The Third Party Security Agreement is a fundamental document in Philippine secured transactions, used when a party (the Security Provider) agrees to provide security over their assets to secure the obligations of another party (the Debtor) to a creditor. This arrangement is common in corporate financing, real estate transactions, and various commercial scenarios where the principal debtor may not have sufficient assets to provide security. The document must comply with Philippine legal requirements, including the Civil Code, Securities Regulation Code, and relevant property laws. It typically includes detailed provisions on the security creation, perfection requirements, enforcement mechanisms, and the specific rights and obligations of all parties involved. The agreement becomes particularly important in cross-corporate guarantees, family business arrangements, or group company structures where related entities provide security for each other's obligations.
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1. Parties: Identifies the three key parties: (1) the Creditor/Secured Party, (2) the Debtor, and (3) the Third Party Security Provider
2. Background: Explains the context of the security arrangement, including reference to the primary debt obligation and the third party's willingness to provide security
3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules
4. Creation of Security Interest: Details the security interest being created and the assets being secured
5. Secured Obligations: Specifies the obligations being secured, including the primary debt and any related obligations
6. Representations and Warranties: Contains representations and warranties from the Security Provider regarding ownership, authority to grant security, and status of the secured assets
7. Covenants: Sets out ongoing obligations of the Security Provider regarding the secured assets
8. Enforcement: Details the circumstances and process for enforcing the security interest
9. Power of Attorney: Grants powers to the Secured Party to perfect or enforce the security
10. Further Assurance: Requires parties to execute additional documents and take actions necessary to perfect the security
11. Indemnification: Contains indemnification provisions protecting the Secured Party
12. Term and Termination: Specifies duration of the agreement and termination events
13. Miscellaneous: Contains standard boilerplate provisions including notices, amendments, governing law, etc.
1. Security Trustee Provisions: Required when the security is held by a trustee on behalf of multiple creditors
2. Insurance: Required when specific insurance requirements apply to the secured assets
3. Priority Arrangements: Needed when there are multiple security interests and priority needs to be established
4. Currency Provisions: Required for cross-border transactions involving multiple currencies
5. Tax Provisions: Needed when specific tax implications need to be addressed
6. Registration Requirements: Required when the security must be registered with specific government agencies
1. Schedule 1 - Description of Secured Assets: Detailed description and/or list of assets subject to the security interest
2. Schedule 2 - Form of Notice of Assignment: Template for notifying relevant parties of the security interest
3. Schedule 3 - Secured Obligations: Detailed description of the underlying obligations being secured
4. Schedule 4 - Perfection Requirements: List of actions required to perfect the security interest
5. Schedule 5 - Security Provider Details: Detailed information about the Security Provider and secured assets
6. Appendix A - Required Forms: Standard forms required for registration or perfection of security
7. Appendix B - Powers of Attorney: Forms of powers of attorney required for enforcement
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Construction
Infrastructure
Energy
Telecommunications
Mining
Agriculture
Transportation and Logistics
Retail and Commercial
Healthcare
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Corporate Secretarial
Credit Administration
Commercial Operations
Business Development
Security Administration
Relevant Roles
Legal Counsel
Corporate Lawyer
Finance Director
Chief Financial Officer
Risk Manager
Credit Manager
Security Trustee
Compliance Officer
Corporate Secretary
Treasury Manager
Legal Manager
Security Documentation Officer
Financial Controller
Commercial Director
Business Development Manager
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