Defined term typically used in the security agreement to describe the obligations secured by the security interest in the collateral. Typically, the borrower's secured obligations consist of its obligations to pay all amounts when due and perform all obligations now or in the future under the relevant loan documents. For other grantors (such as guarantors), the secured obligations typically consist of the borrower's secured obligations together with the grantor's current and future obligations under the loan documents (such as in a guaranty or indemnity).

For more information on security agreements, see Practice Note, Security Agreement: Overview.