An Assignment Of Security Agreement is a crucial document used in New Zealand when transferring security interests from one party (the assignor) to another (the assignee). This document becomes necessary during loan portfolio sales, corporate restructuring, refinancing arrangements, or when security interests need to be transferred as part of larger commercial transactions. The agreement must comply with New Zealand's Personal Property Securities Act 1999 and ensures the proper transfer of security interests while maintaining their priority and enforceability. It includes detailed provisions about the original security agreement, the secured obligations, the secured property, and the mechanisms for transferring and registering the security interest. The document is particularly important for maintaining the integrity of security arrangements and ensuring the assignee obtains all necessary rights and protections under New Zealand law.
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1. Parties: Identifies the assignor (current security holder), assignee (new security holder), and obligor (the debtor under the original security agreement)
2. Background: Recitals explaining the existing security agreement, its date, parties, and the intention to assign the security interest
3. Definitions: Defines key terms including 'Security Agreement', 'Secured Property', 'Secured Obligations', and 'Effective Date'
4. Assignment: Core provision detailing the assignment of rights, title, and interest in the security agreement
5. Consideration: States the consideration being paid for the assignment
6. Representations and Warranties: Assignor's warranties regarding ownership, right to assign, and status of security interest
7. Perfection Requirements: Steps required to perfect the assignment, including PPSR registration requirements
8. Obligations and Rights: Details the post-assignment rights and obligations of each party
9. Further Assurance: Commitment to execute further documents and take necessary actions to give effect to the assignment
10. Governing Law: Specifies New Zealand law as governing law and jurisdiction
1. Consent of Obligor: Required when the original security agreement requires obligor's consent to assignment
2. Guarantee Provisions: Included when the original security agreement includes guarantees that need to be addressed
3. Partial Assignment: Used when only part of the security interest is being assigned
4. Conditions Precedent: Included when the assignment is subject to certain conditions being met
5. Security Trustee Provisions: Required when the assignee holds the security interest as trustee for other parties
6. Costs and Expenses: Optional section detailing who bears the costs of the assignment and registration
1. Original Security Agreement: Copy or details of the security agreement being assigned
2. Secured Property: Detailed description of the property subject to the security interest
3. Secured Obligations: Description of the obligations secured by the security agreement
4. Assignment Consideration: Details of the consideration and payment terms if complex
5. Required Consents: Copies of any required consents from third parties or the obligor
6. PPSR Registration Details: Details of existing PPSR registration and requirements for new registration
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