General Security Agreement

General Security Agreement Template for Denmark

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Document background

The General Security Agreement is a fundamental document in Danish secured lending transactions, used when a party (the security provider) grants security interests over assets to secure obligations owed to another party (the secured party). This agreement is essential in various commercial contexts, from simple bilateral lending arrangements to complex multi-party financing transactions. The document must comply with Danish law requirements, particularly the Danish Securities Trading Act and Registration of Property Act, regarding the creation, perfection, and enforcement of security interests. It includes detailed provisions on the scope of security, perfection requirements, representations and warranties, covenants, and enforcement mechanisms. The agreement is typically used alongside other financing documents and may be adapted to cover various types of collateral, from tangible assets to financial instruments and receivables.

Suggested Sections

1. Parties: Identification of the secured party (security taker) and the grantor (security provider)

2. Background: Context of the security arrangement, including reference to any underlying obligations or facility agreements

3. Definitions and Interpretation: Definitions of key terms and interpretation rules used throughout the agreement

4. Grant of Security Interest: Core provision creating the security interest over the collateral

5. Collateral Description: Detailed description of the assets subject to the security interest

6. Secured Obligations: Definition and scope of the obligations being secured

7. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of collateral

8. Perfection and Registration: Requirements and procedures for perfecting the security interest

9. Grantor's Covenants: Ongoing obligations of the grantor regarding the collateral

10. Enforcement: Rights and remedies of the secured party upon default

11. Power of Attorney: Appointment of secured party as attorney for specific purposes

12. Notices: Communication requirements and contact details

13. Assignment and Transfer: Rules regarding transfer of rights under the agreement

14. Governing Law and Jurisdiction: Confirmation of Danish law application and jurisdiction

Optional Sections

1. Further Assurance: Additional actions parties must take to perfect or maintain security - include when complex collateral is involved

2. Insurance: Insurance requirements for collateral - include when physical assets are part of security

3. Bank Accounts: Specific provisions for charged accounts - include when bank accounts form part of security

4. Intellectual Property: Specific provisions for IP rights - include when IP forms part of security

5. Release of Security: Conditions and process for releasing security - include when partial releases may be needed

6. Currency Conversion: Rules for currency conversion - include when multiple currencies are involved

7. Costs and Expenses: Allocation of costs - include when significant ongoing costs expected

8. Amendments and Waivers: Process for modifications - include when frequent updates expected

Suggested Schedules

1. Schedule of Collateral: Detailed listing and description of all assets subject to security

2. Perfection Requirements: Specific actions required to perfect security interest in different types of collateral

3. Form of Notice: Template notices to third parties regarding the security interest

4. Secured Party Details: Complete contact and payment details for the secured party

5. Registration Requirements: Specific requirements for registering security interests in different jurisdictions

6. Forms of Accession: Templates for additional parties joining the security arrangement

7. Existing Security Interests: List of permitted existing security interests over the collateral

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