The Equipment Finance Agreement is a critical document used in Australian business transactions when a party requires financing to acquire business equipment or machinery. This agreement is essential for businesses seeking to obtain equipment without full upfront payment, allowing them to manage cash flow while acquiring necessary assets. The document complies with Australian legislation, including the Personal Property Securities Act 2009 (Cth) and relevant financial services regulations. It comprehensively covers financing terms, security interests, maintenance obligations, insurance requirements, and default provisions. The agreement is particularly important for establishing clear rights and obligations between the finance provider and the borrower, while ensuring proper security registration and protection of the financed equipment.
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1. Parties: Identifies and defines the Finance Provider and the Customer/Borrower with their full legal details
2. Background: Sets out the context of the agreement, including the Customer's request for financing and the Finance Provider's agreement to provide it
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation principles
4. Facility Details: Specifies the amount of financing, purpose, and term of the facility
5. Equipment Details: Describes the equipment being financed, including specifications and identification numbers
6. Payment Terms: Details the repayment schedule, interest rates, fees, and payment methods
7. Security Interest: Establishes the security interest in the equipment under the PPSA
8. Customer Obligations: Sets out the customer's responsibilities regarding equipment maintenance, insurance, and use
9. Title and Risk: Specifies when title passes and who bears risk for the equipment
10. Insurance Requirements: Details mandatory insurance coverage for the equipment
11. Default and Enforcement: Defines events of default and the finance provider's enforcement rights
12. Representations and Warranties: Lists the representations and warranties made by the customer
13. General Provisions: Includes standard contract clauses such as notices, governing law, and dispute resolution
1. Guarantee and Indemnity: Required when there are guarantors for the finance facility
2. Special Equipment Requirements: Included when the equipment requires specific handling, maintenance, or regulatory compliance
3. Variable Interest Rate Provisions: Included when the interest rate is not fixed
4. Early Termination Rights: Details conditions and costs for early payoff or termination
5. Cross-Collateralization: Required when the security interest extends to other equipment or facilities
6. Environmental Obligations: Included for equipment that may have environmental impacts
7. Import/Export Requirements: Required for equipment subject to international trade regulations
8. Service Level Requirements: Included when the agreement includes maintenance or service provisions
1. Schedule 1 - Equipment Schedule: Detailed description of equipment including make, model, serial numbers, and specifications
2. Schedule 2 - Payment Schedule: Detailed breakdown of payments including dates, amounts, and any balloon payments
3. Schedule 3 - Insurance Requirements: Specific insurance requirements including types of coverage and minimum amounts
4. Schedule 4 - Special Conditions: Any special conditions or variations to the standard terms
5. Schedule 5 - Fees and Charges: Comprehensive list of all applicable fees and charges
6. Appendix A - Equipment Maintenance Requirements: Detailed maintenance requirements and schedules
7. Appendix B - Guarantee Terms: Terms and conditions applicable to guarantors
8. Appendix C - PPSA Requirements: Specific requirements and procedures related to PPSA registration and compliance
Relevant legal definitions
Clauses
Relevant Industries
Manufacturing
Construction
Mining
Agriculture
Transportation and Logistics
Healthcare
Technology and IT
Retail
Hospitality
Professional Services
Renewable Energy
Telecommunications
Industrial Equipment
Automotive
Relevant Teams
Legal
Finance
Operations
Procurement
Risk Management
Treasury
Credit
Compliance
Commercial
Asset Management
Relevant Roles
Chief Financial Officer
Finance Manager
Equipment Finance Manager
Legal Counsel
Contracts Manager
Risk Manager
Operations Manager
Procurement Manager
Asset Manager
Treasury Manager
Credit Manager
Business Development Manager
Financial Controller
Commercial Manager
Compliance Officer
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