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General Security Agreement
"I need a General Security Agreement under UAE law to secure a AED 10 million loan facility between our manufacturing company as security provider and Emirates NBD as secured party, with the security to be granted over our machinery, equipment, and receivables."
1. Parties: Identification of the Security Provider (Grantor) and Security Taker (Secured Party)
2. Background: Context of the security arrangement, reference to underlying obligations, and purpose of the security
3. Definitions and Interpretation: Key terms used throughout the agreement, including specific UAE law concepts and Arabic translations where necessary
4. Grant of Security: Core provisions creating the security interest over the secured assets
5. Secured Obligations: Definition and scope of the obligations being secured
6. Representations and Warranties: Standard and UAE-specific representations regarding authority, ownership, and capacity
7. Covenants: Ongoing obligations of the Security Provider regarding the secured assets
8. Perfection and Protection of Security: Requirements for registration and perfection under UAE law
9. Enforcement: Rights and remedies upon default, compliant with UAE enforcement procedures
10. Power of Attorney: Appointment of the Secured Party as attorney for security-related matters
11. Further Assurances: Obligations to execute additional documents and take further actions
12. Payments and Discharge: Provisions regarding payments, application of proceeds, and discharge of security
13. Governing Law and Jurisdiction: UAE law as governing law and jurisdiction of UAE courts
1. Security over Bank Accounts: Specific provisions for bank account security, required when bank accounts are part of the secured assets
2. Security over Contracts: Additional provisions for assignment of contractual rights, used when contracts form part of the security
3. Security over Intellectual Property: Specific provisions for IP security, required when IP assets are included
4. Security over Insurance: Provisions regarding insurance policies and proceeds, needed when insurance forms part of the security
5. Parallel Debt: Required when dealing with multiple secured parties or syndicated facilities
6. Islamic Finance Provisions: Required when the security needs to be Shariah-compliant
7. Language: Provisions regarding Arabic translation and prevailing language, required when official Arabic version is needed
1. Schedule 1 - Secured Assets: Detailed description and identification of all assets subject to the security
2. Schedule 2 - Form of Notice: Template notices for perfecting security over certain assets (e.g., bank accounts, receivables)
3. Schedule 3 - Form of Acknowledgment: Template acknowledgments from relevant third parties
4. Schedule 4 - Secured Party Special Rights: Specific rights and powers granted to the Secured Party
5. Schedule 5 - Security Provider Details: Corporate and registration details of the Security Provider
6. Schedule 6 - Security Assets Location: Details of where secured assets are located or registered
7. Appendix 1 - Power of Attorney: Form of Power of Attorney compliant with UAE law requirements
Authors
Authorized Signatory
Business Day
Collateral
Default
Enforcement Event
Enforcement Notice
Event of Default
Finance Document
Financial Indebtedness
Governing Law
Guarantee
Insurance Policy
Insurance Proceeds
Legal Process
Lien
Material Adverse Effect
Perfection Requirements
Power of Attorney
Principal Agreement
Receiver
Secured Assets
Secured Liabilities
Secured Obligations
Secured Party
Security
Security Agent
Security Documents
Security Interest
Security Period
Security Provider
Security Rights
Specified Account
Transaction Documents
UAE
UAE Business Day
UAE Dirham
Interpretation
Grant of Security
Secured Obligations
Security Interest
Representations and Warranties
Security Provider Covenants
Perfection Requirements
Registration
Further Assurance
Power of Attorney
Enforcement Rights
Enforcement Events
Receiver Appointment
Application of Proceeds
Release of Security
Assignment and Transfer
Notices
Amendments
Severability
Set-Off Rights
Currency Conversion
Costs and Expenses
Indemnification
Confidentiality
Counterparts
Waiver
Governing Law
Jurisdiction
Language
Process Agent
Banking and Financial Services
Real Estate
Manufacturing
Trading and Commerce
Construction
Energy and Resources
Technology
Healthcare
Retail
Logistics and Transportation
Industrial
Agriculture
Telecommunications
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretarial
Credit
Commercial
Operations
Security Administration
Legal Counsel
Corporate Lawyer
Finance Director
Chief Financial Officer
Treasury Manager
Risk Manager
Compliance Officer
Security Trustee
Facility Agent
Commercial Director
Company Secretary
Chief Legal Officer
Banking Relationship Manager
Credit Risk Officer
Transaction Manager
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