The Commercial Security Agreement serves as a fundamental document in secured lending transactions under Indian law, establishing security interests over various types of assets to secure financial obligations. It is commonly used in both corporate and commercial financing arrangements where lenders require security over the borrower's assets as collateral. The agreement must comply with multiple Indian legislations, including the SARFAESI Act, Transfer of Property Act, and Indian Contract Act, among others. It typically includes detailed provisions regarding the creation and perfection of security interests, maintenance of collateral, events of default, and enforcement mechanisms. This document is essential for protecting the lender's interests while providing a clear framework for the borrower's obligations regarding the secured assets.
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1. Parties: Identification of the security provider/grantor and the secured party/beneficiary with their full legal names and addresses
2. Background: Context of the security arrangement, reference to any underlying obligations or facilities, and purpose of the security
3. Definitions: Definitions of key terms used throughout the agreement, including description of secured obligations, security assets, and enforcement events
4. Creation of Security Interest: Express provisions creating and granting the security interest over the secured assets
5. Secured Assets: Detailed description and categorization of the assets over which security is being created
6. Secured Obligations: Definition and scope of the obligations being secured, including principal, interest, and other amounts
7. Representations and Warranties: Statements of fact and assurances given by the security provider regarding their authority, ownership of assets, and absence of encumbrances
8. Covenants: Ongoing obligations of the security provider regarding maintenance, insurance, and preservation of the secured assets
9. Further Assurance: Obligation to execute additional documents and take further steps to perfect the security
10. Events of Default: Circumstances that trigger enforcement rights and remedies
11. Enforcement: Rights and remedies available to the secured party upon default
12. Power of Attorney: Appointment of the secured party as attorney to perfect or enforce the security
13. Notices: Process and requirements for serving notices under the agreement
14. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction of Indian courts
1. Security Margin: Required when the security includes financial assets or requires maintenance of specific value ratios
2. Bank Accounts: Required when the security includes charge over bank accounts or requires establishment of specific accounts
3. Insurance: Detailed insurance requirements when secured assets require specific insurance coverage
4. Intellectual Property: Required when security includes IP rights or licenses
5. Registration and Perfection: Specific requirements for registration with authorities when applicable
6. Receivables: Required when security includes book debts or receivables
7. Priority Arrangements: Required when there are multiple security interests or intercreditor arrangements
8. Digital Assets: Required when security includes digital assets or cryptocurrency
1. Schedule 1 - Description of Secured Assets: Detailed list and description of all assets subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed description of the secured obligations, including facilities, agreements, or other obligations
3. Schedule 3 - Form of Notice: Standard forms of notices to be given to third parties (e.g., account banks, insurers)
4. Schedule 4 - Existing Security Interests: List of any permitted existing security interests over the secured assets
5. Schedule 5 - Properties: Details of any immovable properties included in the security
6. Appendix A - Registration Requirements: Checklist of registration requirements and forms for different types of secured assets
7. Appendix B - Security Perfection Requirements: List of actions required to perfect the security interest for different types of assets
Authors
Relevant legal definitions
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Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate
Information Technology
Retail
Infrastructure
Logistics
Agriculture
Healthcare
Energy
Telecommunications
Mining & Minerals
Relevant Teams
Legal
Finance
Risk Management
Compliance
Treasury
Credit
Corporate Secretarial
Banking Operations
Loan Administration
Security Operations
Document Management
Relevant Roles
Legal Counsel
Finance Director
Chief Financial Officer
Risk Manager
Compliance Officer
Corporate Secretary
Security Trustee Officer
Credit Manager
Loan Officer
Commercial Banking Manager
Treasury Manager
Asset Manager
Corporate Lawyer
Banking Lawyer
Security Documentation Specialist
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