A General Security Agreement is essential when a lender requires security over a borrower's assets to support financing arrangements. The agreement, governed by U.S. law, particularly the UCC, creates an enforceable security interest over specified collateral, which may include physical assets, accounts receivable, intellectual property, or other valuable assets. It provides the lender with rights to seize or sell the collateral upon default, while establishing clear parameters for the borrower's continued use of the assets during the normal course of business. This document is fundamental to secured lending transactions and requires careful consideration of both federal and state-specific requirements for creation, perfection, and enforcement of security interests.
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1. Parties: Identification of secured party and debtor
2. Background: Context of the security arrangement and underlying obligations
3. Definitions: Key terms used throughout the agreement, including UCC-specific definitions
4. Grant of Security Interest: Core provision creating the security interest and specifying the secured obligations
5. Description of Collateral: Detailed description of assets subject to security interest
6. Representations and Warranties: Debtor's statements about ownership, condition of collateral, and compliance with laws
7. Covenants: Ongoing obligations regarding maintenance, use of collateral, and compliance requirements
8. Default Provisions: Events of default and their consequences
9. Enforcement Rights: Secured party's rights and remedies upon default
1. Insurance Requirements: Specific insurance obligations for valuable collateral, required when collateral requires insurance protection
2. Intercreditor Provisions: Rules governing multiple secured parties, included when there are multiple security interests
3. Foreign Collateral Provisions: Special rules for overseas assets, required when collateral includes foreign assets
1. Schedule of Collateral: Detailed list and description of all secured assets
2. Schedule of Permitted Liens: List of pre-existing or permitted encumbrances on the collateral
3. UCC Filing Information: Details required for UCC-1 financing statements and filing locations
4. Insurance Certificates: Proof of required insurance coverage for relevant collateral
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