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Commercial Security Agreement

Commercial Security Agreement Template for New Zealand

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Key Requirements PROMPT example:

Commercial Security Agreement

"I need a Commercial Security Agreement under New Zealand law for my manufacturing company to grant security over its equipment and inventory to ABC Bank Limited, with the security to commence from March 1, 2025."

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Document background
The Commercial Security Agreement is a fundamental document in New Zealand's secured financing landscape, essential for transactions where a party grants security interests over personal property to secure obligations to a creditor. This agreement is primarily governed by the Personal Property Securities Act 1999 and must be structured to enable valid registration on the Personal Property Securities Register (PPSR). It is commonly used in business financing, asset-based lending, and various commercial transactions where security is required. The document typically includes detailed descriptions of the collateral, the secured obligations, enforcement mechanisms, and the rights and obligations of all parties involved. It's particularly important in New Zealand's commercial context as it provides the legal framework for creating and enforcing security interests while ensuring compliance with local registration requirements and priority rules.
Suggested Sections

1. Parties: Identifies and defines the Secured Party and the Grantor, including full legal names and addresses

2. Background: Explains the context of the security agreement, including reference to any underlying obligations or facilities

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

4. Grant of Security Interest: Creates and establishes the security interest over the collateral

5. Secured Obligations: Defines the obligations being secured, including present and future debts

6. Representations and Warranties: Grantor's declarations regarding ownership, authority, and status of collateral

7. Covenants: Ongoing obligations of the Grantor regarding maintenance and use of collateral

8. Default Events: Specifies what constitutes a default under the agreement

9. Enforcement Rights: Details the Secured Party's rights and remedies upon default

10. Power of Attorney: Appointment of Secured Party as attorney for enforcement purposes

11. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction

Optional Sections

1. Third Party Rights: Required when collateral involves third-party interests or consents

2. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage

3. Special Asset Provisions: Include when security covers specific types of assets like intellectual property or vehicles

4. Cross-Collateralization: Required when security interest secures multiple facilities or obligations

5. Subordination Provisions: Include when there are multiple security interests requiring priority arrangements

6. Foreign Currency Provisions: Required when secured obligations involve foreign currency

7. GST Provisions: Include when security arrangement has GST implications

Suggested Schedules

1. Schedule 1 - Collateral Description: Detailed description of all assets subject to the security interest

2. Schedule 2 - Secured Obligations: Detailed list of all secured obligations and facilities

3. Schedule 3 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral

4. Schedule 4 - Special Terms: Any special terms or conditions applicable to specific collateral

5. Appendix A - PPSR Registration Details: Details required for Personal Property Securities Register registration

6. Appendix B - Form of Notice: Template notices for enforcement or other communications

7. Appendix C - Existing Security Interests: Details of existing security interests and priority arrangements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































Clauses




































Relevant Industries

Banking and Financial Services

Commercial Real Estate

Manufacturing

Retail

Agriculture

Technology

Construction

Transportation and Logistics

Healthcare

Professional Services

Mining and Resources

Hospitality

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit Administration

Corporate Finance

Commercial Operations

Security Administration

Loan Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Commercial Lawyer

Credit Manager

Risk Manager

Security Trustee

Compliance Officer

Commercial Director

Treasury Manager

Banking Relationship Manager

Corporate Finance Manager

Security Administrator

Loan Officer

Financial Controller

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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