The Equipment Security Agreement is a crucial document in Indian secured lending transactions, used when equipment serves as collateral for financial facilities. This agreement is essential in various industries where significant equipment financing occurs, providing security to lenders while allowing borrowers to leverage their equipment assets. The document must comply with the SARFAESI Act 2002, Registration Act 1908, and other relevant Indian legislation. It typically accompanies or follows a primary loan agreement, creating a security interest over specific equipment while detailing obligations regarding equipment maintenance, insurance, usage restrictions, and enforcement rights. The agreement is particularly important in the current Indian financial landscape where equipment financing plays a vital role in industrial growth and infrastructure development.
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1. Parties: Identifies and provides full details of the secured party (lender/security holder) and the grantor (borrower/security provider)
2. Background: Explains the context of the security agreement, including reference to any underlying loan or facility agreement
3. Definitions: Defines key terms used throughout the agreement, including specific equipment-related terminology
4. Grant of Security Interest: Core provision establishing the security interest over the equipment in favor of the secured party
5. Description of Collateral: Detailed description of the equipment subject to the security interest
6. Representations and Warranties: Grantor's confirmations regarding ownership, condition, and status of the equipment
7. Covenants: Ongoing obligations of the grantor regarding maintenance, insurance, and use of the equipment
8. Rights and Obligations: Detailed rights of the secured party and obligations of the grantor
9. Events of Default: Circumstances that constitute default under the agreement
10. Enforcement Rights: Secured party's rights and remedies upon default
11. Protection of Security: Provisions for maintaining and protecting the security interest
12. Notices: Process and requirements for serving notices under the agreement
13. Governing Law and Jurisdiction: Specifies Indian law as governing law and relevant jurisdiction
14. Execution: Signature blocks and execution formalities
1. Further Assurance: Additional obligations to perfect the security interest, used when specific regulatory or registration requirements apply
2. Power of Attorney: Grants power to the secured party to perfect or enforce the security, included when stronger enforcement rights are needed
3. Assignment and Transfer: Provisions governing the transfer of rights, included when transferability is anticipated
4. Cross-Default: Links defaults under other agreements, used when there are multiple related agreements
5. Insurance Requirements: Detailed insurance obligations, used for high-value equipment
6. Inspection Rights: Secured party's rights to inspect equipment, included for complex or high-value equipment
7. Third Party Rights: Addresses rights of third parties, used when equipment may be in possession of or used by third parties
1. Equipment Schedule: Detailed list and specifications of all equipment subject to the security interest
2. Location Schedule: List of locations where the equipment is or will be kept
3. Form of Notice: Standard form for notices required under the agreement
4. Insurance Requirements: Detailed insurance specifications and requirements
5. Existing Security Interests: Details of any existing security interests or encumbrances on the equipment
6. Maintenance Requirements: Specific maintenance and servicing requirements for the equipment
7. Form of Equipment Inspection Report: Standard format for equipment inspection reports
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