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Cross Collateral Agreement

Cross Collateral Agreement Template for New Zealand

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Key Requirements PROMPT example:

Cross Collateral Agreement

"I need a Cross Collateral Agreement for a manufacturing company that will secure multiple equipment loans from two different banks, with the agreement taking effect from March 2025 and including special provisions for maintenance and insurance of the equipment."

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Document background
The Cross Collateral Agreement is essential in complex financing arrangements under New Zealand law where multiple assets are used to secure various obligations. It is commonly used when a borrower has multiple loans or facilities with one or more lenders, and the parties wish to establish a comprehensive security arrangement. The document creates a structure where each security interest secures all obligations, providing additional protection for secured parties and potentially offering more flexible financing terms for borrowers. The agreement must comply with New Zealand's Personal Property Securities Act 1999 and other relevant legislation, particularly regarding registration requirements and enforcement rights. It includes detailed provisions on the scope of security, cross-collateralization mechanisms, enforcement procedures, and priority arrangements.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including details of creditors and debtors

2. Background: Sets out the context of the agreement, existing security arrangements, and purpose of cross-collateralization

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles, including references to existing security documents

4. Cross Collateralization: Core provision establishing that all security interests secure all obligations

5. Security Interest: Confirms the granting of security interests and their scope

6. Secured Obligations: Defines all obligations being secured under the cross-collateral arrangement

7. Representations and Warranties: Standard declarations about capacity, ownership of collateral, and validity of security

8. Covenants: Ongoing obligations regarding maintenance of collateral, insurance, and compliance

9. Events of Default: Specifies circumstances constituting default under the agreement

10. Enforcement: Details rights and procedures for enforcing security upon default

11. Priority Arrangements: Establishes priority between different security interests

12. General Provisions: Standard clauses covering notices, amendments, governing law, etc.

Optional Sections

1. Consumer Protection Provisions: Required when any party is a consumer under NZ law, including specific protections and disclosures

2. Real Property Provisions: Needed when cross-collateralization includes real estate security

3. Guarantee Provisions: Required when guarantors are involved in the security arrangement

4. Priority Subordination: Include when there are agreements with other creditors regarding priority

5. Special Asset Provisions: Required for specific types of collateral like intellectual property or vehicles

6. PPSA Specific Provisions: Additional provisions required for certain types of personal property under the PPSA

Suggested Schedules

1. Schedule 1 - Existing Security Interests: Lists all existing security interests being cross-collateralized

2. Schedule 2 - Secured Obligations: Details all loans, facilities, and other obligations being secured

3. Schedule 3 - Collateral Description: Comprehensive description of all assets serving as collateral

4. Schedule 4 - Security Documents: Lists all related security documents and their details

5. Schedule 5 - Priority Arrangements: Details of any priority or subordination arrangements

6. Appendix A - Form of Notice: Standard form for notices under the agreement

7. Appendix B - PPSA Registration Details: Details of PPSA registrations for each security interest

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

Real Estate

Agriculture

Manufacturing

Retail

Construction

Professional Services

Technology

Mining

Infrastructure

Relevant Teams

Legal

Finance

Risk Management

Credit

Compliance

Commercial Banking

Corporate Banking

Securities Administration

Loan Operations

Asset Management

Relevant Roles

Legal Counsel

Finance Manager

Credit Risk Manager

Security Trustee

Relationship Manager

Commercial Banking Manager

Corporate Lawyer

Loan Officer

Credit Analyst

Chief Financial Officer

Risk Manager

Compliance Officer

Banking Executive

Property Manager

Asset 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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