Equipment Security Agreement

Equipment Security Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need an Equipment Security Agreement for my manufacturing company taking out a loan from Nigerian Bank Ltd, securing heavy industrial machinery worth $2.5M, with special provisions for regular maintenance and cross-border movement of equipment."

Document background

The Equipment Security Agreement is a crucial document in secured financing transactions under Nigerian law, used when a lender requires security over specific equipment as collateral for a loan or financing facility. This agreement is particularly important in the context of equipment financing, asset-based lending, and general commercial lending where equipment forms a significant part of the security package. The document must comply with the Secured Transactions in Movable Assets Act 2017 and requires registration with the National Collateral Registry. It typically accompanies a main facility agreement and includes detailed provisions for equipment identification, maintenance obligations, insurance requirements, and enforcement mechanisms. The agreement is essential for protecting the lender's interests while allowing the borrower to retain possession and use of the equipment for their business operations.

Suggested Sections

1. Parties: Identification of the Secured Party (Lender) and the Grantor (Borrower), including full legal names and addresses

2. Background: Context of the security agreement, referring to any underlying loan or facility agreement

3. Definitions: Definitions of key terms used throughout the agreement, including 'Equipment', 'Security Interest', 'Event of Default'

4. Grant of Security Interest: Express creation of the security interest over the equipment

5. Description of Collateral: General description of the secured equipment, with reference to detailed schedule

6. Representations and Warranties: Grantor's declarations regarding ownership, condition, and status of equipment

7. Covenants: Ongoing obligations regarding maintenance, insurance, and use of equipment

8. Registration and Perfection: Requirements for registering the security interest with the National Collateral Registry

9. Events of Default: Circumstances constituting default under the agreement

10. Enforcement Rights: Secured party's rights and remedies upon default

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

Optional Sections

1. Third Party Rights: Include when equipment may be used or held by third parties

2. Equipment Location: Include when equipment will be kept at specific locations or moved between locations

3. Special Maintenance Requirements: Include for specialized equipment requiring specific maintenance protocols

4. Environmental Compliance: Include for equipment subject to environmental regulations

5. Import/Export Provisions: Include for equipment that may cross international borders

6. Intellectual Property Rights: Include when equipment includes or relies on protected intellectual property

7. Priority Arrangements: Include when there are multiple security interests or lenders involved

Suggested Schedules

1. Equipment Schedule: Detailed description of all equipment including make, model, serial numbers, and location

2. Permitted Locations: List of approved locations where equipment may be kept or used

3. Maintenance Schedule: Required maintenance intervals and procedures for the equipment

4. Insurance Requirements: Specific insurance coverage requirements and approved insurers

5. Form of Notice: Template for registration with the National Collateral Registry

6. Existing Encumbrances: List of any pre-existing security interests or encumbrances on the equipment

7. Authorized Users: List of persons authorized to operate or maintain the equipment

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 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

Clauses

Relevant Industries

Manufacturing

Construction

Mining

Oil and Gas

Agriculture

Transportation and Logistics

Healthcare

Telecommunications

Industrial Processing

Energy and Power Generation

Relevant Teams

Legal

Finance

Operations

Risk Management

Procurement

Compliance

Treasury

Asset Management

Credit

Facilities Management

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Asset Manager

Equipment Manager

Risk Manager

Operations Director

Procurement Manager

Compliance Officer

Treasury Manager

Security Trustee

Facility Manager

Credit Risk Officer

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