This is a standard form of security agreement to be used in connection with a syndicated loan agreement where the borrower's obligations are secured by a second priority security interest over all assets of the grantors that are covered by UCC Article 9. This security agreement must be used in connection with an intercreditor agreement. The grantors are often the borrower, its parent and its subsidiaries. The grantors typically enter into the security agreement with a collateral agent, which acts on behalf of all the second lien lenders. This form can also be used for a loan that is provided to the borrower by a single lender. This Standard Document has integrated notes with important explanations and drafting and negotiating tips.