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Purchase Security Agreement
"Need a Purchase Security Agreement under Singapore law for our company's purchase of manufacturing equipment worth SGD 2.5 million, where we require security over the equipment until the final payment is made in March 2025."
1. Parties: Identification of secured party and debtor
2. Background: Context of the security arrangement and underlying purchase transaction
3. Definitions: Key terms used throughout the agreement
4. Grant of Security Interest: Express creation of security interest over the collateral
5. Description of Collateral: Detailed description of assets subject to security interest
6. Secured Obligations: Description of obligations being secured
7. Representations and Warranties: Standard assurances regarding ownership and right to grant security
8. Covenants: Ongoing obligations regarding maintenance and protection of collateral
9. Events of Default: Circumstances triggering enforcement rights
10. Enforcement Rights: Rights and remedies upon default
1. Insurance Requirements: Obligations to maintain insurance on collateral when physical property requiring insurance is involved
2. Third Party Rights: Provisions regarding rights of third parties when they may have interests in the collateral
3. Registration Requirements: Obligations regarding registration of security interest when registration is required
4. Priority Arrangements: Provisions regarding ranking of security interests when multiple security interests exist
1. Schedule of Collateral: Detailed listing and description of secured assets
2. Form of Notice: Template notices for registration or third party notification
3. Insurance Requirements: Detailed insurance specifications if applicable
4. Form of Security Registration: Required forms for registering security interest
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