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Security Trust Deed

Security Trust Deed Template for Nigeria

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Key Requirements PROMPT example:

Security Trust Deed

"I need a Security Trust Deed governed by Nigerian law for a syndicated loan facility worth NGN 5 billion to be signed by March 2025, where First Bank of Nigeria will act as Security Trustee for a consortium of five local banks providing financing to a manufacturing company."

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Document background
A Security Trust Deed is essential in complex financing transactions where multiple lenders or beneficiaries require security over assets in Nigeria. The document is typically used in syndicated lending, bond issuances, or other multi-creditor arrangements where it would be impractical for each beneficiary to hold security directly. The Security Trust Deed establishes the trust mechanism, details the trustee's powers and obligations under Nigerian law, and provides for the creation and enforcement of security interests. It must comply with Nigerian regulatory requirements, particularly under CAMA 2020 and relevant financial regulations. The deed also addresses practical aspects such as the appointment and replacement of trustees, the administration of security, and the distribution of enforcement proceeds.
Suggested Sections

1. Parties: Identifies the security provider, security trustee, and beneficiaries

2. Background: Sets out the context of the security arrangement and references any underlying facility or debt documents

3. Definitions and Interpretation: Defines key terms and establishes interpretation principles

4. Declaration of Trust: Establishes the trust and appointment of the security trustee

5. Security Trustee Powers and Duties: Details the scope of trustee's authority and responsibilities

6. Creation of Security: Describes the security interests being created and the secured assets

7. Representations and Warranties: Standard representations regarding capacity, authority, and secured assets

8. Covenants: Ongoing obligations regarding the secured assets and security interests

9. Events of Default: Circumstances triggering enforcement rights

10. Enforcement: Powers and procedures for enforcing security

11. Application of Proceeds: Order of distribution of enforcement proceeds

12. Trustee Liability and Indemnification: Limitations on trustee liability and indemnification provisions

13. Changes to Parties: Procedures for replacement of trustee and transfer of rights

14. Administration Provisions: Notices, amendments, governing law, and dispute resolution

Optional Sections

1. Parallel Debt: Required if the security package includes assets in jurisdictions that don't recognize trust concepts

2. Security Agent Provisions: Required if using a security agent structure alongside the trust

3. Priority Arrangements: Required if there are multiple classes of secured creditors

4. Further Assurance: Additional provisions for perfection and protection of security

5. Power of Attorney: Optional appointment of trustee as attorney for security enforcement

6. Tax Provisions: Specific tax provisions if complex tax implications exist

7. Currency Provisions: Required if multiple currencies are involved

Suggested Schedules

1. Form of Accession Deed: Template for new parties to accede to the deed

2. Form of Security Documents: Templates or forms of specific security documents

3. Description of Secured Assets: Detailed description of assets subject to security

4. Security Trust Fee Schedule: Details of trustee's fees and expenses

5. Initial Security: List of security documents executed on signing

6. Beneficiary Details: List of secured parties and their secured amounts

7. Notice Details: Contact information for all parties

8. Forms of Notices: Standard form notices for various circumstances

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions






















































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Relevant Industries

Banking and Financial Services

Oil and Gas

Infrastructure

Real Estate

Manufacturing

Telecommunications

Power and Energy

Mining

Agriculture

Construction

Maritime and Shipping

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretariat

Credit

Investment Banking

Transaction Management

Capital Markets

Relevant Roles

Legal Counsel

Finance Director

Chief Financial Officer

Treasury Manager

Corporate Finance Manager

Compliance Officer

Risk Manager

Security Trustee

Facility Agent

Transaction Manager

Corporate Secretary

Investment Manager

Credit Manager

Debt Capital Markets Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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