The Guaranty and Security Agreement is a crucial document in Australian financial transactions, commonly used when a lender or other beneficiary requires both a personal guarantee and security over assets to support a primary obligation. This document is particularly relevant in commercial lending, corporate finance, and other significant financial arrangements where additional security is required beyond the primary debtor's commitments. The agreement must comply with Australian law, particularly the Personal Property Securities Act 2009 (Cth), and includes detailed provisions regarding the creation, perfection, and enforcement of security interests, along with comprehensive guarantee obligations. It is typically used in conjunction with facility agreements, loan documents, or other primary financing arrangements, providing an additional layer of protection for the secured party.
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1. Parties: Identification of all parties including guarantor(s), secured party/beneficiary, and principal debtor
2. Background: Context of the guarantee and security arrangement, reference to primary obligations, and purpose of the agreement
3. Definitions and Interpretation: Key terms used throughout the agreement, including PPSA-specific terminology and interpretation rules
4. Guarantee: Core guarantee obligations, including scope of guaranteed liabilities and nature of guarantee (continuing, unconditional)
5. Grant of Security Interest: Creation of security interest, description of collateral, and PPSA-compliant security provisions
6. Representations and Warranties: Guarantor's representations regarding capacity, ownership of collateral, and absence of competing interests
7. Undertakings: Ongoing obligations of the guarantor regarding maintenance of collateral, insurance, and information provision
8. Events of Default: Circumstances constituting default and triggering enforcement rights
9. Enforcement: Rights and remedies 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 contracting out of notice requirements where permitted
12. General Provisions: Standard boilerplate clauses including notices, governing law, and jurisdiction
1. Priority Arrangements: Required when there are multiple secured parties or competing security interests to establish priority order
2. Guarantee Limitations: Include when there are specific limitations on the guarantee amount or circumstances
3. Independent Advice: Required when guarantor is an individual or small business, acknowledging receipt of legal/financial advice
4. Cross-Collateralization: Include when security is to cover multiple facilities or agreements
5. Third Party Rights: Required when agreement affects rights of parties not directly party to the agreement
6. Special Dealings with Collateral: Include when specific types of collateral require special treatment or permissions
7. International Provisions: Required when agreement has international elements or cross-border enforcement may be needed
1. Secured Property Schedule: Detailed description of all collateral subject to the security interest
2. Guaranteed Obligations: Details of the obligations being guaranteed, including facilities and limits
3. Security Interest Perfection Requirements: Specific steps required to perfect security interests for different types of collateral
4. Existing Security Interests: List of permitted security interests or encumbrances already affecting the collateral
5. PPSR Registration Details: Details of PPSR registrations to be made or already made
6. Form of Notice: Standard forms for notices, demands, or other communications under the agreement
7. Special Conditions: Any special conditions applicable to specific collateral or guarantee obligations
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Real Estate
Corporate Finance
Manufacturing
Retail
Construction
Infrastructure
Mining and Resources
Agriculture
Technology
Healthcare
Education
Professional Services
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Secretariat
Credit
Commercial
Banking
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Security Trustee
Credit Manager
Risk Manager
Commercial Director
Treasury Manager
Compliance Officer
Company Secretary
Financial Controller
Banking Relationship Manager
Senior Legal Counsel
Security Agent
Corporate Finance Manager
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