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Purchase Money Security Agreement
"I need a Purchase Money Security Agreement under English law to secure financing for manufacturing equipment worth £2.5 million, with quarterly repayments starting from March 2025 and specific provisions for maintenance and insurance of the equipment."
1. Parties: Identification of secured party and debtor
2. Background: Context of the security agreement and underlying purchase
3. Definitions: Key terms used throughout the agreement
4. Grant of Security Interest: Express creation of security interest over the collateral
5. Description of Collateral: Detailed description of secured property
6. Purchase Money Security Interest: Specific provisions qualifying the security as PMSI
7. Representations and Warranties: Standard security agreement representations
8. Covenants: Ongoing obligations of the debtor
9. Events of Default: Circumstances constituting default
10. Remedies: Rights and remedies upon default
1. Consumer Protection Provisions: Additional protections required when the debtor is a consumer
2. Insurance Requirements: Specific insurance obligations for high-value or specialized collateral
3. Cross-Default Provisions: Provisions linking defaults under related agreements
1. Schedule of Collateral: Detailed inventory and description of all secured property
2. Form of Notice: Standard form for notifications under the agreement
3. Payment Schedule: Schedule of installment payments if applicable
4. Registration Requirements: Details of required filings and registrations
Authors
Debtor
Collateral
Purchase Money Security Interest
Security Interest
Default
Event of Default
Enforcement Event
Secured Obligations
Purchase Price
Security Period
Business Day
Charged Property
Encumbrance
Financing Statement
Permitted Security
Priority
Proceeds
Related Rights
Security Documents
Transaction Documents
Secured Liabilities
Security Assets
Crystallisation Event
Enforcement Notice
Governing Law
Insolvency Event
Material Adverse Effect
Payment Date
Receiver
Registration Requirements
Security Assignment
Security Period
Title Documents
Perfection of Security
Representations and Warranties
Covenants
Maintenance of Collateral
Insurance
Use and Possession
Default
Remedies
Enforcement
Priority
Assignment and Transfer
Further Assurance
Power of Attorney
Notices
Payment Obligations
Registration
Indemnification
Severability
Entire Agreement
Amendment and Waiver
Costs and Expenses
Confidentiality
Governing Law
Jurisdiction
Counterparts
Third Party Rights
Set-off Rights
Title Retention
Release of Security
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