A Cross Collateral Agreement is essential in financing arrangements where multiple loans and assets are involved, particularly common in the Philippines' banking and financial sector. This document is typically used when a borrower has or intends to have multiple loan facilities with a lender and wants to use various assets as collective security. The agreement must comply with Philippine legal requirements, including the Personal Property Security Act, Civil Code, and banking regulations. It includes detailed provisions on the creation and perfection of security interests, enforcement mechanisms, and the relationship between different obligations and collateral. The document is particularly relevant in scenarios involving business expansion, multiple project financing, or restructuring of existing credit facilities where optimizing collateral usage is crucial.
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1. Parties: Identification of the lender(s) and borrower(s), including complete legal names and addresses
2. Background: Context of the existing loans and security arrangements being cross-collateralized
3. Definitions: Key terms used throughout the agreement, including 'Collateral', 'Secured Obligations', 'Events of Default', etc.
4. Cross Collateralization: Core provision establishing that all collateral secures all obligations
5. Security Interest: Creation and perfection of security interests in the collateral
6. Representations and Warranties: Borrower's confirmations regarding ownership, authority, and status of collateral
7. Covenants: Ongoing obligations regarding maintenance and protection of collateral
8. Events of Default: Circumstances constituting default under the agreement
9. Enforcement Rights: Lender's rights and remedies upon default
10. Notices: Communication requirements and contact details
11. Governing Law and Jurisdiction: Confirmation of Philippine law application and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Additional Obligors: Include when guarantors or additional security providers are involved
2. Priority Arrangements: Include when multiple lenders are involved to establish ranking of security interests
3. Insurance Requirements: Include when specific insurance coverage for collateral is required
4. Cross Default: Include when default under one obligation triggers default under all obligations
5. Release Provisions: Include when partial release of collateral may be permitted under specific conditions
6. Further Assurance: Include when additional documentation or registration may be required in the future
1. Schedule of Existing Loans: Details of all loans being cross-collateralized, including loan numbers, amounts, and terms
2. Schedule of Collateral: Comprehensive description of all assets serving as collateral
3. Schedule of Security Documents: List of existing security documents being incorporated into the cross-collateral arrangement
4. Schedule of Permitted Encumbrances: List of any existing liens or encumbrances that are permitted to remain on the collateral
5. Forms of Notice: Standard forms for various notices required under the agreement
6. Registration Requirements: Details of required registrations under Philippine law, including PPSA requirements
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking
Financial Services
Real Estate
Construction
Manufacturing
Agriculture
Retail
Wholesale Trade
Transportation
Industrial Development
Small and Medium Enterprises
Relevant Teams
Legal
Credit
Risk Management
Compliance
Operations
Corporate Banking
Documentation
Collateral Management
Credit Administration
Special Assets
Relevant Roles
Credit Officer
Loan Officer
Risk Manager
Corporate Lawyer
Legal Counsel
Compliance Officer
Banking Operations Manager
Credit Risk Analyst
Relationship Manager
Security Documentation Specialist
Collateral Manager
Chief Credit Officer
Legal Manager
Banking Executive
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