The General Security Agreement is a fundamental document in German secured lending transactions, used to create security interests over a borrower's assets in favor of lenders or security trustees. It is typically executed alongside credit facilities or loan agreements to provide collateral support for the underlying obligations. The agreement must be carefully drafted to comply with German legal requirements, including specific provisions of the German Civil Code (BGB), Commercial Code (HGB), and Insolvency Code (InsO). It needs to address various types of collateral, perfection requirements, and enforcement mechanisms while ensuring compliance with German property law principles. The document is particularly important in corporate financing, acquisition financing, and general commercial lending transactions where lenders require comprehensive security over a borrower's assets.
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1. Parties: Identification of the secured party (Sicherungsnehmer) and the security provider (Sicherungsgeber)
2. Background: Context of the security agreement, including reference to any underlying credit or facility agreement
3. Definitions: Definitions of key terms used throughout the agreement, including specific German legal terminology
4. Grant of Security Interest: Core provision establishing the security interest (Sicherungsrecht) over the collateral
5. Description of Secured Obligations: Detailed description of the obligations being secured (gesicherte Forderungen)
6. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and absence of encumbrances
7. Perfection Requirements: Steps required to perfect the security interest under German law
8. Maintenance of Collateral: Obligations regarding the preservation and maintenance of the collateral
9. Rights and Obligations: Ongoing rights and obligations of both parties regarding the collateral
10. Events of Default: Circumstances constituting default and triggering enforcement rights
11. Enforcement: Procedures and rights for enforcing the security interest under German law
12. Costs and Expenses: Allocation of costs related to the creation, maintenance, and enforcement of the security
13. Notices: Communication requirements and contact details
14. Governing Law and Jurisdiction: Confirmation of German law application and jurisdiction
1. Bank Accounts: Specific provisions for security over bank accounts, used when bank accounts form part of the collateral
2. Intellectual Property: Special provisions for IP rights as collateral, including registration requirements
3. Insurance: Requirements for insurance of physical collateral, used when tangible assets are involved
4. Further Assurance: Obligations to execute additional documents, used in complex security arrangements
5. Release Provisions: Conditions and process for releasing security, relevant for revolving security arrangements
6. Parallel Debt: Creation of parallel debt structure, used when multiple creditors are involved
7. Data Protection: GDPR compliance provisions, required when personal data is processed
8. Assignment and Transfer: Provisions regarding transfer of security interest, used in syndicated arrangements
1. Schedule 1 - Collateral Description: Detailed description and/or list of all assets subject to the security interest
2. Schedule 2 - Bank Account Details: List of relevant bank accounts and their details
3. Schedule 3 - Form of Notice: Template notices required for perfection of certain security interests
4. Schedule 4 - Filing and Registration Requirements: Checklist of required filings and registrations
5. Schedule 5 - Existing Security Interests: List of permitted existing security interests over the collateral
6. Appendix A - Power of Attorney: Form of power of attorney for enforcement purposes
7. Appendix B - Confirmation Forms: Template forms for third-party confirmations and acknowledgments
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