The Third Party Collateral Agreement is a crucial document in Philippine financing arrangements where a party other than the primary debtor provides security for a loan or other obligations. This arrangement is commonly used when borrowers require additional security to obtain financing but cannot provide sufficient collateral themselves. The agreement must comply with Philippine law, particularly the Civil Code, Personal Property Security Act, and banking regulations. It details the collateral arrangement, including asset description, maintenance requirements, enforcement mechanisms, and the rights and obligations of the collateral provider, primary debtor, and beneficiary. The document is essential in various commercial contexts, from corporate financing to real estate transactions, and requires careful consideration of both security and property laws in the Philippines.
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1. Parties: Identifies and defines all parties to the agreement: the Principal Debtor, the Collateral Provider (Third Party), and the Beneficiary/Secured Party
2. Background: Explains the context of the agreement, including reference to the primary obligation and the third party's willingness to provide collateral
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Grant of Security Interest: Details the creation and nature of the security interest over the collateral
5. Description of Collateral: Specific identification and description of the assets being provided as collateral
6. Secured Obligations: Defines the obligations being secured by the collateral
7. Representations and Warranties: Statements of fact and assurances from the Collateral Provider regarding ownership, authority, and status of the collateral
8. Covenants: Ongoing obligations of the Collateral Provider regarding maintenance and preservation of the collateral
9. Events of Default: Circumstances that constitute default and trigger enforcement rights
10. Enforcement Rights: Rights and remedies of the Beneficiary upon default
11. Duration and Release: Term of the agreement and conditions for release of the collateral
12. Notices: Communication procedures between parties
13. Governing Law and Jurisdiction: Specifies Philippine law as governing law and jurisdiction for disputes
1. Insurance: Required when the collateral needs to be insured, specifying insurance requirements and beneficiary rights
2. Registration and Perfection: Included when the collateral requires registration under the Personal Property Security Act or other registries
3. Income and Voting Rights: Necessary when the collateral consists of shares or income-generating assets
4. Further Assurance: Optional section requiring parties to execute additional documents if needed for perfection or enforcement
5. Costs and Expenses: Optional section allocating registration, maintenance, and enforcement costs
6. Assignment and Transfer: Include when parties want to specifically address transferability of rights under the agreement
7. Independent Security: Optional section clarifying that the security is independent of other security interests
1. Schedule 1 - Collateral Description: Detailed technical or legal description of the collateral, including any registration numbers or identifying features
2. Schedule 2 - Primary Obligation Details: Details of the primary debt or obligation being secured, including amount, terms, and conditions
3. Schedule 3 - Perfection Requirements: List of required filings, registrations, and notices for perfecting the security interest
4. Schedule 4 - Form of Notice of Assignment: Template for notifying relevant parties of the security interest
5. Schedule 5 - Authorized Signatories: List of persons authorized to act on behalf of each party
6. Appendix A - Required Documents: List of documents required from the Collateral Provider to establish ownership and authority
7. Appendix B - Enforcement Procedures: Detailed procedures for enforcement in case of default, compliant with Philippine law
Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Commercial Lending
Construction
Agriculture
Import/Export
Retail
Infrastructure Development
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Risk Management
Compliance
Corporate Secretariat
Credit Administration
Loan Operations
Treasury
Commercial Banking
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Credit Risk Officer
Compliance Officer
Corporate Secretary
Security Documentation Officer
Loan Officer
Relationship Manager
Credit Analyst
Chief Financial Officer
Treasury Manager
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Risk Management Officer
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Legal Documentation Specialist
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