A General Security Agreement is a fundamental document in secured lending transactions under Philippine law, used when a party (typically a borrower) grants security interests over their assets to secure their obligations to a creditor. This document is essential in various commercial contexts, from simple bilateral loans to complex financing arrangements. The agreement must comply with the Personal Property Security Act (RA 11057) and the Civil Code of the Philippines, including specific requirements for creation, perfection, and enforcement of security interests. It contains detailed provisions about the collateral, parties' rights and obligations, events of default, and enforcement mechanisms. The document is particularly important in the Philippine context due to specific local law requirements for security interests and their enforcement.
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1. Parties: Identifies and provides details of the Secured Party and the Grantor
2. Background: Explains the context of the security agreement and the underlying obligations being secured
3. Definitions: Defines key terms used throughout the agreement
4. Grant of Security Interest: Establishes the creation of the security interest and describes the collateral
5. Secured Obligations: Specifies the obligations being secured by the agreement
6. Representations and Warranties: Sets out the Grantor's declarations regarding ownership, authority, and status of collateral
7. Covenants: Details the ongoing obligations of the Grantor regarding the collateral and maintenance of security
8. Perfection Requirements: Outlines steps required to perfect the security interest under Philippine law
9. Events of Default: Defines circumstances constituting default under the agreement
10. Enforcement Rights: Details the Secured Party's rights and remedies upon default
11. Power of Attorney: Grants the Secured Party authority to act on behalf of the Grantor in specified circumstances
12. Notices: Specifies how formal communications between parties should be made
13. General Provisions: Contains standard boilerplate clauses including governing law, amendments, and severability
1. Insurance Requirements: Include when collateral requires specific insurance coverage
2. Third Party Consents: Include when security over certain collateral requires third party approval
3. Priority Arrangements: Include when there are multiple secured parties or existing security interests
4. Special Provisions for Consumer Goods: Include when collateral includes consumer goods subject to Consumer Act provisions
5. Electronic Execution: Include when agreement will be executed electronically under E-Commerce Act
6. Foreign Currency Provisions: Include when secured obligations are in foreign currency
7. Intellectual Property Provisions: Include when collateral includes intellectual property rights
1. Schedule of Collateral: Detailed description and itemization of all assets subject to the security interest
2. Schedule of Existing Security Interests: List of any pre-existing security interests or encumbrances on the collateral
3. Schedule of Permitted Security Interests: List of security interests that may be created over the collateral in the future
4. Schedule of Locations: List of locations where collateral is stored or maintained
5. Schedule of Intellectual Property: Details of any intellectual property rights included in the collateral
6. Schedule of Required Filings: List of necessary registrations and filings for perfection
7. Form of Notice: Template for notices to be given to third parties regarding the security interest
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Banking and Financial Services
Commercial Lending
Corporate Finance
Asset Finance
Real Estate
Manufacturing
Agriculture
Retail
Technology
Infrastructure
Energy
Transportation
Construction
Relevant Teams
Legal
Finance
Credit Risk
Commercial Banking
Compliance
Corporate Secretariat
Treasury
Risk Management
Business Development
Contract Administration
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Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Risk Manager
Commercial Banking Officer
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Corporate Secretary
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