The Chattel Security Agreement is a crucial document in Philippine secured lending practice, used when parties wish to create a security interest in personal property while allowing the borrower to maintain possession and use of the assets. This document type gained renewed importance with the implementation of the Personal Property Security Act (PPSA) in 2018, which modernized the framework for secured transactions in the Philippines. The agreement is commonly used in business financing, equipment leasing, and various commercial transactions where movable assets serve as collateral. It must specify the secured obligations, describe the collateral in detail, outline the rights and obligations of both parties, and include provisions for enforcement in case of default. The document needs to comply with PPSA requirements for creation and perfection of security interests, making it essential for lenders and borrowers engaged in secured financing transactions in the Philippines.
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1. Parties: Identifies and defines the Secured Party and the Grantor
2. Background: Explains the context of the security agreement and the basic transaction structure
3. Definitions: Defines key terms used throughout the agreement, including specific PPSA terminology
4. Grant of Security Interest: Creates and defines the security interest in the collateral
5. Description of Collateral: Detailed description of the chattel(s) serving as collateral
6. Secured Obligations: Specifies the obligations being secured by the collateral
7. Representations and Warranties: Grantor's confirmations regarding ownership, condition, and status of the collateral
8. Covenants: Ongoing obligations of the Grantor regarding maintenance, insurance, and use of the collateral
9. Events of Default: Specifies circumstances constituting default under the agreement
10. Enforcement Rights and Remedies: Details the Secured Party's rights and remedies upon default
11. Notice Requirements: Specifies how and where notices must be given between parties
12. Governing Law: Confirms Philippine law as governing law and jurisdiction
13. Execution: Signature blocks and execution formalities
1. Purchase Money Security Interest Provisions: Required when the security interest qualifies as a PMSI under the PPSA
2. Registration and Perfection: Additional provisions regarding registration requirements when needed for specific types of collateral
3. Third Party Consents: Required when third party approvals are needed for the security interest
4. Insurance Requirements: Detailed insurance provisions for high-value chattels
5. Intercreditor Provisions: Required when there are multiple secured parties or competing security interests
6. Tax Provisions: Detailed tax provisions when significant tax implications exist
7. Assignment and Transfer: Provisions governing the transfer of rights under the agreement when needed
1. Schedule A - Collateral Description: Detailed technical description of the chattel(s), including serial numbers, locations, and identifying features
2. Schedule B - Permitted Locations: List of locations where the collateral may be kept or used
3. Schedule C - Existing Security Interests: List of any pre-existing security interests or encumbrances on the collateral
4. Schedule D - Form of Notice: Standard form for notices required under the agreement
5. Appendix 1 - Registration Requirements: Specific requirements for registering the security interest under PPSA
6. Appendix 2 - Insurance Requirements: Detailed insurance specifications and requirements
7. Appendix 3 - Condition Report: Initial condition report of the chattel(s) at the time of agreement
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Agriculture
Transportation & Logistics
Construction
Technology & Equipment
Automotive
Industrial Equipment
Retail
Real Estate
Small & Medium Enterprises
Mining & Resources
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Corporate Secretariat
Treasury
Commercial Lending
Collections
Asset Management
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Risk Manager
Commercial Lending Officer
Compliance Officer
Corporate Secretary
Security Trustee
Loan Officer
Collections Manager
Credit Risk Analyst
Legal Manager
Chief Financial Officer
Treasury Manager
Asset Manager
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