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Deed Of Assignment By Way Of Security
"I need a Deed of Assignment by Way of Security for a manufacturing company assigning its equipment and machinery worth NGN 500 million as security for a 3-year term loan from Nigerian Commercial Bank, with the agreement to commence on March 1, 2025."
1. Parties: Identification of the Assignor (security provider) and Assignee (security taker), including their full legal names, registration details if companies, and addresses
2. Background: Recitals explaining the context of the security arrangement, including reference to any underlying facility or obligation being secured
3. Definitions: Definitions of key terms used throughout the deed, including 'Assigned Property', 'Secured Obligations', and 'Security Period'
4. Assignment: The operative clause that effects the assignment of the property as security, including the granting language
5. Secured Obligations: Detailed description of the obligations being secured by the assignment
6. Representations and Warranties: Assignor's confirmations regarding ownership, authority to assign, and absence of encumbrances
7. Covenants: Assignor's ongoing obligations regarding the assigned property, including maintenance and protection of the security
8. Power of Attorney: Appointment of the Assignee as attorney to perfect or enforce the security
9. Enforcement: Rights and remedies of the Assignee upon default, including power of sale
10. Release and Reassignment: Provisions for releasing the security and reassigning the property upon satisfaction of secured obligations
11. Notices: Process for giving notices under the deed
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
1. Further Assurance: Additional commitments to execute documents or perform actions to perfect the security - used when the assigned property may require additional documentation
2. Tax Provisions: Specific provisions dealing with tax implications - included when the assignment has significant tax considerations
3. Multiple Assignors: Additional provisions for joint and several liability - used when there are multiple assignors
4. Intellectual Property: Specific provisions for IP rights - included when the assigned property includes intellectual property
5. Registration: Specific requirements for registration of the security - included when the property requires special registration
6. Priority Arrangements: Provisions dealing with ranking of security - used when there are multiple security interests
7. Currency Provisions: Provisions dealing with foreign currency - included when the secured obligations are in foreign currency
1. Schedule 1 - Description of Assigned Property: Detailed description of all assets being assigned as security
2. Schedule 2 - Secured Obligations: Detailed description of the underlying facility agreement or obligations being secured
3. Schedule 3 - Form of Notice: Template notices to be sent to relevant third parties regarding the assignment
4. Schedule 4 - Powers of Attorney: Detailed powers granted to the Assignee
5. Schedule 5 - Perfection Requirements: List of specific actions required to perfect the security
6. Appendix A - Related Documents: Copies or details of related agreements referenced in the deed
7. Appendix B - Registration Requirements: Checklist of registration requirements and forms
Authors
Banking & Finance
Real Estate
Manufacturing
Oil & Gas
Telecommunications
Agriculture
Mining
Construction
Infrastructure
Retail & Commerce
Technology
Healthcare
Legal
Finance
Risk Management
Compliance
Corporate Secretariat
Credit
Property Management
Asset Management
Commercial
Business Development
Treasury
Legal Counsel
Finance Director
Chief Financial Officer
Risk Manager
Compliance Officer
Company Secretary
Corporate Lawyer
Banking Officer
Credit Risk Officer
Security Trustee
Property Manager
Asset Manager
Transaction Manager
Commercial Director
Business Development Manager
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