The Security Trust Agreement is a crucial document in South African secured financing arrangements, particularly in transactions involving multiple lenders or bondholders. It creates a trust structure where a security trustee holds security interests over assets on behalf of various secured creditors, streamlining security administration and enforcement. This arrangement is especially valuable in syndicated lending, project finance, and complex corporate finance transactions where direct holding of security by multiple creditors would be impractical. The agreement must comply with South African trust law, particularly the Trust Property Control Act, and includes detailed provisions on the trustee's powers, creditors' rights, enforcement mechanisms, and distribution of proceeds. It's commonly used alongside facility agreements, intercreditor agreements, and various security documents to create a comprehensive security package.
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1. Parties: Identification of the Security Trustee, Principal Debtor, Secured Creditors, and any other relevant parties
2. Background: Context of the security arrangement, purpose of the trust, and general commercial background
3. Definitions and Interpretation: Comprehensive definitions of terms used in the agreement and interpretation rules
4. Establishment of Trust: Creation of the security trust, appointment of trustee, and trust property details
5. Security Trust Assets: Description and details of the assets held in trust as security
6. Powers and Duties of the Security Trustee: Detailed description of trustee's authority, responsibilities, and limitations
7. Rights and Obligations of Secured Creditors: Terms governing the secured creditors' rights, including enforcement and distribution rights
8. Security Structure: Details of how the security interests are held and managed by the trustee
9. Events of Default: Comprehensive list of default events triggering enforcement rights
10. Enforcement of Security: Procedures and rights for enforcing security following an event of default
11. Distribution of Proceeds: Rules for distributing proceeds from enforcement or realization of security
12. Trustee Remuneration and Expenses: Terms regarding trustee compensation and reimbursement of expenses
13. Termination: Circumstances and procedures for terminating the trust arrangement
14. General Provisions: Standard clauses including notices, amendments, governing law, and jurisdiction
1. Parallel Debt: Required when dealing with jurisdictions that don't recognize trust concepts or when creating direct enforcement rights
2. Security Agent Provisions: Needed when the trustee also acts as security agent in foreign jurisdictions
3. Intercreditor Provisions: Required when there are multiple classes of creditors with different priority rights
4. Tax Provisions: Detailed tax arrangements when the security structure has specific tax implications
5. Currency Provisions: Required when the security involves multiple currencies
6. Registration Rights: Specific provisions for registration of security interests in relevant registries
7. Insurance Requirements: Detailed insurance obligations when secured assets require specific insurance coverage
1. Schedule 1 - Secured Creditors: List of all secured creditors and their respective exposure/commitment amounts
2. Schedule 2 - Security Assets: Detailed description of all assets subject to the security trust arrangement
3. Schedule 3 - Security Documents: List and copies of all security documents held by the trustee
4. Schedule 4 - Forms of Accession: Standard forms for new creditors to accede to the agreement
5. Schedule 5 - Distribution Waterfall: Detailed order of priority for distribution of enforcement proceeds
6. Schedule 6 - Fee Structure: Detailed breakdown of trustee fees and payment arrangements
7. Appendix A - Notice Requirements: Formal requirements and templates for various notices under the agreement
8. Appendix B - Resolution Procedures: Procedures for creditor voting and decision-making
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