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Security Interest Contract

Security Interest Contract Template for New Zealand

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Key Requirements PROMPT example:

Security Interest Contract

"I need a Security Interest Contract for ABC Manufacturing Ltd to secure a $2M equipment loan from Pacific Bank Limited, with the security to be taken over three new CNC machines being delivered in March 2025; the agreement needs to include specific provisions for maintaining and insuring the equipment."

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Document background
The Security Interest Contract is a fundamental document in New Zealand's secured financing landscape, essential for creating legally enforceable security interests over personal property. It is primarily used when a party (the secured party) requires security over assets owned by another party (the grantor) to secure the performance of obligations, such as loan repayment or other financial commitments. The document must comply with the Personal Property Securities Act 1999 and be suitable for registration on the Personal Property Securities Register (PPSR). It is commonly used in various contexts, from commercial lending to asset finance, and can cover different types of collateral including equipment, inventory, accounts receivable, and other personal property. The contract's importance lies in its ability to protect the secured party's interests while providing clear guidelines for both parties' rights and obligations.
Suggested Sections

1. Parties: Identification of the Secured Party and the Grantor, including full legal names, registration numbers (if companies), and addresses

2. Background: Context of the security arrangement, reference to any underlying obligations or facility agreements

3. Definitions and Interpretation: Key terms used in the agreement, interpretation rules, and reference to PPSA definitions

4. Grant of Security Interest: Express grant of security interest in the collateral, ensuring PPSA compliance

5. Secured Obligations: Definition and scope of the obligations being secured

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

7. Undertakings: Grantor's ongoing obligations regarding maintenance, insurance, and dealing with collateral

8. Further Assurance: Obligations to execute additional documents and assist in perfecting security

9. Enforcement: Rights and powers of the Secured Party upon default, including PPSA enforcement provisions

10. Power of Attorney: Appointment of Secured Party as attorney to perfect or enforce security interest

11. Notices: Process and requirements for giving notices under the agreement

12. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments

Optional Sections

1. Multiple Secured Parties: Required when there is more than one secured party, detailing their relationships and decision-making process

2. Subordination Arrangements: Needed when the security interest is subordinated to other security interests

3. Special Collateral Provisions: Required for specific types of collateral like intellectual property, vehicles, or investment securities

4. Cross-Collateralization: Used when security interest secures obligations under multiple agreements

5. Consumer Goods Provisions: Required when security is taken over consumer goods, including CCCFA compliance

6. Receivables Collection: Needed when collateral includes accounts receivable or other payment rights

Suggested Schedules

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

2. Schedule 2 - Secured Obligations: Detailed description of all obligations secured by the agreement

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

4. Schedule 4 - Special Terms: Any special terms applicable to particular types of collateral

5. Schedule 5 - Existing Security Registrations: List of existing registrations on the PPSR affecting the collateral

6. Appendix A - PPSR Registration Requirements: Details required for PPSR registration including collateral classes and grantor identifiers

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

Financial Services

Asset Finance

Equipment Leasing

Manufacturing

Agriculture

Retail

Technology

Construction

Transportation

Professional Services

Mining and Resources

Healthcare

Education

Relevant Teams

Legal

Finance

Credit

Risk Management

Commercial Banking

Corporate Finance

Compliance

Treasury

Operations

Collections

Business Development

Asset Management

Relevant Roles

Legal Counsel

Commercial Lawyer

Finance Manager

Credit Manager

Risk Manager

Corporate Banker

Lending Officer

Security Trustee

Compliance Officer

Contract Administrator

Business Development Manager

Chief Financial Officer

Treasury Manager

Asset Finance Manager

Collections 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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