Cross Collateral Agreements are essential in complex financing arrangements where multiple assets are used to secure various obligations. This document type is particularly relevant when a borrower or security provider has multiple credit facilities or financial obligations and wishes to use their assets as cross-collateral. The Cross Collateral Agreement, governed by Dutch law, establishes the legal framework for how different assets secure various obligations, including detailed provisions on creation, perfection, and enforcement of security interests. It's commonly used in project finance, corporate lending, and structured finance transactions where assets need to secure multiple obligations efficiently. The agreement must comply with Dutch security and property law requirements, including specific provisions of the Dutch Civil Code and relevant EU regulations.
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1. Parties: Identification of the security provider(s), security agent/trustee (if applicable), and secured parties
2. Background: Context of the security arrangement, reference to underlying facilities or obligations being secured
3. Definitions: Definitions of key terms, including types of collateral, secured obligations, and enforcement-related concepts
4. Creation of Security: Provisions establishing the security interests over various types of collateral
5. Secured Obligations: Definition and scope of the obligations secured by the cross-collateral arrangement
6. Cross-Collateralization Provisions: Specific provisions regarding how different collateral secure different obligations
7. Representations and Warranties: Security provider's confirmations regarding ownership, authority, and status of collateral
8. Covenants: Ongoing obligations regarding maintenance and preservation of collateral
9. Enforcement: Rights and procedures for enforcing security interests upon default
10. Application of Proceeds: Order of application of enforcement proceeds across different obligations
11. Power of Attorney: Appointment of security agent/secured parties to act on security provider's behalf
12. Miscellaneous: Standard boilerplate provisions including notices, amendments, and governing law
1. Parallel Debt: Required when using a security trustee structure under Dutch law to create a valid security interest
2. Financial Collateral Arrangements: Include when dealing with financial collateral under the EU Financial Collateral Directive
3. Bank Accounts: Specific provisions for bank account pledges when included in the collateral package
4. Intellectual Property: Special provisions for IP rights when included as collateral
5. Receivables: Specific provisions for receivables pledges, including notification requirements
6. Insurance: Provisions regarding insurance over physical collateral when applicable
7. Subordination: Required when dealing with subordinated debt or intercreditor arrangements
8. Tax Provisions: Specific tax-related provisions when relevant to the security structure
1. Schedule 1 - Secured Parties: List of all secured parties and their details
2. Schedule 2 - Secured Obligations: Detailed description of all secured obligations and facilities
3. Schedule 3 - Collateral Assets: Comprehensive list and description of all collateral assets
4. Schedule 4 - Form of Notice: Standard forms for notices to third parties (e.g., account banks, debtors)
5. Schedule 5 - Security Particulars: Details of security registrations and perfection requirements
6. Schedule 6 - Enforcement Procedures: Detailed procedures for enforcement of different types of collateral
7. Appendix A - Powers of Attorney: Forms of powers of attorney required for security perfection
8. Appendix B - Registration Forms: Forms required for registration of security interests
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