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General Security Agreement

General Security Agreement Template for New Zealand

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Key Requirements PROMPT example:

General Security Agreement

"I need a General Security Agreement for a loan between ABC Bank Limited as lender and XYZ Manufacturing Limited as borrower, with specific provisions for manufacturing equipment and intellectual property rights, to be effective from March 1, 2025."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Commercial Lending

Asset Finance

Agriculture

Manufacturing

Retail

Construction

Technology

Professional Services

Transport and Logistics

Real Estate

Healthcare

Education

Relevant Teams

Legal

Finance

Credit

Risk Management

Compliance

Commercial Banking

Corporate Advisory

Operations

Collections

Business Development

Treasury

Corporate Secretariat

Relevant Roles

Legal Counsel

Commercial Banker

Credit Manager

Risk Manager

Finance Manager

Corporate Lawyer

Loan Officer

Security Trustee

Compliance Officer

Business Development Manager

Chief Financial Officer

Credit Analyst

Banking Relationship Manager

Collections Manager

Corporate Secretary

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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