No.

Item

Fee Unit

1.

Registration of financing statement

334

2.

Notice of amendment of financing statement

334

3.

Discharge of a financing statement

334

4.

Search

67

5.

Certificate of status

67

6.

Registration of enforcement notice of creditor’s rights

167

7.

Registration of extinguishment of security interest

167

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

FINANCING STATEMENT

Date of registration:

Expiry date, if registered for less than five years:

Date of prior registration of perfected security interest:

A. DEBTOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver’s Licence

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Registration Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Registration Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

B. SECURED CREDITOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any)

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Maximum Secured Amount:

Currency:

Amount:

Prior Security Interest

Date of effectiveness or perfection for any prior registration under any other written laws

The nature and type of the prior security interest

The law under which the security interest was perfected

C. DESCRIPTION OF COLLATERAL OTHER THAN SERIAL NUMBERED GOODS

D. DESCRIPTION OF SERIAL NUMBERED GOODS

E. TYPE OF GOODS

    Consumer goods

    Non-consumer goods

STATUTORY DECLARATION

By completing this form, I do solemnly declare that the information registered is true and complies with the Act and I do make this solemn declaration conscientiously believing the same to be true to the best of my knowledge and belief.

Name: ......................................................... Signature: ..............................................

Date: ........................................., 20......

NOTE: It is the secured creditor’s responsibility to ensure that all required information is provided and entered in the designated field of the financing statement in a legible manner and that the information is complete and accurate.

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

CONFIRMATION/VERIFICATION STATEMENT

Date and time generated:

Financing Statement Registration Number:

Status:

Date of expiry, if less than five years:

A. DEBTOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver’s Licence

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

B. COLLATERAL OTHER THAN SERIAL NUMBERED GOODS

Indicate description of collateral subject to enforcement

C. COLLATERAL THAT IS SERIAL NUMBERED GOODS

Indicate the type of serial-numbered good:

Serial number:

D. SECURED PARTY AUTHORISING THIS REGISTRATION

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver’s Licence

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

DEMAND TO DISCHARGE OR AMEND REGISTERED FINANCING STATEMENT

Date:

To: .............................................................................. [Name and address of secured creditor]

[Registered financing statement number] ...................................................................................

Please be advised that - [tick as appropriate]

         You have not released part of the collateral described in the registered financing statement as agreed;

         You have included an item or kind of movable property that is not collateral under a security agreement;

         The debtor’s obligations under the security agreement have been performed and there is no commitment to make future advances;

         No security agreement exists between the parties; or

         The security interest is extinguished

I therefore demand, in accordance with section 23 of the Movable Property (Security Interest) Act, 2016 that you discharge or amend the registered financing statement whose registered number is specified in this form.

Kindly note that your failure to discharge or amend the registered financing statement within fourteen days of receipt of this demand entitles the debtor to ask the Court to issue an order discharging this registration.

………………………………………….. [Indicate name of debtor]

………………………………………….. [Indicate name and title of the person that signed this demand letter on behalf of debtor]

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

NOTICE OF AMENDMENT OR DISCHARGE OF A FINANCING STATEMENT
(Sections 20, 21, 22, 23, 40 and 55)

Date:

Time:

Financing Statement Registration Number:

A. DEBTOR:        REMOVE        ADD           AMEND

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver’s Licence:

Other Form of Identification:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any)

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person (s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any)

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

B. AMEND SECURED CREDITOR REMOVE     ADD     AMEND

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Amend maximum secured amount:

Currency:

Amount:

Amend date of effectiveness or perfection for any prior registration under any other written law

C.   AMEND DESCRIPTION OF THE COLLATERAL OTHER THAN SERIAL NUMBERED GOODS

D. AMEND DESCRIPTION OF THE COLLATERAL WITH SERIAL NUMBERS

E. PARTIAL DISCHARGE (description of collateral to be discharged)

    F. FULL DISCHARGE

    G. SUBORDINATION OF SECURITY INTEREST

    Financing Statement Number of security interest being subordinated

    Financing Statement Number of security interest benefiting from the subordination

1. SECURED CREDITOR SUBORDINATING ITS SECURITY INTEREST

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person (s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

2. SECURED CREDITOR WHO IS THE BENEFICIARY OF SUBORDINATION

Financing Statement Number of the Beneficiary of Subordination

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver’s Licence

Other Form of ldentification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person (s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person (s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any)

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

H. EXTEND TERM OF EFFECTIVENESS OF REGISTRATION

The term of this registration shall be extended for the period of [ ]:

If no period is specified the term of this registration is extended for five (5) years:

I. COURT IF AMENDMENT ORDERED PURSUANT TO A COURT ORDER

Cause Number:
Provide a summary of the order

STATUTORY DECLARATION

I/We .................................... do solemnly declare that the information registered using my login and credentials is true and complies with the Act and I/we make this solemn declaration conscientiously believing the same to be true to the best of my/our knowledge and belief.

Name: ..................................... Signature: ............................
Date: ....................................., 20.........

It is the secured party’s responsibility to ensure that all required information is provided and entered in the designated field of the financing statement in a legible manner and that the information is complete, accurate and legally effective.

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

REGISTER

Date of registration:

Date of expiration, if less than five years:

Date of prior registration of the perfected security interest:

A. DEBTOR

INDIVIDUAL

Surname:

First Name

Middle Name (if any)

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Other Form of Identification:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Registration Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

B. SECURED CREDITOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Registration Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Maximum Secured Amount:

Currency:

Amount:

Date of effectiveness or perfection for any prior registration under any other written law

C. DESCRIPTION OF COLLATERAL OTHER THAN SERIAL NUMBERED GOODS

D. DESCRIPTION OF SERIAL NUMBERED GOODS

E. TYPE OF GOODS

    Consumer goods

    Non-consumer goods

F. ENFORCEMENT

Date of Enforcement Notice

Date of Extinguishment Notice

Date of Disposal of Collateral

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

SEARCH OR REQUEST FOR STATUS OF FINANCING STATEMENT

I .......................................................................................... (name of person) request for:

    SEARCH

    CERTIFICATE OF STATUS OF FINANCING STATEMENT

Search criteria

    DEBTOR

    FINANCING STATEMENT REGISTRATION NUMBER

    SERIAL NUMBER

    OTHER SEARCH CRITERIA

Date: …………………………………… Signature: ………………………..

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

CERTIFICATE OF STATUS OF A REGISTERED FINANCING STATEMENT

Date:

Time of search:

Details of creditor and debtor:

Description of collateral:

This is to certify that financing statement registration number ................ has the following status:

    Duly registered on ......................................................................................................

    Effective until ..............................................................................................................

    Discharged on ............................................................................................................

    Extinguished on ..........................................................................................................

    The following corresponding registrations were retrieved:

Financing statement registration number:

Identification number of debtor:

Collateral description:

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

ENFORCEMENT NOTICE OF CREDITOR’S RIGHTS

Date:

Financing Statement Registration Number:

A. DEBTOR AGAINST WHICH ENFORCEMENT IS SOUGHT

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

B. SECURED CREDITOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver's Licence

Other Form of Identification

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

C. COLLATERAL OTHER THAN SERIAL-NUMBERED GOODS SUBJECT TO ENFORCEMENT

Indicate description of collateral subject to enforcement

D. COLLATERAL THAT IS SERIAL-NUMBERED GOODS SUBJECT TO ENFORCEMENT

It is the secured party’s responsibility to ensure that all required information is provided and entered in the designated field of the financing statement in a legible manner and that the information is complete, accurate and legally effective.

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

NOTICE OF DISPOSAL OF COLLATERAL

(Section 79)

To: ....................................................... [debtor, registered creditor or any other interested person]

NOTICE IS GIVEN that after fourteen days from ......................................., 20......... (Indicate date) ................................................................... [indicate name of creditor] being the secured creditor in respect of the collateral pledged by ........................................................... [indicate name of debtor] under financing statement number .................................................................., intends to dispose of the collateral in accordance with section 78 of the Movable Property (Security Interest) Act, 2016, unless the collateral is redeemed in accordance with section 85 of that Act.

Date: ........................................................................................................................................

Name of secured creditor: ...........................................................................................................

Name and title of the person that issued this Notice on behalf of secured party: ...............................

.................................................................................................................................................

It is the secured party’s responsibility to ensure that all required information is provided and entered in the designated field of the financing statement in a legible manner and that the information is complete, accurate and legally effective.

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

PROPOSAL AND NOTICE OF RETENTION OF COLLATERAL

(Section 83)

Date: ............................................................................

To: .......................................................... [debtor, registered creditor or any other interested person]

NOTICE IS GIVEN that ..................................................... [indicate name of debtor] having defaulted under a security agreement perfected under financing statement number ....................................... in favour of ......................................... [indicate name of creditor], the secured creditor proposes to retain the collateral in full satisfaction of the debt, and the obligations due shall, as a result, be deemed fully discharged.

You have the right to object to this proposal and notice of retention, or redeem the collateral in accordance with sections 84 and 85 of the Movable Property (Security Interest) Act, 2016.

If you have any objection to this proposal and notice to retain the collateral in full satisfaction of the debt, you must send a notice of objection pursuant to section 84 of the Act.

Unless you redeem the collateral or object within fourteen days from the date of receipt of this notice, you will be deemed to have consented to this proposal and will have no further right to object. The collateral shall be retained in full satisfaction of the debtor’s obligation as described in this proposal and notice.

Name of secured creditor: ........................................................................................................

Name of the person that issued this Notice on behalf of secured party:

.....................................................................................................................................................

[Indicate name and title of the person that signed this demand letter on behalf of secured party]

It is the secured party’s responsibility to ensure that all required information is provided and entered in the designated field of the financing.

The Movable Property (Security Interest) Act, 2016

(Act No. 3 of 2016)

The Movable Property (Security Interest) (General) Regulations, 2016

NOTICE OF EXTINGUISHMENT OF SECURITY INTEREST

(Section 80)

BE INFORMED THAT FOLLOWING THE DISPOSAL OF THE COLLATERAL SECURED BY THE FINANCING STATEMENT REFERRED TO IN THIS NOTICE, ALL SECURITY INTERESTS IN THE COLLATERAL SECURED BY THE FINANCING STATEMENT HAVE BEEN EXTINGUISHED

Date:

Date of Disposal:

Financing Statement Registration Number:

Financing Statement Registration Number of Subordinate Security Interest:

SECURED CREDITOR

INDIVIDUAL

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Driver's Licence:

Other Form of Identification:

Residential Address:

Postal Address:

Email Address:

BODY CORPORATE

Name:

Identification Number:

Phone Number:

Physical Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the corporate body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

AN UNINCORPORATED BODY

Name:

Identification Number:

Phone Number:

Email Address:

Person(s) registered as proprietors or with an interest in the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

Details of person(s) acting on behalf of the unincorporated body

Surname:

First Name:

Middle Name (if any):

National Registration Card or Passport Number:

Phone Number:

Date of Birth:

Residential Address:

Postal Address:

Email Address:

It is the secured party’s responsibility to ensure that all required information is provided and entered in the designated field of the financing statement in a legible manner and that the information is complete, accurate and legally effective.

THIS AGREEMENT is made on the ......................................... day of ............................., 20.......... BETWEEN ..................................................................... (hereinafter called "the debtor") of the one part and ................................... (hereinafter called "the secured creditor") of the other part whereby it is agreed as follows:

1. GRANT OF SECURITY INTEREST

   (a)   Security Interest

      As general and continuing security for the payment and performance of all obligations of the debtor to the secured creditor, the debtor grants to the secured creditor a security interest in all right, title and interest that the debtor now has or may have or acquire in any manner in the following property particularly described in the Schedule and collectively called "the collateral".

   (b)   Creation of Security Interest

      The debtor acknowledges that value has been given and agrees that the security interest granted under this Agreement is effectively created upon the execution of this Agreement.

2. REPRESENTATIONS, WARRANTIES AND COVENANTS

   (a)   Representations and Warranties

      The debtor represents and warrants to the secured creditor that—

   (b)   Covenants

      The debtor covenants with the secured creditor that the debtor shall—

3. INSURANCE

   (a)   Insurance covenant

      The debtor shall obtain and maintain, at its own expense, insurance cover against loss or damage to the collateral including, without limitation, loss by fire, theft, collision and such other risks as are customarily insured against for each type of collateral, in an amount not less than the full insurable value thereof, with such insurers as are reasonably satisfactory to the secured creditor.

   (b)   Secured creditor loss payee

      All insurance policies must name the secured creditor as an additional insured and loss payee and must provide that the insurer shall give the secured creditor at least 15 days written notice of intended cancellation or non-renewal. At the secured creditor’s request, the debtor shall furnish the secured creditor with evidence satisfactory to the secured creditor that the required insurance cover is in effect. The debtor shall forthwith give the secured creditor notice of any loss or damage to the collateral.

4. DEALING WITH COLLATERAL

   (a)   Disposal of collateral by the debtor

      The debtor shall not sell, lease or otherwise dispose of any of the collateral without the prior written consent of the secured creditor, except that the debtor may, until an event of default occurs hereunder, dispose of inventory in the ordinary course of its business, but all proceeds of any such disposal shall continue to be subject to the security hereby granted.

   (b)   Proceeds held in trust for the secured creditor

      Where there is consent from the secured creditor, all proceeds received by the debtor from the collection or disposal of collateral or otherwise shall be received by the debtor as trustee for the secured creditor, be held separate and apart from other property and be paid over to the secured creditor upon request.

   (c)   Collateral held by the secured creditor

      In the holding of any collateral, the secured creditor and any agent on its behalf is only bound to exercise the same degree of care as it would exercise with respect to similar property of its own of similar value held in the same place. The secured creditor and any agent on its behalf shall be deemed to have exercised reasonable care with respect to the custody and preservation of the collateral if it takes such action for that purpose as the debtor reasonably requests in writing, but failure of the secured creditor or its agent to comply with any such request shall not of itself be deemed a failure to exercise reasonable care.

5. DEFAULT AND REMEDIES

   (a)   Events of default

      The debtor shall be in default under this agreement upon the occurrence of any of the following events (herein referred to as an "event of default"):

            B. for an arrangement or compromise with its creditors; or

   (b)   Consequences of a default

      On or after the occurrence of any event of default, at the option of the secured creditor—

   (c)   Remedies

      In addition to any right or remedy otherwise provided herein or by law, on or after the occurrence of any event of default, the secured creditor shall have the rights and remedies set out below, all of which may be enforced successively or concurrently—

6. GENERAL

   (a)   Waivers by secured creditor

      The secured creditor may—

   (b)   Copy of documents and consent to registration

      The debtor shall be entitled to a copy of this Agreement. The debtor consents to the registration of a financing statement relating to this agreement by the secured creditor.

   (c)   Severability

      If any provision of this Agreement were to be found invalid or unenforceable, the remaining terms and provisions of this Agreement shall remain in effect.

   (d)   Governing law

      This Agreement shall be governed by and construed in accordance with the Laws in Zambia.

IN WITNESS WHEREOF the parties have executed this Agreement.

DEBTOR

Debtor’s name and ID Number: .................................................................................................

Signature: ...............................................................................................................................

Date of Execution: ...................................................................................................................

WITNESS FOR DEBTOR

Name and ID Number: ..............................................................................................................

Signature: ...............................................................................................................................

SECURED CREDITOR

Secured Creditor's Name and ID Number: .................................................................................

Signature: .................................................................................................................................

Date of Execution:    .....................................................................................................................

WITNESS FOR SECURED CREDITOR

Name and ID Number: ..............................................................................................................

Signature: ...............................................................................................................................

Type of collateral

Consumer good

Non-consumer goods

Description of collateral