The Personal Property Security Agreement is a crucial document in Nigerian secured lending practice, used when a party wishes to create a security interest over movable assets to secure the performance of obligations. Following the introduction of the Secured Transactions in Movable Assets Act 2017, these agreements have become increasingly standardized and more readily enforceable in Nigeria. The document is essential for businesses seeking asset-based financing and for lenders requiring security over movable assets. It typically includes detailed provisions about the collateral, registration requirements with the National Collateral Registry, enforcement mechanisms, and the rights and obligations of all parties involved. This agreement is particularly relevant in commercial lending, equipment financing, inventory financing, and other scenarios where personal property is used as security.
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1. Parties: Identification of the secured party (creditor) and grantor (debtor), including full legal names, addresses, and registration details if applicable
2. Background: Context of the security agreement, reference to any underlying obligations or facility agreements, and purpose of the security arrangement
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules for interpreting the document
4. Grant of Security Interest: Express creation of the security interest, describing the nature and scope of the security interest being granted
5. Secured Obligations: Definition of the obligations being secured, including principal amounts, interest, fees, and other secured liabilities
6. Representations and Warranties: Grantor's confirmations regarding ownership, authority to grant security, and status of the collateral
7. Covenants: Ongoing obligations of the grantor regarding maintenance, insurance, use, and preservation of the collateral
8. Perfection Requirements: Requirements for registration and other steps needed to perfect the security interest
9. Enforcement: Rights and remedies of the secured party upon default, including power of sale and appointed receivers
10. Power of Attorney: Appointment of the secured party as attorney to perfect or enforce the security interest
11. Notices: Process and requirements for giving notices under the agreement
12. General Provisions: Standard clauses including governing law, jurisdiction, amendments, and severability
1. Further Advances: Include when the security interest will secure future advances or obligations
2. Priority Arrangements: Include when there are multiple secured parties or existing security interests
3. Insurance Requirements: Detailed section when the collateral requires specific insurance arrangements
4. Third Party Rights: Include when third parties may have interests in the collateral or rights under the agreement
5. Currency Provisions: Include for cross-border transactions or when multiple currencies are involved
6. Tax Provisions: Include when there are specific tax implications or requirements
7. Custodian Arrangements: Include when a third party will hold or manage the collateral
1. Schedule 1 - Collateral Description: Detailed description of all assets subject to the security interest, including identification numbers, locations, and specific characteristics
2. Schedule 2 - Permitted Security Interests: List of any pre-existing or permitted security interests over the collateral
3. Schedule 3 - Perfection Requirements: Specific steps and documentation required for perfecting the security interest
4. Schedule 4 - Locations of Collateral: List of all locations where collateral is or may be kept
5. Schedule 5 - Form of Notice: Template notices for various purposes under the agreement
6. Appendix A - Registration Requirements: Details of all registrations required under Nigerian law
7. Appendix B - Additional Secured Party Rights: Detailed list of additional rights and remedies available to the secured party
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