Purchase Money Security Agreement

Purchase Money Security Agreement Template for Singapore

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Key Requirements PROMPT example:

"Need a Purchase Money Security Agreement for our company's purchase of manufacturing equipment worth SGD 2.5 million from ABC Industries, with quarterly payments over 3 years starting March 2025 and including specific maintenance requirements for the equipment."

Document background

The Purchase Money Security Agreement is essential when a party requires financing to purchase goods or assets in Singapore. It provides the financier with a security interest in the purchased property, ensuring priority over other creditors under the Personal Property Securities Act 2023. This document is commonly used in commercial transactions where immediate full payment isn't possible, detailing the purchase terms, payment schedule, and the secured party's rights in case of default. The agreement must comply with Singapore's registration requirements and security interest perfection rules.

Suggested Sections

1. Parties: Identification of secured party and debtor

2. Background: Context of the purchase and security arrangement

3. Definitions: Key terms used throughout the agreement

4. Grant of Security Interest: Creation and scope of the security interest

5. Description of Collateral: Detailed description of the secured property

6. Purchase Money Obligations: Payment terms and conditions

7. Representations and Warranties: Statements of fact by the debtor

8. Covenants: Ongoing obligations of the debtor

9. Default Provisions: Events of default and consequences

10. Enforcement Rights: Secured party's rights upon default

Optional Sections

1. Insurance Requirements: Insurance obligations for the collateral when the secured property requires insurance protection

2. Third Party Rights: Rights of third parties in relation to the security interest when third parties have potential claims on the collateral

3. Cross-Default Provisions: Links to other agreements when multiple agreements exist between parties

Suggested Schedules

1. Schedule of Collateral: Detailed listing and description of secured property

2. Payment Schedule: Detailed payment terms and dates

3. Registration Forms: Forms required for PPSA registration

4. Insurance Certificates: Proof of insurance coverage for collateral

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Manufacturing
Retail
Agriculture
Technology
Transportation

Relevant Teams

Finance
Legal
Commercial
Credit
Operations

Relevant Roles

Chief Financial Officer
Finance Manager
Credit Manager
Commercial Director
Legal Counsel

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Let's create your Purchase Money Security Agreement

Authors

Alex Denne

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