The Commercial Security Agreement is a fundamental document in Australian secured financing transactions, used when a party needs to create a security interest over personal property to secure obligations owed to another party. This agreement is essential for compliance with the Personal Property Securities Act 2009 (PPSA) and must be properly documented to ensure the security interest is enforceable, perfected, and maintains its priority. The document is commonly used in various commercial contexts, from simple bilateral security arrangements to complex syndicated facilities. It includes critical provisions regarding the nature of the security interest, the secured obligations, enforcement rights, and PPSA-specific requirements. The agreement must comply with Australian federal and state laws and should be tailored to the specific type of collateral and commercial arrangement involved.
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1. Parties: Identification of the Secured Party and Grantor, including full legal names, ACN/ABN, and addresses
2. Background: Context of the security arrangement, reference to any underlying commercial relationships or agreements
3. Definitions: Defined terms including those aligned with PPSA terminology, secured obligations, and collateral definitions
4. Grant of Security Interest: Express creation of the security interest, scope, and attachment provisions
5. Secured Obligations: Description of the obligations being secured, including present and future debts
6. Representations and Warranties: Grantor's declarations regarding ownership, authority, and status of collateral
7. Undertakings: Grantor's ongoing obligations regarding maintenance, insurance, and dealing with collateral
8. Default Events: Comprehensive list of events triggering enforcement rights
9. Enforcement: Rights and powers of the Secured Party upon default, including PPSA enforcement provisions
10. Power of Attorney: Appointment of Secured Party as attorney for enforcement purposes
11. PPSA Provisions: Specific provisions required under the PPSA including registration and notices
12. General Provisions: Standard boilerplate clauses including notices, governing law, and interpretation
1. Third Party Rights: Required when third parties have interests in the collateral or where consents are needed
2. Special Collateral Provisions: Used for specific types of collateral like intellectual property or investment instruments
3. Cross-Collateralization: Needed when security interest secures obligations under multiple agreements
4. Priority Arrangements: Required when there are multiple secured parties or priority agreements
5. Custodian Provisions: Needed when a third party holds or controls the collateral
6. Foreign Law Components: Required when collateral is located in multiple jurisdictions
7. Guarantee Provisions: Include when the security agreement incorporates a guarantee component
1. Schedule 1 - Collateral Description: Detailed description of all secured property including serial numbered goods
2. Schedule 2 - Secured Obligations: Detailed list of secured obligations and underlying agreements
3. Schedule 3 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
4. Schedule 4 - Locations of Collateral: List of all locations where collateral is or may be held
5. Schedule 5 - Form of Notice: Template notices for enforcement or other required notifications
6. Appendix A - PPSA Registration Details: Details of PPSA registrations including timing requirements
7. Appendix B - Verification Procedures: Procedures for verifying and maintaining collateral status
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Asset Finance
Equipment Leasing
Manufacturing
Retail
Wholesale Trade
Construction
Agriculture
Mining
Technology
Professional Services
Relevant Teams
Legal
Finance
Risk Management
Compliance
Commercial Operations
Credit
Treasury
Corporate Services
Business Development
Contract Administration
Relevant Roles
Legal Counsel
Commercial Lawyer
Finance Manager
Credit Manager
Risk Officer
Compliance Officer
Commercial Director
Chief Financial Officer
Security Trustee
Loan Officer
Transaction Manager
Corporate Secretary
Business Development Manager
Contract Administrator
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