Security Agreement
(All Assets) (Short Form)

Summary

This Security Agreement (All Assets) (Short Form) template is used to create a security interest supporting the obligations under a secured financing transaction. This template includes practical guidance and drafting notes. A short-form security agreement may be appropriate in a non-syndicated transaction and in a transaction where the value of the collateral is not material. The short form may reduce negotiation time and costs. A standard long-form security agreement is used in a typical syndicated financing transaction (see Security Agreement). This template is governed by the Uniform Commercial Code in effect in New York; parties should specify controlling UCC articles in their security agreement. Read in conjunction with the practice notes Assets Commonly Excluded from the Security Package, Granting Clause and Collateral Description, and Perfecting Security Interests by Possession, Filing, and Control. See Security Interests Resource Kit for additional templates and guidance.