A Commercial Security Agreement is a fundamental document in South African commercial and financial transactions where security is required to support lending or other commercial obligations. This document is typically used when a party (the security provider) needs to grant security over its assets to secure its obligations to another party (usually a lender or financial institution). The agreement must comply with South African security law requirements, including the Security by Means of Movable Property Act, the Companies Act, and related legislation. It contains detailed provisions regarding the creation, perfection, and enforcement of security interests, as well as the rights and obligations of the parties. The document is particularly important in commercial lending, project finance, and other secured transactions in South Africa, where it provides the legal framework for protecting the interests of secured creditors while ensuring compliance with local regulatory requirements.
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1. Parties: Identification of the security provider (grantor) and the security recipient (secured party), including their full legal names, registration numbers, and addresses
2. Background: Context of the security agreement, reference to any underlying obligations or facilities being secured
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and rules of interpretation
4. Grant of Security Interest: The core provision creating the security interest, specifying the nature and extent of the security
5. Secured Obligations: Clear description of the obligations being secured, including present and future debts if applicable
6. Representations and Warranties: Statements by the security provider regarding ownership, authority, and status of the collateral
7. Covenants: Ongoing obligations of the security provider regarding maintenance, insurance, and dealing with the collateral
8. Events of Default: Circumstances that constitute default and trigger enforcement rights
9. Enforcement: Rights and remedies of the secured party upon default, including power of sale and appointment of receivers
10. Further Assurance: Obligations to execute additional documents and take actions to perfect the security
11. Costs and Indemnities: Allocation of costs and indemnification obligations
12. Notices: Process and requirements for formal communications between parties
13. General Provisions: Standard boilerplate clauses including governing law, jurisdiction, and amendments
14. Execution: Signature blocks and execution requirements
1. Security Agent Provisions: Required when security is held by an agent on behalf of multiple secured parties
2. Priority Arrangements: Needed when there are multiple security interests and intercreditor arrangements
3. Currency Provisions: Required for cross-border transactions involving multiple currencies
4. Tax Provisions: Detailed tax clauses needed when security arrangement has significant tax implications
5. Registration Requirements: Special provisions for registration of security interests in specific registries
6. Insurance Requirements: Detailed insurance obligations when collateral requires specific insurance coverage
7. Intellectual Property: Special provisions when security includes intellectual property rights
8. Environmental Provisions: Required when collateral includes land or assets with environmental implications
1. Schedule 1 - Description of Collateral: Detailed description of all assets subject to the security interest
2. Schedule 2 - Secured Obligations: Detailed list of all secured obligations and facilities
3. Schedule 3 - Permitted Security Interests: List of pre-existing or permitted security interests over the collateral
4. Schedule 4 - Form of Notice to Third Parties: Standard form notices to perfect security over specific assets
5. Schedule 5 - Form of Accession Deed: Template for additional parties to accede to the security agreement
6. Appendix A - Registration Requirements: Details of all required security interest registrations
7. Appendix B - Insurance Requirements: Specific insurance requirements for the collateral
8. Appendix C - Property Documents: Copies of relevant title documents or certificates
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