The Guarantee and Collateral Agreement is a crucial financing document used in Irish lending transactions where additional security and support for obligations is required. It is commonly employed in corporate financing, project finance, and general lending scenarios where a third party provides both a guarantee of payment/performance and security over assets. The document serves dual purposes: first, it establishes legally binding guarantee obligations under Irish law, and second, it creates security interests over specified assets to secure those obligations. This type of agreement is particularly important in commercial lending structures where lenders require both personal promises of payment (guarantees) and asset-backed security. The document must comply with Irish security and guarantee law requirements, including the Companies Act 2014, the Land and Conveyancing Law Reform Act 2009, and relevant EU regulations. It typically includes detailed provisions for enforcement, realization of security, and protection of the secured party's interests.
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1. Parties: Identifies all parties to the agreement including guarantor(s), secured party/beneficiary, and principal debtor
2. Background: Explains the context of the guarantee and security arrangement, including reference to the principal debt obligations
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement
4. Guarantee: Sets out the primary guarantee obligations, including scope, limitations, and nature of the guarantee (continuing, primary, etc.)
5. Security Interest Creation: Establishes the grant of security interest over the collateral
6. Secured Obligations: Defines the obligations secured by the agreement
7. Representations and Warranties: Contains guarantor's representations regarding capacity, ownership of collateral, and other key matters
8. Covenants: Details positive and negative obligations of the guarantor regarding the collateral and general conduct
9. Perfection Requirements: Specifies actions required to perfect the security interest
10. Enforcement: Details rights and remedies upon default, including power of sale and appointment of receivers
11. Payments and Application of Proceeds: Governs how payments are made and proceeds of enforcement are applied
12. Protection of Purchasers: Provisions protecting third-party purchasers of collateral upon enforcement
13. Power of Attorney: Appointment of secured party as attorney to perfect or enforce security
14. Miscellaneous: Standard boilerplate provisions including notices, amendments, assignments, etc.
15. Governing Law and Jurisdiction: Specifies Irish law as governing law and jurisdiction for disputes
1. Further Advances: Include when the security is intended to secure future advances or facilities
2. Consumer Protection Provisions: Required when the guarantor is a consumer under Irish law
3. Currency Provisions: Include when secured obligations or collateral involve multiple currencies
4. Tax Gross-up: Include when payments under the guarantee may be subject to withholding tax
5. Financial Collateral Arrangements: Include specific provisions when the agreement qualifies under Financial Collateral Regulations
6. Release and Reinstatement: Include detailed provisions for partial releases of collateral or temporary release arrangements
7. Parallel Debt: Include in multi-lender scenarios where security trustee structure is used
8. Bank Accounts Operation: Include when charged assets include bank accounts requiring specific operational arrangements
1. Collateral Description: Detailed description of all assets subject to security interest
2. Secured Liabilities: Detailed description of the underlying obligations being guaranteed and secured
3. Form of Notice to Account Bank: Standard form for notifying banks of security over accounts
4. Forms of Security Notices: Templates for notices required to perfect security over various asset types
5. Addresses for Service: Contact details and addresses for service for all parties
6. Required Filings and Registrations: List of all required perfection filings and registrations
7. Existing Security Interests: Schedule of permitted existing security interests over the collateral
8. Form of Accession Deed: Template for additional guarantors or secured parties to accede to the agreement
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