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Commercial Security Agreement
"I need a Commercial Security Agreement governed by Irish law for a manufacturing company granting fixed and floating charges over its assets, including machinery, inventory, and receivables, to secure a €5 million term loan facility that will complete by March 2025."
1. Parties: Identification of the security provider (chargor/mortgagor) and security taker (chargee/mortgagee)
2. Background: Context of the security arrangement, reference to any facility agreement or underlying obligations
3. Definitions and Interpretation: Definitions of key terms and interpretation principles
4. Creation of Security: Core provisions creating and establishing the security interest
5. Secured Obligations: Definition and scope of the obligations being secured
6. Representations and Warranties: Standard representations regarding authority, ownership of assets, and no encumbrances
7. Covenants: Positive and negative obligations of the security provider
8. Further Assurance: Obligations to execute further documents and perfect security
9. Enforcement: Rights and remedies upon enforcement, appointment of receivers
10. Power of Attorney: Appointment of security taker as attorney to perfect or enforce security
11. Notices: Process and requirements for serving notices
12. Assignment and Transfer: Rights to assign or transfer the security interest
13. Governing Law and Jurisdiction: Irish law as governing law and submission to Irish courts
1. Fixed Charge Provisions: Specific provisions for fixed charges, used when security includes fixed assets
2. Floating Charge Provisions: Specific provisions for floating charges, used when security includes changing pool of assets
3. Crystallisation: Events triggering crystallisation of floating charge, included when floating charge is created
4. Insurance Provisions: Detailed insurance requirements, used when secured assets require specific insurance
5. Bank Accounts: Provisions relating to charged accounts, used when security includes bank accounts
6. Intellectual Property: Specific provisions for IP security, used when security includes IP rights
7. Release and Reinstatement: Provisions for release and reinstatement of security, used in complex security structures
8. Currency Provisions: Provisions dealing with multiple currencies, used in cross-border transactions
9. Set-off Rights: Additional set-off provisions, used when parties have multiple relationships
10. Priority Arrangements: Provisions regarding priority of security, used when multiple security interests exist
1. Schedule 1 - Secured Assets: Detailed description of all assets subject to security
2. Schedule 2 - Secured Liabilities: Detailed description of secured obligations if complex
3. Schedule 3 - Properties: Details of any real property subject to security
4. Schedule 4 - Intellectual Property: List of specific IP rights subject to security
5. Schedule 5 - Bank Accounts: Details of bank accounts subject to security
6. Schedule 6 - Forms of Notice: Standard forms of notice to third parties
7. Schedule 7 - Powers of Receiver: Detailed list of receiver's powers
8. Schedule 8 - Address for Service: Contact details for service of notices
9. Appendix 1 - Form of Assignment: Standard form for assignments if required
10. Appendix 2 - Registration Requirements: Checklist of registration requirements for different asset types
Authors
Banking and Financial Services
Real Estate
Manufacturing
Technology
Retail
Construction
Energy
Infrastructure
Healthcare
Telecommunications
Agriculture
Transport and Logistics
Professional Services
Mining and Natural Resources
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Commercial
Company Secretarial
Operations
Legal Counsel
Finance Director
Chief Financial Officer
Risk Manager
Commercial Director
Treasury Manager
Company Secretary
Compliance Officer
Security Trustee
Corporate Banker
Investment Manager
Asset Manager
Credit Risk Officer
Legal Director
Managing Director
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