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.
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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
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
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
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