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Security Assignment Agreement Template for Ireland

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Key Requirements PROMPT example:

Security Assignment Agreement

"I need a Security Assignment Agreement under Irish law for assigning receivables from our technology services contracts as security for a €5 million term loan from ABC Bank Limited, with the security to become effective from March 1, 2025."

Document background
The Security Assignment Agreement is a crucial document in Irish secured financing transactions, used when a party (the Assignor) wishes to grant security over specific assets to another party (the Assignee) as collateral for obligations. It is commonly used in various financing arrangements including project finance, real estate finance, and general corporate lending. The agreement must comply with Irish law requirements for creating valid security interests and typically includes detailed provisions regarding the assigned assets, perfection requirements (including registration at the Companies Registration Office where applicable), enforcement mechanisms, and the parties' respective rights and obligations. This document is essential in both bilateral and syndicated financing arrangements and can cover various types of assets including receivables, contracts, insurance policies, and other rights.
Suggested Sections

1. Parties: Identification of the Assignor (security provider) and Assignee (security taker)

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

3. Definitions and Interpretation: Definitions of key terms and interpretation provisions

4. Creation of Security: Core provisions creating the security interest and assignment

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

6. Representations and Warranties: Assignor's representations regarding ownership, capacity, and authority

7. Covenants: Positive and negative undertakings of the Assignor

8. Perfection Requirements: Actions required to perfect the security interest

9. Enforcement: Rights and remedies upon enforcement, appointment of receivers

10. Power of Attorney: Appointment of Assignee as attorney to perfect or enforce security

11. Further Assurance: Obligation to execute further documents and take additional steps if required

12. Assignments and Transfers: Provisions regarding ability to transfer rights under the agreement

13. Notices: Communications provisions between parties

14. Governing Law and Jurisdiction: Irish law as governing law and jurisdiction provisions

Optional Sections

1. Regulatory Compliance: Required if the security involves regulated assets or entities

2. Third Party Rights: Required if there are existing third party rights or subordination arrangements

3. Currency Provisions: Required for cross-border transactions or multiple currency secured obligations

4. Tax Provisions: Required if specific tax implications need to be addressed

5. Security Agent Provisions: Required in syndicated facilities where security is held by an agent

6. Release and Discharge: Optional detailed provisions on release mechanics

7. Costs and Expenses: Optional detailed provisions on cost allocation

8. Counterparts: Optional execution in counterparts provision

Suggested Schedules

1. Schedule 1 - Assigned Assets: Detailed description of the assets subject to the security assignment

2. Schedule 2 - Form of Notice of Assignment: Template notice to be sent to relevant third parties

3. Schedule 3 - Form of Acknowledgment: Template acknowledgment to be obtained from relevant third parties

4. Schedule 4 - Perfection Requirements: Specific actions required to perfect the security interest

5. Schedule 5 - Existing Security: Details of any permitted existing security over the assigned assets

6. Appendix 1 - Related Rights: List of related rights included in the security assignment

7. Appendix 2 - Relevant Agreements: Copies or details of underlying agreements related to assigned assets

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions













































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Relevant Industries

Banking

Financial Services

Real Estate

Infrastructure

Energy

Manufacturing

Technology

Healthcare

Construction

Telecommunications

Asset Finance

Project Finance

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretariat

Banking

Securities

Commercial

Credit

Relevant Roles

Legal Counsel

Finance Director

Corporate Lawyer

Security Trustee

Facility Agent

Commercial Director

Treasury Manager

Risk Manager

Compliance Officer

Company Secretary

Transaction Manager

Chief Financial Officer

General Counsel

Banking Lawyer

Finance Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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