, representations and warranties, and enforcement mechanisms. This document is particularly important in commercial lending, asset financing, and general corporate borrowing where personal property serves as security.
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1. Parties: Identification of the secured party (creditor) and grantor (debtor), including full legal names and addresses
2. Background: Context of the security agreement, including reference to any underlying loan or credit agreement
3. Definitions: Definitions of key terms used throughout the agreement, including specific Malaysian legal terminology
4. Grant of Security Interest: Express creation and grant of the security interest in the collateral
5. Description of Collateral: Detailed description of the personal property serving as collateral
6. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of collateral
7. Obligations Secured: Description of the debts and obligations secured by the agreement
8. Covenants: Ongoing obligations of the grantor regarding maintenance and use of collateral
9. Events of Default: Circumstances constituting default under the agreement
10. Enforcement Rights: Secured party's rights and remedies upon default
11. Further Assurance: Grantor's obligation to execute additional documents or take actions to perfect security
12. Notices: Requirements for giving formal notices under the agreement
13. Governing Law: Confirmation of Malaysian law as governing law and jurisdiction
1. Third Party Rights: Required when there are third parties with interests in the collateral or guarantors involved
2. Insurance Requirements: Included when specific insurance coverage for the collateral is required
3. Priority Arrangements: Needed when there are multiple security interests or lenders involved
4. Special Collateral Provisions: Required for specific types of collateral like intellectual property or vehicles
5. Cross-Default Provisions: Included when the security agreement is part of a larger financing arrangement
6. Assignment and Transfer: Required when either party may need to transfer their rights under the agreement
1. Schedule 1 - Collateral Description: Detailed description of all personal property subject to the security interest
2. Schedule 2 - Secured Obligations: Details of the underlying debt or obligations being secured
3. Schedule 3 - Permitted Security Interests: List of any pre-existing or permitted security interests on the collateral
4. Schedule 4 - Form of Notice: Template forms for various notices required under the agreement
5. Appendix A - Registration Requirements: Details of security interest registration requirements under Malaysian law
6. Appendix B - Condition Reports: Initial condition reports or valuations of the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Manufacturing
Retail
Automotive
Agriculture
Technology
Construction
Transportation
Equipment Leasing
Small and Medium Enterprises
Real Estate
Industrial
Trading
Logistics
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Corporate Secretarial
Treasury
Security Documentation
Loan Operations
Collections
Asset Management
Contract Administration
Banking Operations
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Risk Manager
Compliance Officer
Corporate Secretary
Chief Financial Officer
Treasury Manager
Security Documentation Officer
Loan Officer
Collections Manager
Asset Manager
Contract Administrator
Legal Manager
Banking Operations Manager
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