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Security Sharing Agreement

Security Sharing Agreement Template for New Zealand

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Key Requirements PROMPT example:

Security Sharing Agreement

"I need a Security Sharing Agreement for a syndicated loan facility where three banks are sharing security over commercial property assets in Auckland, with Bank A acting as security trustee and holding a 50% share, while Banks B and C each hold 25% shares."

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Document background
A Security Sharing Agreement is essential in complex financing arrangements where multiple parties hold security interests over the same assets. This document is commonly used in New Zealand when different lenders or financial institutions need to establish their respective rights, priorities, and responsibilities regarding shared security. The agreement complies with New Zealand's legal framework, particularly the Personal Property Securities Act 1999 and the Financial Markets Conduct Act 2013. It details crucial aspects such as security priority rankings, enforcement procedures, proceeds distribution mechanisms, and decision-making processes. This type of agreement is particularly vital in syndicated lending arrangements, project financing, or restructuring scenarios where multiple creditors need to coordinate their security interests effectively.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement, including the security holders and any security trustee or agent

2. Background: Sets out the context of the agreement, including reference to the underlying facilities and security interests being shared

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

4. Security Interests: Identifies and describes the security interests that are subject to the sharing arrangement

5. Priority and Ranking: Establishes the priority and ranking of the security interests between the parties

6. Sharing of Proceeds: Details how proceeds from the enforcement of security will be shared between the parties

7. Decision Making and Enforcement: Outlines the process for making decisions regarding the shared security and enforcement procedures

8. Administration of Security: Describes how the shared security will be administered, including any security trustee's roles and responsibilities

9. Payments and Proceeds: Sets out mechanisms for handling payments and distributing proceeds

10. Representations and Warranties: Contains standard representations and warranties from each party

11. Events of Default: Defines events that constitute default and their consequences

12. Termination: Specifies circumstances and procedures for terminating the agreement

13. General Provisions: Contains standard boilerplate provisions including notices, amendments, governing law, etc.

Optional Sections

1. Security Trustee Provisions: Additional provisions required when a security trustee is appointed to hold and manage the security on behalf of multiple parties

2. Intercreditor Provisions: Detailed provisions governing the relationship between different classes of creditors, used when there are multiple tiers of debt

3. Standstill Provisions: Provisions preventing individual enforcement actions for a specified period, used in complex multi-party arrangements

4. Accession Mechanics: Procedures for new parties to join the security sharing arrangement, needed when the agreement may expand to include additional parties

5. Subordination Provisions: Specific provisions for subordinating certain security interests, used when there is a hierarchical structure to the security interests

6. Cross-Guarantee Provisions: Provisions dealing with cross-guarantees between parties, used when guarantees form part of the security package

Suggested Schedules

1. Security Assets Schedule: Detailed list and description of all security interests covered by the agreement

2. Form of Accession Deed: Template deed for new parties joining the agreement

3. Secured Party Details: Contact details and notice information for all secured parties

4. Priority and Sharing Calculations: Detailed methodology for calculating sharing ratios and priorities

5. Form of Security Trustee Resignation and Appointment: Template documents for change of security trustee

6. Enforcement Procedures: Detailed procedures for enforcement of security interests

7. Required Notices and Forms: Templates for various notices and forms required 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 & Finance

Corporate Finance

Real Estate

Infrastructure

Construction

Manufacturing

Mining & Resources

Agriculture

Retail

Technology

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Finance

Credit

Security Administration

Operations

Transaction Management

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Treasury Manager

Credit Risk Manager

Security Trustee Manager

Compliance Officer

Corporate Lawyer

Banking Lawyer

Finance Manager

Restructuring Manager

Transaction Manager

Senior Legal Advisor

Risk 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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