The General Security Agreement is a crucial financing document used in New Zealand when a borrower provides security over their assets to a lender. This agreement is commonly used in business financing arrangements where a lender requires comprehensive security over all present and future assets of a borrower. The document must comply with the Personal Property Securities Act 1999 and other relevant New Zealand legislation. It typically includes detailed provisions about the secured property, representations and warranties, covenants, events of default, and enforcement rights. The GSA is essential for lenders to establish and maintain their security interests, and it must be properly registered on the Personal Property Securities Register to perfect the security interest and establish priority against other creditors.
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1. Parties: Identifies the secured party (typically a lender or financial institution) and the grantor (the party granting the security interest)
2. Background: Sets out the context of the security arrangement and references any related agreements (e.g., loan agreement or facility agreement)
3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules, including PPSA-specific terminology
4. Grant of Security Interest: Creates and establishes the security interest over the collateral in favor of the secured party
5. Secured Obligations: Defines the obligations being secured, including present and future debts and obligations
6. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of the collateral
7. Grantor's Covenants: Ongoing obligations of the grantor regarding maintenance, use, and dealing with the collateral
8. Events of Default: Specifies circumstances that constitute default under the agreement
9. Enforcement: Sets out the secured party's rights and powers upon default, including PPSA enforcement provisions
10. Power of Attorney: Appointment of the secured party as attorney to protect or enforce its rights
11. General Provisions: Standard contract terms including notices, amendments, governing law, and jurisdiction
1. Receivership: Additional provisions regarding appointment and powers of receivers, used when dealing with corporate grantors
2. Priority Arrangements: Required when there are multiple secured parties or existing security interests
3. Insurance: Detailed insurance requirements for specific types of collateral
4. Intellectual Property: Special provisions for security over IP rights
5. Foreign Currency: Required when secured obligations involve multiple currencies
6. Guarantee Provisions: When the security agreement includes guarantees from third parties
7. Special Dealing Provisions: For specific types of collateral requiring special treatment or permissions
1. Schedule 1 - Collateral Description: Detailed description of all secured property/collateral, including serial-numbered goods
2. Schedule 2 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
3. Schedule 3 - Secured Property Locations: List of locations where secured property is or will be held
4. Schedule 4 - Special Terms: Any special terms or conditions specific to the security arrangement
5. Schedule 5 - Existing Security Interests: Details of any existing registered security interests on the PPSR
6. Appendix A - PPSR Registration Details: Information required for PPSR registration
7. Appendix B - Form of Notice: Standard forms for various notices under the agreement
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