The Third Party Collateral Agreement is a crucial document in Australian secured financing arrangements where security is provided by a party other than the primary debtor. This document is commonly used in corporate and commercial financing scenarios where a related entity or stakeholder provides security for a borrower's obligations. It must comply with the Personal Property Securities Act 2009 (Cth) and other relevant Australian legislation, including requirements for registration on the Personal Property Securities Register. The agreement details the security arrangement, including the nature of the collateral, the secured obligations, enforcement rights, and the respective obligations of the security provider, secured party, and primary debtor. It includes specific provisions required under Australian law for the creation and perfection of security interests, making it essential for various secured lending arrangements.
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1. Parties: Identifies all parties to the agreement including the security provider (third party), the secured party, and the primary debtor
2. Background: Explains the context of the security arrangement, including reference to the primary secured obligations
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including PPSA-specific terminology
4. Grant of Security Interest: Contains the operative provisions creating the security interest over the collateral
5. Representations and Warranties: Third party's declarations regarding ownership, authority to grant security, and status of collateral
6. Undertakings: Ongoing obligations of the security provider regarding maintenance and preservation of collateral
7. Rights and Obligations: Details the rights of the secured party and obligations of the security provider
8. Events of Default: Specifies circumstances constituting default and triggering enforcement rights
9. Enforcement: Sets out the secured party's enforcement rights and procedures
10. Power of Attorney: Appointment of secured party as attorney for enforcement purposes
11. PPSA Provisions: Specific provisions required under the Personal Property Securities Act
12. General Provisions: Standard boilerplate clauses including notices, governing law, and jurisdiction
1. Cross-Collateralization: Required when the collateral secures multiple obligations or facilities
2. Priority Arrangements: Needed when there are multiple security interests or secured parties
3. Special Release Conditions: Include when there are specific conditions for the release of security
4. Limited Recourse: Required when the secured party's recourse is limited to the collateral only
5. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage
6. Third Party Rights: Required when other parties have interests in or rights over the collateral
7. Appointment of Administrator: Include for corporate security providers where relevant
8. Independent Legal Advice: Required when the security provider is an individual or small business
1. Schedule 1 - Collateral Description: Detailed description of all assets provided as collateral
2. Schedule 2 - Secured Obligations: Description of the obligations being secured by the collateral
3. Schedule 3 - Security Provider Details: Full details of the security provider and collateral location
4. Schedule 4 - Existing Security Interests: List of any existing security interests over the collateral
5. Schedule 5 - Special Conditions: Any special terms or conditions applicable to the security arrangement
6. Appendix A - PPSR Registration Details: Details of PPSR registration requirements and timing
7. Appendix B - Form of Notice: Standard forms for notices under the agreement
8. Appendix C - Verification Statement: PPSA verification statement and acknowledgment
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Commercial Lending
Corporate Finance
Asset Finance
Equipment Finance
Real Estate and Property
Manufacturing
Agriculture
Mining and Resources
Infrastructure
Retail
Professional Services
Relevant Teams
Legal
Finance
Credit
Risk Management
Commercial
Compliance
Treasury
Corporate Services
Securities Administration
Loan Operations
Portfolio Management
Relevant Roles
Legal Counsel
Finance Manager
Credit Manager
Risk Manager
Commercial Manager
Corporate Lawyer
Banking Lawyer
Security Trustee
Loan Officer
Compliance Officer
Financial Controller
Treasury Manager
Chief Financial Officer
Company Secretary
Portfolio Manager
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