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Third Party Security Agreement for Australia

Third Party Security Agreement Template for Australia

This document is an Australian law-governed Third Party Security Agreement that creates a security interest over assets or property provided by a third party (the Security Provider) to secure obligations owed by another party (the Principal Debtor) to a secured party. The agreement complies with Australian personal property securities legislation, particularly the Personal Property Securities Act 2009 (Cth), and includes comprehensive provisions for the creation, perfection, and enforcement of security interests. It addresses registration requirements, enforcement rights, and the respective obligations of all parties involved in the security arrangement.

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What is a Third Party Security Agreement?

The Third Party Security Agreement is a crucial document in secured financing arrangements where a third party provides security for another entity's obligations. This agreement is commonly used in Australia when a parent company, related entity, or other third party wishes to provide security for a borrower's obligations to a lender. The document must comply with Australian law, particularly the Personal Property Securities Act 2009 (Cth), and includes detailed provisions regarding the creation and enforcement of security interests, obligations of the security provider, representations and warranties, and enforcement mechanisms. It's essential in various commercial contexts, including corporate group financing, project finance, and asset-based lending, where third-party security is required to support credit arrangements.

What sections should be included in a Third Party Security Agreement?

1. Parties: Identifies all parties to the agreement including the Security Provider, the Secured Party, and the Principal Debtor

2. Background: Explains the context of the security arrangement, including the primary debt or obligation being secured

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation principles

4. Grant of Security Interest: Details the creation and nature of the security interest being granted

5. Secured Property: Describes and identifies the property over which security is being granted

6. Secured Money: Defines the obligations and amounts secured by the agreement

7. Security Provider's Obligations: Sets out the ongoing obligations of the security provider regarding the secured property

8. Representations and Warranties: Contains statements of fact and promises made by the Security Provider

9. Events of Default: Lists circumstances that constitute default under the agreement

10. Enforcement: Details the secured party's rights and powers upon default

11. PPSA Provisions: Specific provisions required under the Personal Property Securities Act

12. Power of Attorney: Appointment of the secured party as attorney in specified circumstances

13. General Provisions: Standard boilerplate clauses including notices, governing law, and jurisdiction

What sections are optional to include in a Third Party Security Agreement?

1. Guarantee Provisions: Required when the security provider is also providing a guarantee of the principal debtor's obligations

2. Priority Arrangements: Needed when there are multiple security interests or secured parties requiring priority arrangements

3. Insurance Requirements: Detailed insurance obligations when the secured property requires specific insurance coverage

4. Real Property Provisions: Required when the security extends to real property interests

5. Foreign Currency Provisions: Needed when the secured obligations involve foreign currency

6. Environmental Warranties: Required when the secured property includes land or operations with environmental risks

7. Intellectual Property Rights: Needed when the security includes intellectual property

8. Trust Provisions: Required when the security provider acts as trustee of a trust

What schedules should be included in a Third Party Security Agreement?

1. Secured Property Schedule: Detailed description and/or list of all secured property

2. Secured Obligations Schedule: Details of the underlying obligations being secured

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

4. Form of Notice of Assignment: Template for notifying relevant parties of the security interest

5. Securities Register Details: Registration details for company charges and PPSR registrations

6. Property Locations Schedule: List of locations where secured property is kept or registered

7. Related Security Documents: List of associated security or finance documents

8. Authorised Officers: List of persons authorised to act on behalf of each party

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

Banking and Financial Services

Commercial Lending

Corporate Finance

Asset Finance

Real Estate and Property

Manufacturing

Agriculture

Mining and Resources

Infrastructure

Retail and Commercial

Transport and Logistics

Technology and Software

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Secretariat

Credit Administration

Security Operations

Asset Management

Commercial Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Security Trustee

Credit Manager

Risk Manager

Compliance Officer

Commercial Director

Treasury Manager

Asset Manager

Company Secretary

Financial Controller

Banking Relationship Manager

Security Operations 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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