A guarantee and collateral agreement is a contract between a lender and a borrower where the borrower guarantees payment or surrenders collateral. The document is a collateral agreement granting a lender a security interest in the signatory's assets (referred to as "Collateral") held in various accounts.Secured Obligations; Sale and Setoff Rights. This collateral agreement template is what you need to secure an item of value as collateral for monetary debt. Loan agreements typically are comprised of two main documents. First a promissory note, which sets out the terms of repayment, and second, a security agreement. The prescribed forms are available in fill-in-the-blank format on this web site at UCC Forms.