A Security Agreement For Promissory Note is a crucial document in Philippine secured lending transactions where a creditor requires additional security beyond a mere promise to pay. This agreement creates a security interest in specific collateral to secure the debtor's obligations under a promissory note, providing the creditor with rights to seize or sell the collateral upon default. The document must comply with the Philippine Personal Property Security Act, the Civil Code, and the Negotiable Instruments Law. It's commonly used in business loans, asset financing, and other credit arrangements where the lender requires tangible security. The agreement includes detailed provisions about the collateral, rights and obligations of parties, default scenarios, and enforcement mechanisms, all structured within the Philippine legal framework.
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1. Parties: Identifies the secured party (creditor) and the debtor, including their complete legal names and addresses
2. Background: Describes the context of the security agreement, referencing the promissory note and the parties' intention to create a security interest
3. Definitions: Defines key terms used throughout the agreement, including references to the promissory note, collateral, and security interest
4. Grant of Security Interest: Explicitly creates and grants the security interest in the collateral to secure the obligations under the promissory note
5. Description of Collateral: Detailed description of the property being used as collateral to secure the promissory note
6. Secured Obligations: Specifies the obligations being secured, including reference to the promissory note amount, interest, and other secured obligations
7. Representations and Warranties: Debtor's declarations regarding ownership, authority to grant security interest, and status of collateral
8. Covenants: Ongoing obligations of the debtor regarding maintenance, insurance, and preservation of the collateral
9. Default and Remedies: Defines events of default and outlines the secured party's rights and remedies upon default
10. Enforcement: Procedures and rights for enforcing the security interest upon default
11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Third Party Rights: Required when there are other creditors or interest holders in the collateral that need to be addressed
2. Insurance Requirements: Detailed section needed when specific insurance requirements for the collateral are necessary
3. Special Collateral Provisions: Required when dealing with unique types of collateral requiring special handling or maintenance
4. Registration and Perfection: Detailed requirements for registration when the security interest needs specific perfection steps
5. Subordination Provisions: Required when there are multiple security interests that need to be ranked
6. Power of Attorney: Optional authorization for the secured party to act on behalf of the debtor in certain circumstances
1. Schedule A - Promissory Note: Copy or details of the underlying promissory note being secured
2. Schedule B - Collateral Description: Detailed description and/or inventory of all collateral covered by the security agreement
3. Schedule C - Permitted Liens: List of any existing liens or encumbrances on the collateral that are permitted under the agreement
4. Schedule D - Filing and Registration Details: Details of where and how the security interest is to be registered or filed
5. Appendix 1 - Form of Notice: Standard form for any notices required under the agreement
6. Appendix 2 - Insurance Requirements: Detailed specifications for required insurance coverage on the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Lending and Credit
Real Estate
Manufacturing
Retail
Agriculture
Construction
Technology
General Commerce
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Credit and Risk
Compliance
Operations
Treasury
Commercial Banking
Documentation
Collections and Recovery
Corporate Secretarial
Relevant Roles
Credit Officer
Loan Officer
Risk Manager
Corporate Lawyer
Legal Counsel
Finance Manager
Chief Financial Officer
Credit Risk Analyst
Compliance Officer
Banking Operations Manager
Collections Manager
Security Documentation Specialist
Commercial Banking Officer
Treasury Manager
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