A Security Trust Agreement is essential in Australian financing transactions involving multiple secured creditors, such as syndicated loans, bond issuances, or project financings. It creates a trust structure where a security trustee holds security interests over assets on behalf of various beneficiaries (typically lenders or bondholders), simplifying security administration and enforcement. The agreement is particularly important in the Australian legal context, where it must comply with the Personal Property Securities Act 2009 (Cth), state-specific trust laws, and other relevant legislation. It typically includes provisions for the appointment and replacement of the security trustee, the trustee's powers and duties, enforcement procedures, priority arrangements between creditors, and the distribution of enforcement proceeds. The document is fundamental to managing security interests efficiently and ensuring coordinated enforcement actions in complex financing arrangements.
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1. Parties: Identifies the security trustee, beneficiaries (secured parties), and security provider(s)
2. Background: Sets out the context of the security trust arrangement, including reference to underlying facility agreements and security documents
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including references to facility agreement definitions
4. Declaration of Trust: Establishes the security trust, declares the trust property, and specifies the trust's purpose
5. Security Trustee Appointment and Powers: Details the appointment of the security trustee and its powers in managing the security trust property
6. Trustee Duties and Obligations: Specifies the security trustee's duties, standard of care, and obligations to beneficiaries
7. Security and Enforcement: Covers the holding of security, enforcement procedures, and application of proceeds
8. Priority Arrangements: Sets out priority between secured parties and sharing of proceeds
9. Trustee Remuneration and Expenses: Details the trustee's fees, costs, and right to indemnification
10. Changes to Parties: Procedures for resignation/removal of trustee and appointment of successor trustee
11. Administrative Provisions: Includes notices, calculations, amendments, and other procedural matters
12. Governing Law and Jurisdiction: Specifies governing law and submission to jurisdiction
1. Parallel Debt: Required in transactions involving jurisdictions that don't recognize trust concepts, creating a parallel obligation to the security trustee
2. Tax Provisions: Detailed tax provisions where specific tax arrangements or GST treatment needs to be addressed
3. Limited Recourse: Where the trustee's liability is to be limited to the trust assets
4. Security Review: Provisions for periodic review of security value and coverage
5. Custodian Provisions: Where separate custodian arrangements are required for holding security documents
6. Independent Rights: Provisions allowing beneficiaries to independently enforce rights in specific circumstances
7. Majority Lender Decisions: Required for syndicated facilities to establish decision-making processes
1. Initial Security: List of security documents and assets covered by the security trust
2. Initial Beneficiaries: Details of initial secured parties and their secured amounts
3. Forms of Accession: Standard forms for new parties to accede to the agreement
4. Trustee Fee Schedule: Detailed breakdown of trustee fees and charges
5. Notice and Acknowledgment Forms: Template forms for various notices required under the agreement
6. Priority Arrangements: Detailed provisions regarding ranking and priority between secured parties
7. Meeting Procedures: Procedures for beneficiary meetings and decision-making processes
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Corporate Finance
Investment Banking
Commercial Real Estate
Infrastructure and Projects
Mining and Resources
Private Equity
Asset Management
Syndicated Lending
Structured Finance
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Finance
Loan Administration
Security Administration
Credit
Trust Services
Relevant Roles
Finance Lawyer
Banking and Finance Partner
Security Trustee Manager
Facility Agent
Corporate Lawyer
Legal Counsel
Transaction Manager
Syndications Manager
Credit Risk Manager
Compliance Officer
Trust Officer
Security Administrator
Financial Controller
Chief Financial Officer
Treasury Manager
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