Abstract: A system and method for performing execute-in-place is disclosed, wherein the code is encrypted using AES-GCM and stored in an external memory device. The system includes only one cipher function that is used to encrypt the three counter values that are used to decrypted the encrypted code and to validate the Message Authentication Code (MAC). In some embodiments, the system precalculates a hash subkey so that generation of the Counter 0 value can begin as soon as a valid memory address is available. In addition, the cipher function is modified to utilized two or more cipher generation circuits and only one key expansion circuit. This improves the speed of the operation without a complete duplication of the cipher function hardware. In another embodiment, the cipher function is unrolled so that two or more rounds of key expansion and cipher generation are performed each clock cycle.