A Purchase Money Security Agreement is utilized when a party requires financing to purchase specific property and the financing party wishes to secure their interest in that property. Under English and Welsh law, this document establishes the lender's priority interest in the purchased assets, protecting their position against other creditors. The agreement typically includes detailed descriptions of the collateral, payment terms, maintenance requirements, default provisions, and enforcement mechanisms. It's particularly important in commercial transactions where significant assets are being financed and must comply with registration requirements under the Companies Act 2006 where applicable.
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1. Parties: Identification of secured party and debtor
2. Background: Context of the security agreement and underlying purchase
3. Definitions: Key terms used throughout the agreement
4. Grant of Security Interest: Express creation of security interest over the collateral
5. Description of Collateral: Detailed description of secured property
6. Purchase Money Security Interest: Specific provisions qualifying the security as PMSI
7. Representations and Warranties: Standard security agreement representations
8. Covenants: Ongoing obligations of the debtor
9. Events of Default: Circumstances constituting default
10. Remedies: Rights and remedies upon default
1. Consumer Protection Provisions: Additional protections required when the debtor is a consumer
2. Insurance Requirements: Specific insurance obligations for high-value or specialized collateral
3. Cross-Default Provisions: Provisions linking defaults under related agreements
1. Schedule of Collateral: Detailed inventory and description of all secured property
2. Form of Notice: Standard form for notifications under the agreement
3. Payment Schedule: Schedule of installment payments if applicable
4. Registration Requirements: Details of required filings and registrations
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