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Personal Property Security Agreement
"I need a Personal Property Security Agreement under English law to secure a £500,000 loan against my client's manufacturing equipment and inventory, with the security to become effective from 1 March 2025 and include specific provisions for regular valuation of the secured assets."
1. Parties: Identification of secured party and debtor
2. Background: Context of the security arrangement
3. Definitions: Key terms used throughout the agreement
4. Grant of Security Interest: Core provision creating the security interest
5. Description of Collateral: Detailed description of secured property
6. Representations and Warranties: Statements about ownership and right to grant security
7. Covenants: Ongoing obligations regarding the secured property
8. Events of Default: Circumstances triggering enforcement rights
9. Enforcement Rights: Rights and remedies upon default
1. Insurance Requirements: Requirements for insuring secured property when the collateral requires insurance protection
2. Further Assurance: Obligation to execute additional documents when future documentation might be needed
3. Power of Attorney: Authority to act on behalf of debtor when secured party needs authority to perfect security
1. Schedule of Secured Property: Detailed list and description of all secured property
2. Form of Notice: Standard form notices for perfecting security
3. Permitted Disposals: List of allowed dispositions of secured property
4. Required Filings: List of necessary registrations and filings
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