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Third Party Security Agreement for Philippines

Third Party Security Agreement Template for Philippines

A Third Party Security Agreement under Philippine law is a crucial legal document that establishes a security interest over assets owned by a third party to secure the obligations of a debtor to a creditor. This agreement is governed by Philippine civil law, particularly the Civil Code of the Philippines and the Securities Regulation Code, and must comply with local registration and perfection requirements. The document details the nature of the security interest, the secured obligations, the rights and obligations of all parties, enforcement mechanisms, and includes necessary provisions for creating a legally binding security arrangement in the Philippine jurisdiction.

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What is a Third Party Security Agreement?

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.

What sections should be included in a Third Party Security Agreement?

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.

What sections are optional to include in a Third Party Security Agreement?

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

What schedules should be included in a Third Party Security Agreement?

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

Alex Denne

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

Jurisdiction

Philippines

Document Type

Security Agreement

Cost

Free to use
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

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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