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Security Assignment Agreement

Security Assignment Agreement Template for New Zealand

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Key Requirements PROMPT example:

Security Assignment Agreement

"I need a Security Assignment Agreement for my New Zealand technology company to assign its accounts receivable to ABC Bank Limited as security for a $5 million working capital facility to be drawn down by March 2025."

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Document background
A Security Assignment Agreement is a crucial security document used in New Zealand financing transactions where a party wishes to grant security over receivables, contract rights, or other assignable assets. This document is commonly used in commercial lending, project finance, and asset-based financing arrangements. It must comply with New Zealand's Personal Property Securities Act 1999 and related legislation, ensuring the creation of a valid and enforceable security interest that can be properly registered. The agreement is particularly valuable when the security provider has significant contractual rights, receivables, or income-generating assets that can serve as security. It includes detailed provisions for the assignment mechanism, perfection requirements, enforcement rights, and the ongoing obligations of the parties.
Suggested Sections

1. Parties: Identifies and defines the Assignor (security provider) and Assignee (security taker), including full legal names and addresses

2. Background: Explains the context of the security assignment, including reference to any underlying obligations or agreements

3. Definitions and Interpretation: Defines key terms used in the agreement and sets out interpretation rules

4. Assignment: Core provision detailing the assignment of rights/assets as security

5. Secured Obligations: Defines the obligations being secured by the assignment

6. Representations and Warranties: Assignor's confirmations regarding ownership, authority to assign, and status of assigned rights

7. Covenants: Ongoing obligations of the Assignor regarding the assigned rights/assets

8. Enforcement: Rights and powers of the Assignee upon default

9. Power of Attorney: Appointment of Assignee as Assignor's attorney for protecting or enforcing rights

10. Further Assurance: Obligation to execute further documents and take actions to perfect the security

11. Notices: Process for giving formal notices under the agreement

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

13. Execution: Formal signing section including any required attestation

Optional Sections

1. Security Interest Registration: Specific provisions regarding PPSR registration - include when the assigned property falls under PPSA

2. Third Party Consents: Requirements for obtaining consents - include when assigned rights require third party approval

3. Currency Provisions: Include when the secured obligations or assigned rights involve foreign currency

4. Tax Provisions: Include when there are specific tax implications requiring address

5. Intellectual Property: Include when the assigned rights include IP rights

6. Confidentiality: Include when assigned rights involve sensitive commercial information

7. Priority Arrangements: Include when there are multiple security interests requiring priority regulation

8. Income Collection: Include when the security involves income-generating assets

Suggested Schedules

1. Schedule 1 - Assigned Rights: Detailed description of the rights/assets being assigned as security

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

3. Schedule 3 - Form of Notice: Template notice to third parties regarding the assignment

4. Schedule 4 - Existing Security Interests: List of any existing security interests affecting the assigned rights

5. Schedule 5 - Required Consents: List of required third party consents and their status

6. Appendix A - Copy of Underlying Agreement: Copy of the agreement giving rise to the assigned rights

7. Appendix B - Registration Forms: Forms required for registering the security interest on the PPSR

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 Industries

Banking & Financial Services

Commercial Lending

Asset Finance

Project Finance

Real Estate

Infrastructure

Manufacturing

Technology

Energy

Construction

Professional Services

Investment Management

Private Equity

Relevant Teams

Legal

Finance

Treasury

Risk Management

Commercial

Credit

Compliance

Corporate Secretariat

Banking

Security Administration

Portfolio Management

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Treasury Manager

Security Trustee

Facility Agent

Commercial Director

Risk Manager

Corporate Lawyer

Banking Lawyer

Finance Manager

Contract Manager

Company Secretary

Credit Manager

Portfolio Manager

Industries
Personal Property Securities Act 1999: Primary legislation governing the creation, perfection, and enforcement of security interests in personal property in New Zealand. Establishes the Personal Property Securities Register (PPSR) and regulates priority between competing security interests.
Property Law Act 2007: Governs real property transactions and security interests in real property. Contains provisions about mortgages, charges, and other property-related matters that may be relevant to security assignments.
Contract and Commercial Law Act 2017: Provides the fundamental rules for contract formation, enforcement, and remedies. Also includes provisions about electronic transactions and assignment of contractual rights.
Companies Act 1993: Relevant when any party to the security agreement is a company, particularly regarding company charges, registration requirements, and corporate authority to grant security interests.
Credit Contracts and Consumer Finance Act 2003: Applies if the security arrangement involves consumer credit or if one party is a consumer. Contains provisions about disclosure requirements and consumer protections.
Privacy Act 2020: Relevant for handling personal information in the context of security agreements, particularly regarding disclosure and use of personal information.
Electronic Transactions Act 2002: Governs the legal validity of electronic signatures and electronic transactions, which may be relevant for execution and registration of security agreements.
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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