This collateral agreement template is what you need to secure an item of value as collateral for monetary debt. This page contains Collateral clauses in business contracts and legal agreements.We have organized these clauses into groups of similarly worded clauses. This topic contains information on Texas Section 50(a)(6) loan underwriting, collateral, and closing considerations. The consideration involved in a collateral contract is essentially a guarantee that both parties will enter and uphold the original contract. A guarantee and collateral agreement is a contract between a lender and a borrower where the borrower guarantees payment or surrenders collateral.