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Security Sharing Agreement

Security Sharing Agreement Template for Malaysia

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Key Requirements PROMPT example:

Security Sharing Agreement

"I need a Security Sharing Agreement for a syndicated loan facility where three Malaysian banks are providing financing to a property development company, with one bank acting as security agent; the agreement needs to include specific voting thresholds for enforcement decisions and a mechanism for adding new lenders."

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Document background
The Security Sharing Agreement is essential in complex financing transactions where multiple creditors hold security interests over the same assets. This document type is commonly used in Malaysia for syndicated loans, project financing, and structured finance transactions where different classes of creditors need to establish their respective rights and priorities. The agreement ensures compliance with Malaysian securities laws and regulations, including the Capital Markets and Services Act 2007 and the Financial Services Act 2013. It typically includes detailed provisions for the appointment of a security trustee, enforcement procedures, voting mechanisms, and the distribution of enforcement proceeds. The document becomes particularly important in scenarios involving multiple facilities or different types of debt instruments secured against the same collateral.
Suggested Sections

1. Parties: Identification of all security holders and the security provider(s)

2. Background: Context of the security arrangement, including reference to underlying facilities and security documents

3. Definitions and Interpretation: Key terms used in the agreement and rules of interpretation

4. Security Sharing Principles: Core principles governing the sharing of security interests and ranking of claims

5. Priority and Subordination: Establishes the priority ranking of security interests and any subordination arrangements

6. Security Trust: Appointment of security trustee/agent and their powers and duties

7. Enforcement of Security: Process and conditions for enforcing security interests, including decision-making mechanisms

8. Application of Proceeds: Order of distribution of enforcement proceeds

9. Representations and Warranties: Standard representations by parties regarding their capacity and authority

10. Costs and Expenses: Allocation of costs related to the agreement and security enforcement

11. Termination: Circumstances and process for terminating the agreement

12. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

Optional Sections

1. Voting Arrangements: Detailed voting mechanisms for decision-making when multiple security holders are involved

2. Security Agent Provisions: Additional provisions regarding the appointment, removal, and liability of security agents

3. Intercreditor Provisions: Specific arrangements between different classes of creditors

4. Buy-out Rights: Rights of security holders to buy out others' interests in certain circumstances

5. New Party Accession: Mechanism for new parties to join the security sharing arrangement

6. Amendments and Waivers: Process for modifying the agreement or waiving rights

7. Information Sharing: Provisions for sharing information between security holders

Suggested Schedules

1. Security Assets Schedule: Detailed description of all assets subject to shared security interests

2. Form of Accession Deed: Standard form for new parties joining the agreement

3. Security Documents: List and copies of all relevant security documents

4. Notice Requirements: Forms and procedures for various notices under the agreement

5. Contact Details: Contact information for all parties and authorized representatives

6. Voting Procedures: Detailed procedures for voting on enforcement and other decisions

7. Priority Matrix: Detailed breakdown of priority rankings for different security interests

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Acceleration Event
Account Bank
Accession Deed
Additional Creditor
Administration
Affiliate
Agent
Ancillary Facility
Authorisation
Available Commitment
Business Day
Charged Property
Claim
Commitment
Creditor
Debt Document
Default
Enforcement Action
Enforcement Date
Enforcement Notice
Event of Default
Facility Agreement
Finance Document
Finance Party
Financial Indebtedness
Guaranteed Obligations
Insolvency Event
Intercreditor Agreement
Legal Reservation
Liabilities
Majority Creditors
Material Adverse Effect
Original Creditor
Payment
Permitted Security
Principal Agreement
Priority
Proceedings
Receiver
Recovery
Secured Assets
Secured Obligations
Secured Party
Security
Security Agent
Security Document
Security Interest
Security Period
Security Provider
Security Trust
Senior Creditor
Subordinated Creditor
Transaction Security
Trust Property
Voting Rights
Clauses
Interpretation
Appointment of Security Agent
Declaration of Trust
Security Sharing
Priority Rights
Subordination
Enforcement
Application of Proceeds
Power of Attorney
Decision Making
Representations and Warranties
Payment Provisions
Information Sharing
Agency Provisions
Accession
Assignment and Transfer
Amendments and Waivers
Costs and Expenses
Indemnities
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Counterparts
Governing Law
Dispute Resolution
Confidentiality
Further Assurance
Relevant Industries

Banking and Financial Services

Corporate Finance

Real Estate and Property Development

Infrastructure and Construction

Manufacturing

Energy and Resources

Telecommunications

Transportation and Logistics

Healthcare

Commercial Real Estate

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Corporate Finance

Banking Operations

Credit Risk

Transaction Management

Security Administration

Relevant Roles

Chief Financial Officer

Legal Counsel

Finance Director

Treasury Manager

Corporate Finance Manager

Security Trustee

Facility Agent

Risk Manager

Compliance Officer

Transaction Manager

Senior Banker

Credit Risk Officer

Legal Director

Banking Operations Manager

Industries
Capital Markets and Services Act 2007: Primary legislation governing securities markets, licensing, and trading of securities in Malaysia. Essential for understanding the regulatory framework for security transactions.
Securities Commission Act 1993: Establishes the Securities Commission Malaysia and its regulatory powers over securities and financial instruments.
Companies Act 2016: Governs corporate entities and their securities, including provisions on creation, registration, and transfer of securities.
Contracts Act 1950: Provides the fundamental legal framework for contract formation and enforcement in Malaysia, essential for the agreement's validity.
Personal Data Protection Act 2010: Relevant for handling personal information of parties involved in the security sharing arrangement.
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Important for compliance requirements in security transactions and reporting obligations.
Financial Services Act 2013: Regulates financial institutions and financial services, including aspects of security arrangements.
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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