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The Master Security Agreement serves as a fundamental document in Nigerian secured lending transactions, providing a comprehensive framework for creating and maintaining security interests over various types of assets. It is typically used when a borrower needs to grant security over multiple assets to secure their obligations to a lender or group of lenders. The agreement must comply with Nigerian law, particularly the Secured Transactions in Movable Assets Act 2017, Companies and Allied Matters Act 2020, and other relevant legislation. It includes provisions for the creation, perfection, and enforcement of security interests, as well as the rights and obligations of all parties involved. The Master Security Agreement is designed to be flexible enough to accommodate different types of assets and security arrangements while providing adequate protection for all parties involved.

1. Parties: Identification of the security provider/grantor and the secured party/creditor

2. Background: Context of the security arrangement and relationship between the parties

3. Definitions and Interpretation: Definitions of key terms used throughout the agreement and rules of interpretation

4. Creation and Grant of Security Interest: Express creation and grant of the security interest over the secured assets

5. Secured Obligations: Definition of the obligations being secured, including present and future debts

6. Representations and Warranties: Statements of fact and assurances from the security provider regarding their authority and the secured assets

7. Covenants: Ongoing obligations of the security provider regarding maintenance and preservation of the secured assets

8. Perfection Requirements: Actions required to perfect the security interest, including registration requirements

9. Events of Default: Circumstances that constitute default under the agreement

10. Enforcement: Rights and remedies of the secured party upon default, including power of sale

11. Further Assurance: Obligation to execute additional documents and take further actions if needed

12. Costs and Expenses: Allocation of costs related to the preparation, registration, and enforcement of the security

13. Notices: Process and requirements for giving notices under the agreement

14. Assignment and Transfer: Rights and restrictions regarding transfer of rights under the agreement

15. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes