The Bridge Loan Agreement is a fundamental document in Nigerian financial transactions, typically used when a borrower requires immediate funding while awaiting long-term financing arrangements. This type of agreement is particularly relevant in time-sensitive situations such as property acquisitions, project financing, or corporate restructuring where permanent financing is pending. The document must comply with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It includes comprehensive details about the loan facility, security arrangements, conditions for drawdown, repayment terms, and events of default. Bridge Loan Agreements are especially crucial in Nigeria's dynamic business environment, where timing gaps between financing needs and permanent funding solutions are common in various sectors.
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1. Parties: Identification of the lender(s) and borrower(s) with full legal names and addresses
2. Background: Context of the bridge loan, including the purpose and anticipated takeout or refinancing arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. The Facility: Details of the bridge loan facility, including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the loan can be drawn
6. Drawdown: Procedures and requirements for drawing down the loan
7. Interest: Interest rate, calculation method, and payment dates
8. Repayment: Terms of repayment including maturity date and prepayment provisions
9. Security: Overview of security arrangements and guarantees
10. Representations and Warranties: Standard representations and warranties from the borrower
11. Covenants: Positive and negative covenants applicable to the borrower
12. Events of Default: Circumstances constituting default and consequences
13. Boilerplate Provisions: Standard contractual provisions including notices, amendments, governing law, and jurisdiction
1. Currency Provisions: Required if the loan involves foreign currency, addressing exchange rates and currency risks
2. Agent Provisions: Required for syndicated bridge loans with multiple lenders
3. Increased Costs: Provisions dealing with changes in law or regulations affecting the lender's costs
4. Tax Gross-Up: Provisions for tax implications and withholding tax requirements
5. Market Disruption: Provisions addressing potential market disruption events
6. Transfer and Assignment: Detailed provisions for transferring or assigning the loan, if permitted
7. Takeout Financing Arrangements: Specific provisions regarding the anticipated permanent financing
1. Form of Drawdown Notice: Template for the borrower to request loan disbursement
2. Conditions Precedent Documents: List of required documents and conditions to be satisfied
3. Repayment Schedule: Detailed breakdown of repayment dates and amounts
4. Security Documents: Forms of security documents and guarantees
5. Fee Schedule: Breakdown of all applicable fees and charges
6. Form of Compliance Certificate: Template for periodic compliance certification
7. Permitted Security Interests: List of security interests permitted under the agreement
8. Contact Details: Detailed contact information for all parties and their representatives
Relevant legal definitions
Availability Period
Banking Day
Break Costs
Bridge Facility
Business Day
CBN
Commitment
Conditions Precedent
Default
Default Interest
Drawdown
Drawdown Date
Drawdown Notice
Event of Default
Facility
Facility Documents
Finance Documents
Financial Indebtedness
Government Agency
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Maturity Date
Naira
Obligor
Permanent Financing
Permitted Security Interest
Potential Event of Default
Prepayment Amount
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Takeout Financing
Tax
Transaction Documents
Unpaid Sum
Banking Day
Break Costs
Bridge Facility
Business Day
CBN
Commitment
Conditions Precedent
Default
Default Interest
Drawdown
Drawdown Date
Drawdown Notice
Event of Default
Facility
Facility Documents
Finance Documents
Financial Indebtedness
Government Agency
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Maturity Date
Naira
Obligor
Permanent Financing
Permitted Security Interest
Potential Event of Default
Prepayment Amount
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Takeout Financing
Tax
Transaction Documents
Unpaid Sum
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Confidentiality
Costs and Expenses
Indemnities
Currency
Set-off
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Confidentiality
Costs and Expenses
Indemnities
Currency
Set-off
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Relevant Industries
Banking and Financial Services
Real Estate and Construction
Infrastructure Development
Oil and Gas
Manufacturing
Telecommunications
Private Equity
Healthcare
Retail and Consumer
Agriculture
Mining and Natural Resources
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit Analysis
Project Finance
Investment Banking
Corporate Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Corporate Finance Manager
Legal Counsel
Compliance Officer
Risk Manager
Credit Manager
Investment Banker
Corporate Banking Manager
Loan Officer
Transaction Manager
Project Finance Manager
Company Secretary
Financial Controller
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