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Deed of Charge Template

Deed of Charge Template
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This Deed of Charge should only be used where a Company granting the charge is securing a debt or loan and the party being given the charge (the Mortgagee) is also a Company.

This Deed of Charge contemplates that the Mortgagee to which the charge is being given has lent money to the Company granting the charge and may lend further money to the Company.

A charge is like a mortgage. A charge is sometimes called a mortgage debenture or simply a debenture and these are simply alternative terms that reflect the secured nature of a charge. The effect of a charge is that it creates a security by way of equitable mortgage over the Company's assets which are secured by the charge.

This document and the Personal Properties and Securities Act (Cth) 2009;

1. Since January 2012 the rules relating to the registration of charges, mortgages over personal property and other securities given by companies have changed

2. All securities over personal property (with a few exceptions) are now regulated by the Personal Properties Securities Act (Cth) 2009

3. Charges and mortgages over personal property are now no longer registered with the Australian Securities and Investments Commission (“ASIC”) and must be registered on the Personal Property Securities Register (“the PPS Register”).

4. The charges and mortgages over personal property must be registered on the PPS Register within twenty (20) business days of the date they are created, see Section 588FL(2) of the Corporations Act (Cth) 2001. In the past, charges were registered within forty five (45) days with ASIC. That is no longer the case.

5. Failure to register the charge within twenty (20) business days will affect the enforcement of your security interest under the charge and its priority against others.

This Deed of Charge contemplates a company granting a fixed and floating charge to another company (the mortgagee). This deed also contemplates that the mortgagee may in future lend further money/extend further credit to the company.

Please Note: LawLive does not give legal advice and we strongly recommend that you seek the advice of a lawyer before using this template and prior to execution of this Deed of Charge. Charges involve complex legal rights and obligations and whether you are the Company or the Mortgagee we strongly urge you use a lawyer to assist and advise in finalising this document.

This Deed of Charge attaches Notes Specific to a Charge and Checklist for a Charge.

This Deed of Charge includes the following provisions:

1. Definitions
2. Charge
3. The Company's Title
4. The Company's Payment and Other Obligations
5. The Company's Obligations Regarding the Charged Property
6. Insurance
7. Environmental Laws
8. Provisions which Apply if the Company is Trustee of a Trust
9. Licences
10. Enforcement of Security
11. Appointment of Receiver
12. Application of Money
13. Additional Rights and Protections for the Mortgagee
14. Protection for People Dealing with the Mortgagee
15. How to Give a Notice Under this Charge

 
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