A Security Agreement Contract is a fundamental document in secured lending transactions under Philippine law, used when a party (the grantor) wishes to provide security over personal property to secure obligations owed to another party (the secured party). The agreement must comply with the requirements of the Personal Property Security Act (RA 11057) and related Philippine legislation. It is typically used in conjunction with loan agreements, facility agreements, or other primary debt instruments, providing the lender with security over specific assets as collateral. The document includes detailed provisions on the creation and perfection of the security interest, maintenance of the collateral, events of default, and enforcement rights. This type of agreement is essential in both commercial lending and corporate finance transactions, providing creditors with enforceable rights over specified assets in case of default.
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1. Parties: Identification of the Grantor (security provider) and Secured Party, including complete legal names and addresses
2. Background: Context of the security agreement, reference to any underlying credit or facility agreement, and purpose of the security
3. Definitions: Definitions of key terms used throughout the agreement, including specific Philippine law references
4. Grant of Security Interest: Clear statement creating and granting the security interest over the collateral
5. Description of Collateral: Detailed description of the assets subject to the security interest, as required by the Personal Property Security Act
6. Secured Obligations: Definition and scope of the obligations being secured by the agreement
7. Representations and Warranties: Grantor's declarations regarding ownership, authority, and status of the collateral
8. Covenants: Ongoing obligations of the Grantor regarding maintenance, insurance, and preservation of the collateral
9. Events of Default: Circumstances constituting default under the agreement
10. Enforcement Rights: Rights and remedies of the Secured Party upon default, including taking possession and disposal of collateral
11. Registration and Perfection: Requirements and procedures for registering the security interest
12. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction for disputes
1. Control Agreements: Required when security includes bank accounts or investment property requiring control agreements
2. Intellectual Property Provisions: Specific provisions for when intellectual property forms part of the collateral
3. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage
4. Third Party Consents: Provisions regarding obtaining necessary third party consents for certain types of collateral
5. Priority Arrangements: Required when there are multiple secured parties or existing security interests
6. Special Enforcement Provisions: Additional enforcement mechanisms for specific types of collateral
7. Further Assurance: Provisions for additional documentation or actions needed for foreign collateral or special assets
1. Schedule of Collateral: Detailed itemization and description of all assets subject to the security interest
2. Schedule of Intellectual Property: List and details of any intellectual property rights included as collateral
3. Schedule of Existing Security Interests: List of any pre-existing security interests or encumbrances on the collateral
4. Schedule of Required Filings: List of all necessary registrations and filings required to perfect the security interest
5. Schedule of Required Consents: List of third party consents required for the security interest
6. Form of Notice: Standard form for notices to be given to account debtors or other relevant parties
7. Form of Control Agreement: Standard form of control agreement for bank accounts or investment property
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Lending
Asset Finance
Manufacturing
Real Estate and Construction
Technology and Software
Retail and Commerce
Agriculture
Infrastructure
Transportation and Logistics
Relevant Teams
Legal
Finance
Compliance
Risk Management
Treasury
Credit Administration
Corporate Secretariat
Loan Operations
Transaction Management
Security Administration
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Risk Officer
Compliance Officer
Chief Financial Officer
Treasury Manager
Security Trustee
Loan Officer
Corporate Secretary
Transaction Manager
Risk Management Officer
Commercial Banking Officer
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