The General Security Agreement is a fundamental document in Irish secured lending transactions, used when a party (typically a lender) requires comprehensive security over a borrower's assets. This agreement is essential in commercial lending, project finance, and other financial transactions where security is required as collateral. The document creates various types of security interests recognized under Irish law, including fixed and floating charges, assignments, and mortgages. It must comply with Irish legal requirements, particularly the Companies Act 2014 and relevant financial regulations, and typically requires registration with the Companies Registration Office. The agreement details the secured assets, the parties' rights and obligations, enforcement mechanisms, and includes provisions for maintaining and protecting the security interest throughout its duration.
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1. Parties: Identification of the secured party (typically a lender) and the grantor (the party granting the security interest)
2. Background: Context of the security agreement, including reference to any underlying credit or facility agreement
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules
4. Grant of Security Interest: Core provision creating the security interest over the collateral
5. Description of Secured Obligations: Detail of the obligations being secured, including principal debt, interest, and other amounts
6. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of collateral
7. Covenants: Ongoing obligations of the grantor regarding maintenance and protection of collateral
8. Further Assurance: Grantor's obligation to execute additional documents and take actions to perfect security
9. Enforcement: Rights and remedies of the secured party upon default
10. Power of Attorney: Appointment of secured party as attorney to perfect or enforce security
11. Notices: Communication requirements and contact details
12. Assignment and Transfer: Rights to assign or transfer the security interest
13. Governing Law and Jurisdiction: Confirmation of Irish law application and jurisdiction
1. Negative Pledge: Prohibition on creating additional security interests, used when requiring first-ranking security
2. Insurance: Specific insurance requirements for collateral, used when collateral requires insurance protection
3. Bank Accounts: Specific provisions for security over bank accounts, used when accounts are part of collateral
4. Intellectual Property: Specific provisions for IP rights, used when IP forms part of collateral
5. Real Property: Specific provisions for real estate, used when real property is included as collateral
6. Receivables: Specific provisions for receivables and book debts, used when these form part of collateral
7. Consumer Protection Provisions: Additional protections required when grantor is a consumer
8. Priority Arrangements: Provisions regarding ranking of security, used when multiple secured parties exist
1. Schedule 1 - Collateral Description: Detailed description of all assets subject to the security interest
2. Schedule 2 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
3. Schedule 3 - Form of Notice: Standard forms for notices to third parties regarding the security
4. Schedule 4 - Properties: Details of any real property included in the security
5. Schedule 5 - Intellectual Property: List of specific IP rights covered by the security
6. Schedule 6 - Bank Accounts: Details of specific bank accounts subject to the security
7. Appendix A - Filing Forms: Forms required for registration with Companies Registration Office
8. Appendix B - Perfection Requirements: Checklist of actions required to perfect security interests in different types of collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Commercial Lending
Asset Finance
Real Estate
Manufacturing
Technology
Retail
Agriculture
Construction
Healthcare
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit
Commercial
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Corporate Lawyer
Risk Manager
Credit Manager
Security Trustee
Facility Agent
Compliance Officer
Commercial Director
Business Development Manager
Corporate Secretary
Banking Relationship Manager
Finance Manager
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