The Purchase Money Security Agreement is essential when financing the acquisition of goods where the lender or seller wants to maintain a security interest in the purchased items. This document is commonly used across the United States and must comply with UCC Article 9 requirements. It includes specific details about the collateral, payment terms, maintenance obligations, and default procedures. The agreement's purchase money nature provides the secured party with special priority rights over other creditors, making it particularly valuable in secured transactions. It's crucial for establishing clear rights and obligations between parties and ensuring enforceability in case of default.
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1. Parties: Identification of the secured party (lender/seller) and debtor (buyer)
2. Background: Brief description of the transaction and purpose of the security agreement
3. Definitions: Key terms used throughout the agreement, including 'Collateral', 'Obligations', 'Event of Default'
4. Grant of Security Interest: Formal creation of the security interest in the collateral
5. Description of Collateral: Detailed description of the property serving as collateral
6. Purchase Money Nature: Express declaration of purchase money security interest status
7. Representations and Warranties: Debtor's statements regarding ownership, authority, and condition of collateral
8. Covenants: Ongoing obligations of the debtor regarding maintenance and use of collateral
9. Default Provisions: Definition of default events and consequences
10. Remedies: Secured party's rights and remedies upon default
1. Insurance Requirements: Details of required insurance coverage for collateral - use when collateral is high-value or susceptible to damage
2. Cross-Collateralization: Provisions extending security interest to other obligations - use when parties have multiple financing relationships
3. Third Party Consents: Requirements for obtaining third party approvals - use when collateral involves third party rights
4. Special Industry Provisions: Industry-specific requirements or restrictions - use when dealing with regulated industries or special asset types
1. Schedule A - Collateral Description: Detailed itemization of collateral including serial numbers, locations
2. Schedule B - Permitted Locations: List of locations where collateral may be kept
3. Schedule C - Purchase Price and Payment Terms: Breakdown of purchase price, payment schedule, and interest rates
4. Appendix 1 - UCC Filing Information: Information required for UCC financing statements
5. Appendix 2 - Insurance Requirements: Detailed insurance specifications and requirements
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