Primary security means specific assets against which loan granted.In the case of term loan for factory building in this regards "Land' is primary security.
Further in the case of working capital loan , "stock and book debts" is considered as primary security and if any additional security provide other than "primary Security" it is called collateral security.
Further in the case of working capital loan , "stock and book debts" is considered as primary security and if any additional security provide other than "primary Security" it is called collateral security.