A Purchase Security Agreement is essential when a party wants to secure their interest in property being sold or financed. This document, commonly used in the United States, creates a legally enforceable security interest in specified collateral, protecting the secured party's rights in case of default. The agreement must comply with UCC Article 9 requirements and includes detailed descriptions of the collateral, obligations secured, default provisions, and remedies. It's particularly important in commercial transactions, asset-based lending, and retail financing where the seller or lender wants to maintain a security interest until full payment is received.
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1. Parties: Identification of secured party and debtor
2. Background: Context of the security agreement and underlying transaction
3. Definitions: Key terms used throughout the agreement including UCC-specific terminology
4. Grant of Security Interest: Formal creation of security interest in collateral
5. Description of Collateral: Detailed description of assets serving as security
6. Obligations Secured: Description of debts or obligations being secured
7. Representations and Warranties: Statements about ownership and condition of collateral
8. Default Provisions: Events constituting default and remedies
1. Insurance Requirements: Requirements for insuring collateral - used when collateral requires insurance protection
2. After-Acquired Property: Provisions for future-acquired collateral - used when security interest extends to future property
3. Cross-Collateralization: Provisions securing multiple obligations - used when multiple debts are secured by same collateral
1. Schedule A - Collateral Description: Detailed inventory or description of secured assets
2. Schedule B - Permitted Liens: List of pre-existing or permitted encumbrances
3. Schedule C - Filing Locations: List of jurisdictions where financing statements must be filed
4. Exhibit A - Form of Financing Statement: Template UCC-1 financing statement
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