The Cash Collateral Agreement is a critical security document used in Nigerian banking and financing transactions where cash deposits serve as collateral for various obligations. This document is commonly utilized in lending arrangements, trading relationships, and other financial transactions where a secured party requires liquid security. The agreement must comply with Nigerian secured transactions legislation, particularly the Secured Transactions in Movable Assets Act 2017 and the Banks and Other Financial Institutions Act 2020. It typically includes detailed provisions on collateral maintenance, interest arrangements, enforcement rights, and release conditions. The document is essential for financial institutions managing credit risk and for businesses seeking to provide liquid security for their obligations.
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1. Parties: Identification of the collateral provider and the secured party
2. Background: Context of the agreement, including reference to any underlying obligations or facility agreements
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. Creation of Security Interest: Provisions establishing the security interest over the cash collateral
5. Perfection Requirements: Steps required to perfect the security interest under Nigerian law
6. Maintenance of Collateral: Requirements for maintaining the collateral amount and top-up provisions
7. Rights and Obligations: Detailed rights and obligations of both parties regarding the collateral
8. Representations and Warranties: Standard representations and warranties from both parties
9. Events of Default: Circumstances constituting default and consequences
10. Enforcement: Rights and procedures for enforcing the security interest
11. Interest and Payments: Provisions regarding interest on the collateral and payment mechanics
12. Duration and Release: Term of the agreement and conditions for release of collateral
13. Notices: Communication requirements and contact details
14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction provisions
1. Currency Provisions: Required when collateral is provided in a currency different from the secured obligations
2. Tax Provisions: Detailed tax provisions when specific tax implications need to be addressed
3. Multiple Parties: Additional provisions required when there are multiple collateral providers or secured parties
4. Set-off Rights: Specific set-off provisions when parties have multiple relationships or accounts
5. Regulatory Compliance: Additional compliance provisions for regulated entities
6. Assignment and Transfer: Provisions governing transfer of rights when assignment is permitted
1. Account Details: Details of the collateral account(s) and account bank
2. Collateral Amount: Specification of the initial and minimum collateral amounts
3. Notice Forms: Standard forms for various notices required under the agreement
4. Authorized Signatories: List of authorized signatories for each party
5. Security Registration Forms: Forms required for registration with relevant Nigerian authorities
6. Calculation Methods: Methods for calculating interest, top-up amounts, and other financial calculations
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