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Business Security Agreement
"Need a Business Security Agreement to secure a S$5 million equipment loan from DBS Bank, with the security to be granted over our manufacturing equipment and inventory located in our Singapore facility, to be effective from March 2025."
1. Parties: Identification of the secured party and the debtor
2. Background: Context of the security arrangement and underlying obligations
3. Definitions: Key terms used throughout the agreement including references to relevant Singapore legislation
4. Grant of Security Interest: Description of the security interest being created in accordance with Singapore law
5. Description of Collateral: Detailed description of the assets subject to the security interest
6. Secured Obligations: Description of the obligations being secured under the agreement
7. Representations and Warranties: Statements of fact by the debtor regarding the collateral and authority
8. Covenants: Ongoing obligations of the debtor including compliance with Singapore law
9. Events of Default: Circumstances triggering enforcement rights
10. Enforcement Rights: Rights and remedies upon default in accordance with Singapore law
1. Insurance Requirements: Specific insurance obligations for the collateral when required
2. Third Party Rights: Rights of third parties in relation to the collateral and compliance with Singapore third-party rights legislation
3. Cross-Default Provisions: Provisions linking defaults under other agreements when multiple agreements are interconnected
1. Schedule of Collateral: Detailed listing and description of all secured assets
2. Form of Notice: Template notices for third parties regarding the security interest
3. Priority Arrangements: Details of ranking among different security interests when multiple security interests exist
4. Existing Encumbrances: List of pre-existing security interests or encumbrances on the collateral
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