The Personal Property Security Agreement is essential in Australian commercial transactions where security is taken over personal property. This document is used when a party (typically a lender or supplier) requires security over personal property as collateral for obligations owed by another party. The agreement must comply with the Personal Property Securities Act 2009 (Cth) and related regulations, which provide the legal framework for creating, registering, and enforcing security interests in Australia. It is commonly used in financing transactions, equipment leasing, inventory financing, and other commercial arrangements where personal property serves as collateral. The agreement includes crucial details about the secured property, obligations being secured, and enforcement rights, while ensuring proper registration on the Personal Property Securities Register for perfection of the security interest.
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1. Parties: Identifies and defines the Secured Party and the Grantor
2. Background: Explains the context of the security agreement and the basis for creating the security interest
3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules
4. Grant of Security Interest: Creates and defines the scope of the security interest over the collateral
5. Description of Collateral: Detailed description of the personal property over which the security interest is granted
6. Secured Money: Defines the obligations secured by the agreement
7. Representations and Warranties: Grantor's statements about ownership, authority, and status of collateral
8. Grantor's Obligations: Ongoing obligations regarding maintenance, insurance, and use of collateral
9. Default Events: Specifies what constitutes a default under the agreement
10. Enforcement Rights: Sets out the secured party's rights and remedies upon default
11. PPSR Registration: Provisions regarding registration of the security interest on the PPSR
12. General Provisions: Standard contractual provisions including notices, governing law, and jurisdiction
1. Special Provisions for Inventory: Additional provisions when collateral includes inventory, including handling of proceeds
2. Third Party Security Provider: Required when the grantor of the security is different from the primary debtor
3. Priority Arrangements: Include when there are multiple secured parties or existing security interests
4. Intellectual Property Rights: Special provisions for when collateral includes intellectual property
5. Cross-Collateralization: When security interest secures obligations under multiple agreements
6. Attorney Appointment: Provisions appointing the secured party as attorney in certain circumstances
7. Receivers and Managers: Detailed provisions regarding appointment and powers of receivers
1. Schedule 1 - Collateral Description: Detailed itemization and description of all collateral covered by the security interest
2. Schedule 2 - Secured Obligations: Details of the specific obligations being secured, including any relevant facility agreements
3. Schedule 3 - Existing Security Interests: List of any pre-existing security interests affecting the collateral
4. Schedule 4 - Special Terms: Any special terms or conditions applying to specific collateral or circumstances
5. Schedule 5 - Permitted Security Interests: List of security interests that are permitted to exist over the collateral
6. Appendix A - PPSR Registration Details: Details of PPSR registrations including timing requirements
7. Appendix B - Form of Notice: Standard forms for various notices required under the agreement
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