The Security Trust Agreement is essential in Indonesian financing transactions where multiple creditors are involved and collective security holding is required. This document is typically used in syndicated loans, project financing, or complex secured financing arrangements where it's impractical or inefficient for each creditor to hold security interests directly. The agreement, compliant with Indonesian law and regulations, establishes a trust structure where a security trustee holds and manages security interests on behalf of secured creditors. It details the trustee's appointment, powers, and duties, the security assets' management, enforcement procedures, and the distribution of enforcement proceeds. The document must conform to Indonesian Civil Code requirements, OJK regulations, and relevant financial services laws while providing practical mechanisms for security management and enforcement.
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1. Parties: Identifies all parties to the agreement including the security trustee, creditors, and security provider
2. Background: Sets out the context of the security arrangement, related facility agreements, and purpose of the security trust
3. Definitions and Interpretation: Defines key terms and establishes interpretation principles for the agreement
4. Appointment and Duties of Security Trustee: Establishes the appointment of the security trustee and outlines their primary responsibilities
5. Declaration of Trust: Formal declaration of the security trust and the assets held in trust
6. Security Trustee Powers and Authorities: Details the powers granted to the security trustee to manage and enforce the security
7. Security Assets: Describes the assets subject to the security trust arrangement
8. Creditors' Rights and Obligations: Outlines the rights and obligations of the creditors in relation to the security trust
9. Enforcement of Security: Procedures and circumstances for enforcing the security interests
10. Distribution of Proceeds: Rules for distributing proceeds from enforcement or realization of security
11. Fees and Expenses: Details of the security trustee's compensation and expense reimbursement
12. Liability and Indemnification: Limitations of trustee liability and indemnification provisions
13. Termination: Circumstances and procedures for terminating the security trust
14. Governing Law and Jurisdiction: Specifies Indonesian law as governing law and jurisdiction for disputes
1. Parallel Debt: Required when dealing with multiple jurisdictions or where direct security interest creation is problematic
2. Security Agent Provisions: Required when the trustee also acts as security agent in other jurisdictions
3. Intercreditor Provisions: Used when there are multiple classes of creditors with different priorities
4. Change of Trustee: Detailed procedures for trustee replacement if not covered in main sections
5. Tax Provisions: Specific tax considerations and allocations if complex tax implications exist
6. Currency Provisions: Required when dealing with multiple currencies in the security arrangement
7. Further Assurance: Additional provisions for future actions to perfect or protect security interests
1. Schedule 1 - Security Assets: Detailed list and description of all assets subject to the security trust
2. Schedule 2 - Form of Accession Deed: Template for new creditors to accede to the agreement
3. Schedule 3 - Creditors and Commitments: List of all creditors and their respective commitments or exposure
4. Schedule 4 - Security Documents: List and copies of all related security documents
5. Schedule 5 - Notice and Acknowledgment Forms: Template forms for notifying relevant parties of the security interest
6. Schedule 6 - Fee Schedule: Detailed breakdown of trustee fees and payment terms
7. Appendix A - Power of Attorney: Form of power of attorney for security trustee actions
8. Appendix B - Registration Requirements: Details of security interest registration requirements under Indonesian law
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