The Collateral Security Agreement is a crucial document in secured lending transactions under Philippine law, used when a party (grantor) provides security over specific assets to secure obligations owed to another party (secured party). This agreement is particularly important following the enactment of the Personal Property Security Act (RA 11057), which modernized the framework for secured transactions in the Philippines. The document must comply with specific requirements for creating an enforceable security interest, including detailed description of the collateral, clear identification of the secured obligations, and proper execution formalities. It typically includes provisions for registration in the Personal Property Security Registry, enforcement mechanisms aligned with Philippine law, and specific rights and obligations of the parties. The agreement is commonly used in various commercial contexts, from simple bilateral security arrangements to complex multi-party financing transactions.
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1. Parties: Identifies and defines the Secured Party and the Grantor
2. Background: Sets out the context of the security arrangement and references any underlying obligations or facilities
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules
4. Grant of Security Interest: Creates and defines the security interest over the collateral
5. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of collateral
6. Covenants: Ongoing obligations of the Grantor regarding maintenance and use of collateral
7. Events of Default: Circumstances that constitute default under the agreement
8. Enforcement Rights: Secured Party's rights and remedies upon default
9. Power of Attorney: Appointment of Secured Party as attorney-in-fact for enforcement purposes
10. Notices: Communication requirements and contact details
11. General Provisions: Standard boilerplate clauses including governing law, amendments, and severability
1. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage
2. Third Party Consents: Requirements for obtaining third party approvals, used when collateral involves third party rights
3. Priority Arrangements: Provisions dealing with other security interests, used when multiple secured parties exist
4. Cross-Collateralization: Provisions extending security to other obligations, used in multiple facility arrangements
5. Currency Provisions: Required when secured obligations involve multiple currencies
6. Registration Requirements: Special provisions for registration when collateral requires specific registrations
1. Schedule 1 - Collateral Description: Detailed description of all assets serving as collateral
2. Schedule 2 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
3. Schedule 3 - Collateral Location: Specified locations where collateral is kept or maintained
4. Schedule 4 - Form of Notice: Template notices for various required communications
5. Schedule 5 - Secured Obligations: Detailed description of the obligations secured by the agreement
6. Appendix A - Registration Forms: Forms required for registering the security interest with relevant authorities
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Agriculture
Retail
Technology
Transportation and Logistics
Construction
Energy
Telecommunications
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit Administration
Corporate Secretariat
Operations
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Risk Officer
Compliance Officer
Security Trustee Officer
Contract Administrator
Legal Manager
Chief Legal Officer
Chief Financial Officer
Risk Manager
Treasury Manager
Loan Officer
Corporate Secretary
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