Glossary

General security agreement (GSA)

What a general security agreement (GSA) covers, how it differs from a mortgage over property, and when lenders require one.

A general security agreement, or GSA, is a registered interest over all of a company's present and future assets — stock, receivables, plant and equipment, goodwill — rather than a single identified property. Lenders commonly require a GSA alongside, or instead of, a mortgage over specific real property, particularly on construction, working capital and invoice finance facilities where the business's broader asset pool, not just one piece of land, stands behind the loan. For a borrower, granting a GSA does not usually restrict day-to-day trading, but it gives the lender priority over unsecured creditors and a registered position on the Personal Property Securities Register. Where more than one lender holds security over the same business, the GSAs are ranked by registration priority or by a separate priority deed agreed between the lenders.

Related

Invoice finance · PPSR · Deed of priority

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