tiktok³ÉÈ˰æ

Security Agreement For Promissory Note Template for Nigeria

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

Let's create your Security Agreement For Promissory Note

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Security Agreement For Promissory Note

"I need a Security Agreement For Promissory Note under Nigerian law to secure a promissory note worth 5 million Naira due March 15, 2025, where ABC Trading Limited is granting security to XYZ Bank Limited."

Document background
The Security Agreement For Promissory Note is a crucial document in Nigerian commercial transactions where promissory notes are used as collateral security. This agreement is commonly used in various financing arrangements, from simple bilateral loans to complex corporate financing structures. The document ensures compliance with Nigerian secured transactions law, the Bills of Exchange Act, and other relevant legislation, providing a robust security structure over promissory notes. It is particularly important in commercial lending and corporate finance transactions where the lender requires additional security beyond the primary obligation. The agreement includes essential provisions for creating and perfecting the security interest, maintaining the collateral, and enforcement mechanisms, all specifically tailored to the Nigerian legal framework.
Suggested Sections

1. Parties: Identifies and defines the secured party (creditor) and the grantor (debtor) providing the security interest

2. Background: Sets out the context of the agreement, including reference to the underlying debt and promissory note

3. Definitions and Interpretation: Defines key terms used in the agreement and establishes interpretation rules

4. Grant of Security Interest: Creates and defines the security interest over the promissory note

5. Description of Secured Obligations: Details the obligations being secured, including principal amount, interest, and other secured amounts

6. Description of Collateral: Specific details of the promissory note(s) being used as collateral

7. Representations and Warranties: Grantor's confirmations regarding ownership, authority, and status of the promissory note

8. Covenants: Ongoing obligations of the grantor regarding the promissory note and maintenance of the security

9. Events of Default: Circumstances that trigger enforcement rights

10. Enforcement Rights: Rights and remedies of the secured party upon default

11. Notices: Process and requirements for giving notices under the agreement

12. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Corporate Authority: Required when either party is a corporate entity, detailing corporate approvals and authority

2. Additional Secured Parties: Used when multiple creditors are involved, defining their relationships and priorities

3. Currency Provisions: Required when the promissory note is denominated in a foreign currency

4. Power of Attorney: Optional provision granting the secured party power to act on behalf of the grantor in certain circumstances

5. Assignment and Transfer: Detailed provisions for transferring rights under the agreement, if transferability is intended

6. Security Agent: Required when a security agent is appointed to hold the security on behalf of multiple secured parties

7. Further Assurance: Additional provisions requiring the grantor to take further actions to perfect or protect the security

8. Costs and Expenses: Detailed provisions regarding who bears various costs related to the security arrangement

Suggested Schedules

1. Schedule 1 - Promissory Note Details: Full details of the promissory note(s) including date, amount, maker, maturity date

2. Schedule 2 - Form of Notice: Prescribed form of notices to be given under the agreement

3. Schedule 3 - Perfection Requirements: List of filings and actions required to perfect the security interest

4. Schedule 4 - Additional Documents: List of related documents such as corporate authorizations or underlying agreements

5. Appendix A - Form of Promissory Note: Standard form of promissory note if new notes are to be issued

6. Appendix B - Transfer Form: Form for transferring rights in the promissory note

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions

































Clauses




























Relevant Industries

Banking and Financial Services

Commercial Lending

Corporate Finance

Real Estate

Manufacturing

Trading and Commerce

Agriculture

Oil and Gas

Construction

Infrastructure

Telecommunications

Healthcare

Transportation and Logistics

Relevant Teams

Legal

Finance

Treasury

Compliance

Risk Management

Corporate Secretariat

Credit

Commercial

Business Development

Operations

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Secretary

Treasury Manager

Credit Risk Manager

Compliance Officer

Commercial Director

Business Development Manager

Contract Manager

Financial Controller

Legal Director

Security Trustee

Loan Officer

Transaction 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

Find the exact document you need

Membership Pledge Agreement

A Nigerian law-governed agreement establishing membership terms, commitments, and obligations between an organization and its members.

find out more

Real Estate Security Agreement

A Nigerian law-governed agreement creating security interests over real estate property as collateral for specified obligations.

find out more

Security Agreement For Promissory Note

A Nigerian law-governed agreement creating security over promissory note(s) as collateral for an underlying obligation, establishing creditor's rights and enforcement mechanisms.

find out more

Personal Property Security Agreement

A Nigerian law-governed agreement creating security interests over personal property/movable assets to secure obligations, typically used in lending arrangements.

find out more

Data Privacy Contract

A Nigerian Data Privacy Contract establishing data processing requirements and obligations under NDPR 2019.

find out more

Security Agreement Contract

A Nigerian law-governed agreement creating security interests over assets to secure obligations, typically used in lending arrangements.

find out more

Pledge Security Agreement

A Nigerian law-governed security agreement creating a pledge over movable assets, compliant with local secured transactions regulations and registration requirements.

find out more

Global Master Repurchase Agreement

A master agreement for repurchase transactions under Nigerian law, governing securities financing between financial institutions with CBN compliance.

find out more

Equipment Security Agreement

A Nigerian law-governed agreement creating security interests over equipment in favor of a lender, compliant with the Secured Transactions in Movable Assets Act.

find out more

Stock Escrow Agreement

A Nigerian law-governed agreement establishing terms for holding shares in escrow until specific release conditions are met.

find out more

Retail Installment Contract And Security Agreement

A Nigerian law-governed agreement combining retail installment sales terms with security interest provisions for consumer goods purchases.

find out more

Personal Loan Contract With Collateral

A Nigerian law-governed personal loan agreement with collateral provisions, detailing loan terms and security arrangements in compliance with local financial regulations.

find out more

Shareholder Agreement Transfer Of Shares

A legal agreement for the transfer of shares between shareholders in a Nigerian company, compliant with CAMA 2020 and local regulations.

find out more

Inventory Security Agreement

A Nigerian law-governed agreement creating security over a borrower's inventory in favor of a lender, regulated by the Secured Transactions in Movable Assets Act 2017.

find out more

Stock Pledge Agreement

A Nigerian law-governed agreement creating security over shares, used to secure financial obligations through share collateralization.

find out more

Security Account Control Agreement

A Nigerian law-governed agreement establishing control rights over deposit accounts as collateral between a debtor, secured party, and deposit bank.

find out more

Collateral Security Agreement

A Nigerian law-governed agreement establishing security interests over collateral to secure specified obligations, compliant with local secured transactions legislation.

find out more

Master Security Agreement

A Nigerian law-governed agreement establishing security interests over assets to secure obligations, compliant with local secured transactions legislation.

find out more

Collateral Sharing Agreement

Nigerian law-governed agreement establishing rights and procedures for multiple creditors sharing common collateral and security interests.

find out more

Promissory Note And Security Agreement

A Nigerian law-governed instrument combining a debt promise with security arrangements, establishing both payment obligations and collateral rights.

find out more

Collateral Access Agreement

A Nigerian law-governed agreement establishing protocols for accessing and managing collateral assets in secured lending transactions.

find out more

Property Collateral Agreement

A Nigerian law-governed agreement creating security over real property to secure specified obligations, establishing rights and enforcement mechanisms.

find out more

Pledge And Security Agreement

A Nigerian law-governed security document creating a pledge over specified assets, establishing security interests and enforcement rights in compliance with local legislation.

find out more

Security Loan Agreement

A Nigerian law-governed agreement establishing terms for a secured loan facility, including security arrangements and enforcement mechanisms.

find out more

Agreement For Security Deposit

A Nigerian law-governed agreement establishing terms and conditions for handling security deposits between landlords and tenants, including payment, management, and return procedures.

find out more

Master Repurchase Agreement

A Nigerian law-governed Master Repurchase Agreement for securities financing transactions in the Nigerian financial markets, compliant with Central Bank of Nigeria requirements.

find out more

Convertible Equity Agreement

A Nigerian law-governed agreement allowing investment in a company with rights to convert into equity shares upon specified future events.

find out more

Asset Pledge Agreement

A Nigerian law-governed security document creating a pledge over assets as collateral for obligations, subject to local security and registration requirements.

find out more

Pledge Of Shares Agreement

A Nigerian law-governed agreement creating a security interest over shares, detailing pledge terms and enforcement mechanisms in compliance with local corporate and securities regulations.

find out more

Overnight Reverse Repurchase Agreement

A Nigerian law-governed agreement for overnight secured lending through securities sale and repurchase, compliant with Central Bank of Nigeria guidelines.

find out more

Loan Collateral Agreement

A Nigerian law-governed agreement creating security interests over assets to secure loan repayment or other obligations, establishing lender's rights and borrower's obligations regarding the collateral.

find out more

Film Investment Contract

A Nigerian law-governed agreement establishing terms for film production investment, including rights, obligations, and revenue sharing arrangements in compliance with local entertainment and investment regulations.

find out more

Collateral Trust Agreement

A Nigerian law-governed agreement establishing a trust structure for holding and managing collateral assets to secure lending transactions.

find out more

Collateral Pledge Agreement

A Nigerian law-governed agreement establishing a security interest through the pledge of assets as collateral for financial obligations.

find out more

Share Charge Agreement

A Nigerian law-governed security agreement creating a charge over shares in a Nigerian company as collateral for an obligation or debt.

find out more

Stock Transfer Contract

A Nigerian law-governed agreement facilitating the transfer of shares between parties, ensuring compliance with CAMA 2020 and related regulations.

find out more

Security Sharing Agreement

A Nigerian law-governed agreement establishing terms for multiple creditors to share and manage security interests in common collateral.

find out more

Reverse Repurchase Agreement

A Nigerian law-governed agreement for the purchase of securities with a commitment for future repurchase at a predetermined price, structured under local financial regulations.

find out more

Contract Of Sale Of Shares

A Nigerian law-governed agreement documenting the sale and transfer of shares between parties, including terms, conditions, and regulatory compliance requirements.

find out more

Negative Pledge Agreement

A Nigerian law-governed agreement where a borrower commits not to create security interests over its assets without the lender's consent.

find out more

Margin Lending Agreement

A Nigerian law-governed agreement establishing terms for lending against securities as collateral, compliant with BOFIA 2020 and SEC regulations.

find out more

Security Lending Agreement

Nigerian law-governed agreement establishing terms for securities lending transactions between financial institutions, including collateral requirements and regulatory compliance.

find out more

Cash Collateral Agreement

A Nigerian law-governed agreement establishing terms for cash collateral arrangements between a provider and secured party, including security creation, maintenance, and enforcement provisions.

find out more

Deposit Control Agreement

A Nigerian law-governed agreement establishing control rights over deposit accounts between an account holder, bank, and secured party, typically used in secured lending arrangements.

find out more

Stock Repurchase Agreement

A Nigerian law-governed agreement documenting terms and conditions for a company's repurchase of its own shares from existing shareholders.

find out more

General Security Agreement

A Nigerian law-governed agreement creating security interests over collateral assets, establishing lender rights and borrower obligations under local secured transactions legislation.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: /our-research
Oops! Something went wrong while submitting the form.

³Ò±ð²Ô¾±±ð’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; ³Ò±ð²Ô¾±±ð’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our for more details and real-time security updates.