The Security Trust Agreement is a critical document in secured financing transactions in the Philippines, particularly in syndicated loans, project finance, and complex security arrangements involving multiple creditors. It streamlines the administration of security interests by appointing a single trustee to act on behalf of various secured parties, eliminating the need for individual security arrangements. The agreement must comply with Philippine banking regulations, trust laws, and security interest requirements, including those under Republic Act No. 8791 and the Securities Regulation Code. This structure is particularly valuable in large-scale financing where security interests need to be held and managed efficiently for multiple lenders, while ensuring compliance with local legal requirements for trust arrangements and secured transactions.
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1. Parties: Identification of all parties including the Security Trustee, Secured Parties, and Security Provider
2. Background: Context of the agreement including reference to underlying facilities or obligations being secured
3. Definitions and Interpretation: Comprehensive definitions of terms used and rules of interpretation
4. Appointment of Security Trustee: Terms of appointment and scope of authority of the Security Trustee
5. Declaration of Trust: Formal declaration establishing the trust over the security assets
6. Security Assets: Description and scope of the assets subject to the security trust
7. Security Trustee's Powers and Duties: Detailed outline of the Security Trustee's authorities, responsibilities, and limitations
8. Rights and Obligations of Secured Parties: Terms governing the secured parties' rights and responsibilities
9. Representations and Warranties: Standard and specific representations and warranties from all parties
10. Security Provider Covenants: Ongoing obligations and undertakings of the Security Provider
11. Events of Default: Circumstances constituting default and consequential rights
12. Enforcement: Procedures and powers for enforcing security upon default
13. Payments and Application of Proceeds: Rules for distributing proceeds from enforcement or income from security assets
14. Costs and Indemnities: Allocation of costs and indemnification obligations
15. Termination: Circumstances and process for terminating the trust arrangement
16. Governing Law and Jurisdiction: Specification of Philippine law as governing law and jurisdiction provisions
1. Security Trustee Remuneration: Detailed fee structure for the Security Trustee - used when fees are complex or not covered in facility documentation
2. Parallel Debt: Creates parallel payment obligations - used in cross-border transactions where security interest creation needs additional support
3. Tax Provisions: Detailed tax arrangements - used when complex tax implications exist or cross-border elements are involved
4. Currency Provisions: Rules for handling multiple currencies - used in international transactions
5. Syndication Provisions: Procedures for handling syndicated facilities - used when multiple lenders are involved
6. Agent Provisions: Appointment and duties of agents - used when additional administrative agents are required
1. Schedule 1 - Security Assets: Detailed listing and description of all assets subject to the security trust
2. Schedule 2 - Secured Parties: List of all secured parties and their respective interests/commitments
3. Schedule 3 - Forms of Accession: Standard forms for new parties to accede to the agreement
4. Schedule 4 - Security Documents: List and copies of all related security documents
5. Schedule 5 - Fee Schedule: Detailed breakdown of Security Trustee fees and payment terms
6. Schedule 6 - Notice Forms: Standard forms for various notices required under the agreement
7. Appendix A - Power of Attorney: Form of power of attorney granted to Security Trustee
8. Appendix B - Enforcement Procedures: Detailed procedures for security enforcement
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Infrastructure
Energy
Manufacturing
Construction
Mining
Telecommunications
Transportation
Project Finance
Corporate Finance
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Trust Administration
Security Administration
Project Finance
Corporate Finance
Relevant Roles
Chief Legal Officer
Legal Counsel
Corporate Lawyer
Finance Director
Chief Financial Officer
Treasury Manager
Security Trustee Officer
Compliance Officer
Risk Manager
Transaction Manager
Project Finance Manager
Corporate Secretary
Banking Lawyer
Trust Officer
Security Agent
Facility Agent
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