Third Party Security Agreement

Third Party Security Agreement Template for Ireland

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Key Requirements PROMPT example:

"Need a Third Party Security Agreement under Irish law where a parent company will provide security over its commercial property assets to secure a €5 million term loan facility being provided to its subsidiary, with completion required by March 2025."

Document background

The Third Party Security Agreement is a crucial document in secured lending transactions under Irish law, used when an entity or individual (not the primary debtor) provides security over their assets to support another party's obligations. This arrangement is common in group financing structures, family business contexts, or where additional security is required to support a primary borrower's obligations. The document must comply with Irish security law requirements, including creation, perfection, and registration rules under the Companies Act 2014 and other relevant legislation. It typically includes detailed provisions about the secured assets, enforcement mechanisms, representations and warranties, and ongoing obligations of the security provider. The agreement is particularly important in corporate and commercial lending transactions where third-party support is required to enhance the credit position of the primary obligor.

Suggested Sections

1. Parties: Identifies and defines the Security Provider (Third Party), the Secured Party (typically a lender), and the Principal Debtor (the party whose obligations are being secured)

2. Background: Explains the context of the security arrangement, including reference to the principal debt/facility agreement and the third party's agreement to provide security

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules

4. Creation of Security: Details the security interest being created, including the type of security and the assets over which it is granted

5. Representations and Warranties: Third party's confirmations regarding ownership of the secured assets, capacity to grant security, and other material matters

6. Covenants: Ongoing obligations of the security provider regarding the secured assets and maintenance of the security

7. Further Assurance: Obligation to execute additional documents and take actions to perfect or protect the security

8. Enforcement: Circumstances when the security becomes enforceable and the secured party's powers of enforcement

9. Power of Attorney: Appointment of the secured party as attorney to perfect or enforce the security

10. Expenses and Indemnity: Provisions for costs, expenses, and indemnification

11. Notices: Protocol for giving notices under the agreement

12. Assignment and Transfer: Rights to assign or transfer the benefit of the security

13. Governing Law and Jurisdiction: Confirms Irish law as governing law and Irish courts' jurisdiction

Optional Sections

1. Security Trustee Provisions: Required when security is held by a security trustee for multiple beneficiaries

2. Irish Law Specific Provisions: Additional provisions required for specific types of Irish security interests

3. Release and Discharge: Specific provisions regarding the release of security, included when particular release mechanisms are required

4. Priority Arrangements: Required when there are multiple security interests and priority needs to be established

5. Tax Provisions: Specific provisions dealing with tax implications, included when relevant to the security arrangement

6. Currency Provisions: Required when secured obligations or secured assets involve multiple currencies

7. Consumer Protection Provisions: Required when the security provider is a consumer under Irish law

Suggested Schedules

1. Secured Obligations: Detailed description of the obligations being secured

2. Secured Assets: Detailed description and/or list of the assets over which security is granted

3. Forms of Notices: Standard form notices required for perfection of security (e.g., notices to banks for charged accounts)

4. Powers of Enforcement: Detailed list of enforcement powers and procedures

5. Required Filings and Registrations: List of all required filings and registrations to perfect the security

6. Existing Security Interests: Details of any existing security interests affecting the secured assets

7. Principal Debtor Details: Information about the principal debt and principal debtor

8. Form of Security Provider Resolutions: Standard form board/shareholder resolutions required to authorize the security

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Banking & Financial Services

Corporate Lending

Real Estate & Property

Investment Management

Insurance

Private Equity

Commercial & Corporate

Asset Finance

Project Finance

Infrastructure

Relevant Teams

Legal

Finance

Risk Management

Compliance

Corporate Secretarial

Credit

Treasury

Operations

Deal Advisory

Transaction Management

Relevant Roles

Legal Counsel

Finance Director

Corporate Lawyer

Security Trustee

Relationship Manager

Credit Risk Manager

Compliance Officer

Transaction Manager

Corporate Secretary

Banking Partner

Finance Partner

Security Agent

Portfolio Manager

Risk Officer

Corporate Director

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