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General Security Agreement for Australia

General Security Agreement Template for Australia

A General Security Agreement is a fundamental security document used in Australian commercial finance transactions, governed primarily by the Personal Property Securities Act 2009 (Cth). This agreement creates a security interest over all or substantially all of a grantor's present and future assets in favor of a secured party. It establishes the secured party's rights over the collateral, including enforcement rights upon default, and contains detailed provisions regarding the maintenance and dealing with the secured assets, PPSA-specific requirements, and enforcement mechanisms recognized under Australian law.

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What is a General Security Agreement?

The General Security Agreement is a crucial document in Australian secured financing arrangements, used when a party (typically a lender) requires comprehensive security over another party's assets. It complies with the Personal Property Securities Act 2009 (Cth) and creates an "all assets" security interest, which must be registered on the Personal Property Securities Register (PPSR) for optimal protection. The agreement is commonly used in various financing scenarios including business loans, acquisition financing, and working capital facilities. It contains detailed provisions regarding the secured assets, rights and obligations of parties, enforcement mechanisms, and PPSA-specific requirements. The document is essential for secured lenders in Australia as it provides the primary security framework for their lending arrangements.

What sections should be included in a General Security Agreement?

1. Parties: Identifies and defines the Secured Party and Grantor

2. Background: Explains the context of the security arrangement and references any related agreements

3. Definitions and Interpretation: Defines key terms used in the agreement and interpretation rules, including PPSA-specific terminology

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

5. Dealings with Collateral: Specifies permitted and restricted dealings with the secured property

6. Representations and Warranties: Grantor's declarations regarding their capacity, ownership of collateral, and other material facts

7. Undertakings: Ongoing obligations of the Grantor regarding the collateral and maintenance of security

8. Events of Default: Defines circumstances constituting default under the agreement

9. Enforcement: Rights and powers of the Secured Party upon default, including appointment of receivers

10. Power of Attorney: Appointment of Secured Party as attorney to protect security interests

11. PPSA Provisions: Specific provisions required or recommended under the PPSA

12. Protection of Secured Party: Provisions protecting the Secured Party's interests and limiting liability

13. Payments and Recovery of Money: Rules regarding payment application and recovery of enforcement costs

14. General Provisions: Standard boilerplate clauses including notices, assignments, and governing law

What sections are optional to include in a General Security Agreement?

1. Third Party Rights: Required when third parties have interests in the collateral or when subordination arrangements exist

2. Insurance: Detailed insurance requirements when specific insurance coverage is crucial for the collateral

3. Special Provisions for Particular Collateral: Used when the security includes specific types of assets requiring special treatment (e.g., intellectual property, serial numbered goods)

4. Cross-Collateralization: Required when security is granted for obligations under multiple agreements

5. Custodian Arrangements: Needed when a third-party custodian holds the collateral

6. Priority Arrangements: Required when there are multiple secured parties or priority agreements

7. Foreign Law Security: Needed when collateral is located in multiple jurisdictions

What schedules should be included in a General Security Agreement?

1. Schedule 1 - Secured Property: Detailed description of all collateral subject to the security interest

2. Schedule 2 - Secured Obligations: Description of the obligations secured by the agreement

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

4. Schedule 4 - Premises: Details of locations where collateral is held

5. Schedule 5 - Serial Numbered Goods: List of serial numbered goods (vehicles, aircraft, etc.) subject to the security

6. Schedule 6 - Excluded Property: List of assets specifically excluded from the security interest

7. Appendix A - Security Interest Perfection Requirements: Checklist of actions required to perfect the security interest

8. Appendix B - Form of Accession Deed: Template for additional parties to accede to the agreement

Authors

Alex Denne

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

Jurisdiction

Australia

Publisher

Ƶ

Document Type

Security Agreement

Sector

Cost

Free to use
Relevant legal definitions



























































Clauses

































Relevant Industries

Financial Services

Banking

Commercial Lending

Asset Finance

Private Equity

Corporate Finance

Manufacturing

Retail

Agriculture

Mining and Resources

Technology

Real Estate

Infrastructure

Healthcare

Professional Services

Relevant Teams

Legal

Finance

Risk Management

Credit

Compliance

Treasury

Corporate Secretariat

Loan Operations

Security Administration

Portfolio Management

Recovery and Enforcement

Commercial Banking

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Commercial Lawyer

Banking Lawyer

Risk Manager

Credit Manager

Loan Officer

Security Trustee

Compliance Officer

Treasury Manager

Corporate Secretary

Business Development Manager

Relationship Manager

Portfolio Manager

Asset Manager

Recovery Manager

Restructuring Manager

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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