In a syndicated loan structure the security is held by a security trustee upon the terms of a security trust. Which ONE of the following statements about the purpose of the security trust or role of the security trustee is WRONG?

A As beneficiaries of a security trust, the lenders will have a proprietary claim to the transaction security in the event of the security trustee's insolvency.

B A security trust prevents the transaction security from being discharged whenever a lender novates its loan participation.

C The security trustee cannot also be one of the lenders.

D The borrower will pay the security trustee's fees.