The Cross Collateral Agreement is essential in South African financing arrangements where multiple credit facilities and security interests need to be interconnected. It is commonly used when a borrower has several loans or credit facilities with the same lender and wants to use various assets as collective security. The document must comply with South African legislation, particularly the National Credit Act 34 of 2005, the Security by Means of Movable Property Act, and relevant property laws. It typically includes detailed descriptions of all secured obligations, comprehensive listings of collateral assets, and specific enforcement provisions. This agreement is particularly valuable in complex financing structures where optimizing security arrangements and reducing documentation complexity is desired.
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1. Parties: Identification of the lender(s) and borrower(s), including registration numbers and addresses
2. Background: Context of the agreement, including references to existing facility agreements and reason for cross-collateralization
3. Definitions and Interpretation: Key terms used in the agreement, including definition of Secured Property, Secured Obligations, and Events of Default
4. Creation of Security Interest: Legal provisions establishing the security interest over all collateral assets
5. Secured Obligations: Definition and scope of obligations secured by the cross-collateral arrangement
6. Cross-Collateralization Provisions: Specific terms making each collateral asset security for all obligations
7. Representations and Warranties: Borrower's confirmations regarding ownership, authority, and status of collateral
8. Covenants: Ongoing obligations regarding maintenance, insurance, and preservation of collateral
9. Events of Default: Circumstances triggering enforcement rights
10. Enforcement: Rights and procedures for enforcing security interests upon default
11. Power of Attorney: Appointment of lender as attorney for perfection and enforcement purposes
12. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Consumer Protection Provisions: Required when borrower is a consumer under the National Credit Act
2. Registration Requirements: Included when any collateral requires registration (e.g., real property, vehicles)
3. Priority Arrangements: Needed when multiple lenders or existing security interests are involved
4. Special Asset Provisions: Specific provisions for unique asset types (e.g., intellectual property, shares)
5. Guarantor Provisions: Required when third-party guarantors are providing additional security
6. Inter-creditor Provisions: Needed when multiple lenders are involved in the security arrangement
1. Schedule 1 - Existing Facilities: List and details of all credit facilities covered by the cross-collateral arrangement
2. Schedule 2 - Collateral Assets: Detailed description of all assets serving as security
3. Schedule 3 - Security Documents: List of all related security documents and their registration details
4. Schedule 4 - Permitted Encumbrances: List of pre-approved existing or future encumbrances on collateral
5. Appendix A - Form of Notice: Standard form for notices under the agreement
6. Appendix B - Registration Forms: Templates for required security registration documents
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Relevant Teams
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Relevant Roles
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Security Trustee
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