The Commercial Security Agreement is a fundamental document in New Zealand's secured financing landscape, essential for transactions where a party grants security interests over personal property to secure obligations to a creditor. This agreement is primarily governed by the Personal Property Securities Act 1999 and must be structured to enable valid registration on the Personal Property Securities Register (PPSR). It is commonly used in business financing, asset-based lending, and various commercial transactions where security is required. The document typically includes detailed descriptions of the collateral, the secured obligations, enforcement mechanisms, and the rights and obligations of all parties involved. It's particularly important in New Zealand's commercial context as it provides the legal framework for creating and enforcing security interests while ensuring compliance with local registration requirements and priority rules.
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1. Parties: Identifies and defines the Secured Party and the Grantor, including full legal names and addresses
2. Background: Explains the context of the security agreement, including reference to any underlying obligations or facilities
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules
4. Grant of Security Interest: Creates and establishes the security interest over the collateral
5. Secured Obligations: Defines the obligations being secured, including present and future debts
6. Representations and Warranties: Grantor's declarations regarding ownership, authority, and status of collateral
7. Covenants: Ongoing obligations of the Grantor regarding maintenance and use of collateral
8. Default Events: Specifies what constitutes a default under the agreement
9. Enforcement Rights: Details the Secured Party's rights and remedies upon default
10. Power of Attorney: Appointment of Secured Party as attorney for enforcement purposes
11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Third Party Rights: Required when collateral involves third-party interests or consents
2. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage
3. Special Asset Provisions: Include when security covers specific types of assets like intellectual property or vehicles
4. Cross-Collateralization: Required when security interest secures multiple facilities or obligations
5. Subordination Provisions: Include when there are multiple security interests requiring priority arrangements
6. Foreign Currency Provisions: Required when secured obligations involve foreign currency
7. GST Provisions: Include when security arrangement has GST implications
1. Schedule 1 - Collateral Description: Detailed description of all assets subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed list of all secured obligations and facilities
3. Schedule 3 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
4. Schedule 4 - Special Terms: Any special terms or conditions applicable to specific collateral
5. Appendix A - PPSR Registration Details: Details required for Personal Property Securities Register registration
6. Appendix B - Form of Notice: Template notices for enforcement or other communications
7. Appendix C - Existing Security Interests: Details of existing security interests and priority arrangements
Relevant legal definitions
Secured Party
Grantor
Security Interest
Collateral
Secured Obligations
Secured Money
Default Event
Enforcement Event
PPSA
PPSR
Business Day
Permitted Security Interest
Related Company
Security Documents
Secured Property
Receiver
Controller
Guarantee
Material Adverse Effect
Power of Attorney
Priority Agreement
Registration
Verification Statement
Security Trust
Security Trustee
Disposal
Financing Statement
Financing Change Statement
Perfection
Proceeds
Purchase Money Security Interest
Default Rate
Insolvency Event
Security Provider
Authorized Representative
Facility Agreement
Underlying Documents
Enforcement Rights
Encumbrance
Intellectual Property Rights
GST
Potential Default Event
Release Date
Security Period
Specified Property
Grantor
Security Interest
Collateral
Secured Obligations
Secured Money
Default Event
Enforcement Event
PPSA
PPSR
Business Day
Permitted Security Interest
Related Company
Security Documents
Secured Property
Receiver
Controller
Guarantee
Material Adverse Effect
Power of Attorney
Priority Agreement
Registration
Verification Statement
Security Trust
Security Trustee
Disposal
Financing Statement
Financing Change Statement
Perfection
Proceeds
Purchase Money Security Interest
Default Rate
Insolvency Event
Security Provider
Authorized Representative
Facility Agreement
Underlying Documents
Enforcement Rights
Encumbrance
Intellectual Property Rights
GST
Potential Default Event
Release Date
Security Period
Specified Property
Clauses
Interpretation
Grant of Security
Nature of Security
Perfection of Security
Registration
Representations and Warranties
Undertakings
Negative Pledge
Further Assurance
Power of Attorney
Default
Enforcement
Receiver Appointment
Priority
Assignment and Transfer
Confidentiality
Notices
Set-off
Currency
Costs and Expenses
Indemnity
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Counterparts
GST
Time of the Essence
Entire Agreement
Third Party Rights
Insurance
Release of Security
Discharge
Remedies and Waivers
Survival of Obligations
Grant of Security
Nature of Security
Perfection of Security
Registration
Representations and Warranties
Undertakings
Negative Pledge
Further Assurance
Power of Attorney
Default
Enforcement
Receiver Appointment
Priority
Assignment and Transfer
Confidentiality
Notices
Set-off
Currency
Costs and Expenses
Indemnity
Amendment
Severability
Governing Law
Jurisdiction
Waiver
Counterparts
GST
Time of the Essence
Entire Agreement
Third Party Rights
Insurance
Release of Security
Discharge
Remedies and Waivers
Survival of Obligations
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Manufacturing
Retail
Agriculture
Technology
Construction
Transportation and Logistics
Healthcare
Professional Services
Mining and Resources
Hospitality
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Administration
Corporate Finance
Commercial Operations
Security Administration
Loan Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Commercial Lawyer
Credit Manager
Risk Manager
Security Trustee
Compliance Officer
Commercial Director
Treasury Manager
Banking Relationship Manager
Corporate Finance Manager
Security Administrator
Loan Officer
Financial Controller
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