The Collateral Substitution Agreement is a crucial document in secured financing arrangements under Australian law, typically used when parties need to replace existing collateral with alternative assets while maintaining the same security structure. This document becomes necessary in various scenarios, such as when the original collateral needs to be released for business purposes, when market conditions make alternative collateral more suitable, or when regulatory requirements necessitate changes to collateral arrangements. The agreement ensures compliance with the Personal Property Securities Act 2009 (Cth) and other relevant Australian regulations, while providing detailed procedures for valuation, substitution mechanics, and ongoing security perfection. It's particularly important in financial services and corporate lending contexts where flexible collateral arrangements are required while maintaining robust security positions.
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1. Parties: Identification of all parties to the agreement, including the security provider, security holder, and any relevant third parties
2. Background: Recitals explaining the context of the existing security arrangement and the need for collateral substitution
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpretation
4. Existing Security Arrangements: Description of the current security arrangements and collateral being replaced
5. Substitution Rights: Terms and conditions under which substitution of collateral is permitted
6. Substitution Process: Detailed procedures for implementing the collateral substitution
7. Eligibility Criteria: Requirements and specifications for acceptable substitute collateral
8. Valuation Requirements: Methods and procedures for valuing both existing and substitute collateral
9. Representations and Warranties: Statements of fact and assurances from the parties regarding the collateral and their authority
10. Security Continuity: Provisions ensuring the continuity and validity of security interests during and after substitution
11. Costs and Expenses: Allocation of costs related to the substitution process
12. Governing Law and Jurisdiction: Specification of applicable law and jurisdiction for dispute resolution
1. Multiple Substitutions: Additional provisions for handling multiple or recurring substitutions, included when the agreement needs to accommodate ongoing substitution rights
2. Third Party Rights: Provisions addressing the rights of any third parties with interests in the collateral, included when relevant third party interests exist
3. Market Disruption: Provisions dealing with market conditions that might affect substitution, included for financial market collateral
4. Tax Provisions: Specific tax-related provisions, included when substitution may have significant tax implications
5. PPSA Specific Provisions: Additional PPSA-related terms, included when dealing with personal property requiring specific PPSA treatment
6. Cross-Default Provisions: Provisions linking the agreement to other security documents, included when part of a larger security arrangement
1. Schedule 1 - Existing Collateral Description: Detailed description and specification of the existing collateral being replaced
2. Schedule 2 - Substitute Collateral Requirements: Detailed specifications and criteria for acceptable substitute collateral
3. Schedule 3 - Substitution Notice Form: Template form for notifying and implementing collateral substitution
4. Schedule 4 - Valuation Methodology: Detailed procedures and methods for valuing collateral
5. Appendix A - Existing Security Documents: List and copies of relevant existing security documentation
6. Appendix B - Required Filings and Registrations: List of necessary PPSA and other registrations or filings required for substitution
Relevant legal definitions
Account Bank
Agreed Form
Business Day
Collateral
Collateral Account
Collateral Transfer
Effective Date
Eligibility Criteria
Eligible Substitute Collateral
Encumbrance
Event of Default
Existing Collateral
Existing Security
Existing Security Documents
Fair Market Value
Finance Documents
Financial Indebtedness
Governmental Authority
Initial Valuation Date
Insolvency Event
Market Value
Material Adverse Effect
New Collateral
Original Security Agreement
Permitted Encumbrance
PPSA
PPS Register
PPS Law
Release Date
Required Ratings
Secured Money
Secured Obligations
Security Interest
Security Provider
Security Trustee
Substitute Collateral
Substitution Date
Substitution Notice
Substitution Period
Substitution Request
Substitution Rights
Transaction Documents
Valuation Agent
Valuation Date
Valuation Methodology
Valuation Report
Agreed Form
Business Day
Collateral
Collateral Account
Collateral Transfer
Effective Date
Eligibility Criteria
Eligible Substitute Collateral
Encumbrance
Event of Default
Existing Collateral
Existing Security
Existing Security Documents
Fair Market Value
Finance Documents
Financial Indebtedness
Governmental Authority
Initial Valuation Date
Insolvency Event
Market Value
Material Adverse Effect
New Collateral
Original Security Agreement
Permitted Encumbrance
PPSA
PPS Register
PPS Law
Release Date
Required Ratings
Secured Money
Secured Obligations
Security Interest
Security Provider
Security Trustee
Substitute Collateral
Substitution Date
Substitution Notice
Substitution Period
Substitution Request
Substitution Rights
Transaction Documents
Valuation Agent
Valuation Date
Valuation Methodology
Valuation Report
Clauses
Interpretation
Definitions
Substitution Rights
Eligibility Criteria
Valuation
Security Continuation
Representations and Warranties
Covenants
Substitution Process
Notice Requirements
Security Perfection
Registration
Indemnification
Costs and Expenses
Amendments and Waivers
Assignments and Transfers
Confidentiality
Notices
Counterparts
Severability
Further Assurance
Power of Attorney
PPSA Provisions
Default
Termination
Set-Off Rights
Governing Law
Jurisdiction
Dispute Resolution
Definitions
Substitution Rights
Eligibility Criteria
Valuation
Security Continuation
Representations and Warranties
Covenants
Substitution Process
Notice Requirements
Security Perfection
Registration
Indemnification
Costs and Expenses
Amendments and Waivers
Assignments and Transfers
Confidentiality
Notices
Counterparts
Severability
Further Assurance
Power of Attorney
PPSA Provisions
Default
Termination
Set-Off Rights
Governing Law
Jurisdiction
Dispute Resolution
Relevant Industries
Financial Services
Banking
Investment Management
Real Estate
Infrastructure
Mining and Resources
Manufacturing
Asset Management
Private Equity
Commercial Lending
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit
Portfolio Management
Corporate Finance
Secured Lending
Transaction Management
Relevant Roles
Chief Financial Officer
Treasury Manager
Security Trustee
Facility Agent
Legal Counsel
Risk Manager
Compliance Officer
Credit Manager
Portfolio Manager
Collateral Manager
Security Agent
Finance Director
Corporate Treasurer
Senior Loan Officer
Transaction Manager
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