The Personal Property Security Agreement is a fundamental document in New Zealand's secured financing landscape, essential for businesses and individuals seeking to use personal property as collateral for financial obligations. This agreement, governed by the Personal Property Securities Act 1999 and related New Zealand legislation, enables lenders to secure their interests in various forms of personal property, from equipment and inventory to accounts receivable and intellectual property. It's commonly used in business financing, asset purchases, and working capital facilities, providing lenders with enforceable rights over the secured property while allowing borrowers to maintain use of their assets. The agreement must be properly documented and registered on the Personal Property Securities Register (PPSR) to ensure the security interest is perfected and maintain priority against other creditors.
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1. Parties: Identifies and defines the secured party and the grantor/debtor, including full legal names and addresses
2. Background: Sets out the context of the security agreement, including any related financing arrangements
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules, including PPSA-specific terminology
4. Grant of Security Interest: Establishes the security interest being granted over the collateral, ensuring compliance with PPSA requirements
5. Secured Obligations: Specifies the obligations being secured, including any payment obligations, performance requirements, and other secured liabilities
6. Representations and Warranties: Sets out the grantor's confirmations regarding ownership, authority, and status of the collateral
7. Grantor Covenants: Details the ongoing obligations of the grantor regarding maintenance, insurance, and use of the collateral
8. Events of Default: Lists circumstances that constitute default under the agreement
9. Enforcement: Outlines the secured party's rights and remedies upon default, consistent with PPSA provisions
10. PPSA Provisions: Specific provisions required under the PPSA, including registration rights and maintenance of perfection
11. General Provisions: Standard contractual terms including notices, amendments, governing law, and dispute resolution
1. Accessions and Processed Goods: Required when collateral may become an accession or be subject to manufacturing/processing
2. Third Party Provisions: Needed when third parties have interests in or rights over the collateral
3. Cross-Collateralization: Used when security interest secures obligations under multiple agreements
4. Priority Arrangements: Required when there are multiple secured parties or priority agreements
5. Special Terms for Consumer Goods: Required when the collateral includes consumer goods, incorporating CCCFA requirements
6. Intellectual Property Rights: Needed when collateral includes or relates to intellectual property
7. Insurance and Loss Provisions: Detailed insurance requirements and loss handling procedures for high-value collateral
1. Schedule 1 - Collateral Description: Detailed description of all collateral subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed list of all secured obligations, including referenced agreements
3. Schedule 3 - Permitted Security Interests: List of any pre-existing or permitted security interests over the collateral
4. Schedule 4 - Special Terms and Conditions: Any special terms or conditions specific to the collateral or security arrangement
5. Appendix A - Form of Notice: Template notices for enforcement or other formal communications
6. Appendix B - Insurance Requirements: Detailed insurance requirements and minimum coverage specifications
7. Appendix C - Operating Requirements: Specific requirements for operation, maintenance, or storage of collateral
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