The Collateral Sharing Agreement is essential in complex financing arrangements where multiple creditors hold security interests over the same assets. This document is particularly relevant in the Australian legal context, where it must comply with the Personal Property Securities Act 2009 (Cth) and related legislation. It's commonly used in syndicated loans, project financings, and corporate restructurings where multiple lenders or classes of creditors need to establish clear rights, priorities, and enforcement procedures regarding shared collateral. The agreement typically addresses key aspects such as ranking of security interests, enforcement rights, standstill periods, voting mechanisms, and the appointment and powers of a security trustee. It becomes especially critical in enforcement scenarios or when new creditors need to be accommodated in existing security arrangements.
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1. Parties: Identifies all secured creditors participating in the agreement and any security trustee/agent
2. Background: Describes the existing security interests, underlying facilities, and purpose of the sharing arrangement
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles
4. Security Sharing Arrangements: Core provisions establishing how security interests will be shared and ranked
5. Priority and Subordination: Details the priority ranking between creditors and any subordination arrangements
6. Application of Proceeds: Specifies how proceeds from enforcement or realization will be distributed
7. Enforcement: Sets out rights and procedures for enforcing security interests
8. Decision Making: Procedures for collective decision-making among secured creditors
9. Security Trust Provisions: Establishes the role and powers of the security trustee/agent
10. Representations and Warranties: Standard representations by each party regarding authority and capacity
11. Accession and Transfer: Procedures for new creditors joining and existing creditors transferring rights
12. Costs and Expenses: Allocation of costs and expenses among parties
13. Notices: Communication requirements and procedures
14. General Provisions: Standard boilerplate provisions including governing law, amendments, etc.
1. Standstill Provisions: Used when parties agree to restrict enforcement actions for specified periods
2. Intercreditor Provisions: Detailed when complex relationships exist between different classes of creditors
3. Voting Mechanisms: Required for larger syndicates with formal voting procedures
4. Buy-out Rights: Included when certain creditors have rights to buy out others' interests
5. Release Mechanics: Detailed provisions for releasing security in specific circumstances
6. New Money Provisions: Required when agreement contemplates future additional debt facilities
1. Schedule 1 - Secured Property: Detailed description of all collateral subject to the sharing arrangement
2. Schedule 2 - Initial Security Interests: List and details of existing security interests at time of agreement
3. Schedule 3 - Form of Accession Deed: Standard form for new creditors joining the agreement
4. Schedule 4 - Notice Details: Contact information for all parties
5. Schedule 5 - Existing Facilities: Details of all debt facilities covered by the agreement
6. Appendix A - Security Trust Deed: Full terms of security trust arrangement if applicable
7. Appendix B - Priority Matrix: Detailed matrix showing priority rankings for different types of collateral and debt
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Investment Banking
Corporate Finance
Project Finance
Infrastructure
Real Estate
Mining & Resources
Manufacturing
Private Equity
Asset Management
Relevant Teams
Legal
Finance
Risk Management
Treasury
Compliance
Credit
Loan Operations
Transaction Management
Security Administration
Corporate Finance
Relevant Roles
Chief Legal Officer
Legal Counsel
Finance Director
Chief Financial Officer
Risk Manager
Security Trustee
Facility Agent
Corporate Lawyer
Banking & Finance Lawyer
Transaction Manager
Credit Risk Officer
Debt Finance Manager
Treasury Manager
Loan Operations Manager
Compliance Officer
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