Collateral In Loan Agreement for Nigeria

Collateral In Loan Agreement Template for Nigeria

This document is a comprehensive security agreement governed by Nigerian law that establishes and details the collateral arrangements in connection with a loan facility. It outlines the creation, perfection, and enforcement of security interests over specified assets, ensuring compliance with Nigerian secured transactions laws, including the Secured Transactions in Movable Assets Act 2017 and relevant banking regulations. The agreement addresses crucial aspects such as collateral description, maintenance obligations, enforcement rights, and registration requirements, while incorporating necessary provisions for regulatory compliance and practical enforceability within the Nigerian legal framework.

Your data doesn't train Genie's AI

You keep IP ownership of your information

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Download a Standard Template

4.6 / 5
4.8 / 5
Access for free
OR

Alternatively: Run an advanced review of an existing
Collateral In Loan Agreement

Let Genie AI's market-leading legal AI identify missing terms, unusual language, compliance issues and more - in just seconds.
Upload your Doc

What is a Collateral In Loan Agreement?

The Collateral In Loan Agreement serves as a fundamental document in Nigerian secured lending transactions, establishing the security structure for loan facilities. This document is essential when a lender requires security over specific assets to protect their interests in a lending arrangement. It complies with Nigerian secured transactions laws, including the Secured Transactions in Movable Assets Act 2017, Banks and Other Financial Institutions Act 2020, and other relevant regulations. The agreement is typically used in both corporate and individual lending scenarios, providing detailed provisions for the creation, perfection, and enforcement of security interests, along with specific requirements for registration with relevant Nigerian authorities such as the National Collateral Registry. It includes comprehensive provisions addressing collateral maintenance, rights and obligations of parties, enforcement mechanisms, and regulatory compliance requirements specific to the Nigerian jurisdiction.

What sections should be included in a Collateral In Loan Agreement?

1. Parties: Identification of the lender, borrower, and any guarantors or security providers

2. Background: Context of the loan agreement and purpose of the security arrangement

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Grant of Security Interest: Creation and nature of the security interest over the collateral

5. Description of Secured Obligations: Details of the obligations being secured, including principal loan amount, interest, and other secured liabilities

6. Description of Collateral: Detailed description and identification of the assets being provided as security

7. Representations and Warranties: Statements of fact and assurances regarding the collateral and security provider's authority

8. Perfection Requirements: Steps required to perfect the security interest under Nigerian law

9. Maintenance and Preservation: Obligations regarding maintenance and preservation of the collateral

10. Rights and Obligations: Detailed rights and obligations of both parties regarding the collateral

11. Events of Default: Circumstances constituting default and triggering enforcement rights

12. Enforcement Rights: Rights and remedies available upon default

13. Power of Attorney: Appointment of lender as attorney for perfection and enforcement purposes

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

What sections are optional to include in a Collateral In Loan Agreement?

1. Insurance: Requirements for insurance of collateral, used when collateral is physical property requiring insurance protection

2. Third Party Rights: Provisions regarding rights of third parties, used when third-party interests might exist in the collateral

3. Further Assurance: Obligations to execute additional documents, used in complex security arrangements

4. Security Margin: Provisions for maintaining specific collateral value ratios, used for fluctuating-value collateral

5. Successive Security Interests: Provisions regarding creation of subsequent security interests, used when multiple security interests might exist

6. Release and Discharge: Conditions for release of security, used in complex or long-term arrangements

7. Cross-Default: Provisions linking defaults under other agreements, used in multiple facility arrangements

8. Currency Provisions: Provisions for handling foreign currency collateral, used when collateral is in non-Naira currency

What schedules should be included in a Collateral In Loan Agreement?

1. Schedule 1 - Description of Collateral: Detailed technical or legal description of all collateral assets

2. Schedule 2 - Secured Obligations: Detailed description of all secured obligations including reference to primary loan agreement

3. Schedule 3 - Perfection Requirements: Specific filing, registration, and notice requirements for different types of collateral

4. Schedule 4 - Form of Notices: Standard forms for notices to third parties, government authorities, or registration bodies

5. Schedule 5 - Insurance Requirements: Specific insurance requirements for different types of collateral

6. Appendix A - Related Security Documents: List and copies of related security documents or filings

7. Appendix B - Existing Security Interests: Details of any existing security interests affecting the collateral

8. Appendix C - Valuation Reports: Current valuation reports or appraisals of the collateral

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
Relevant legal definitions
Relevant Industries

Banking and Financial Services

Real Estate

Manufacturing

Agriculture

Oil and Gas

Telecommunications

Construction

Mining

Retail

Transportation and Logistics

Healthcare

Education

Technology

Energy

Infrastructure

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Corporate Secretariat

Loan Operations

Security Administration

Credit Administration

Collections

Documentation

Risk Management

Transaction Management

Relevant Roles

Legal Counsel

Finance Manager

Credit Risk Officer

Loan Officer

Compliance Officer

Corporate Secretary

Security Trustee

Facility Agent

Credit Analyst

Relationship Manager

Due Diligence Officer

Collections Manager

Risk Manager

Transaction Manager

Documentation Specialist

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

Find the exact document you need

Debt Consolidation Agreement

A Nigerian law-governed agreement that consolidates multiple debts into a single loan, outlining terms, conditions, and obligations for all parties.

find out more

Inter Lender Agreement

A Nigerian law-governed agreement establishing rights, priorities, and relationships between multiple lenders in a syndicated or complex financing arrangement.

find out more

Salary Loan Agreement

A Nigerian law-governed agreement establishing terms for a loan secured against employee salary, including repayment through salary deductions and party obligations.

find out more

Loan Consent Form

A Nigerian law-governed document that formalizes consent and agreement between parties for a loan facility, complying with local banking regulations and consumer protection requirements.

find out more

Litigation Financing Agreement

A Nigerian law-governed agreement establishing terms for third-party litigation funding, including funding mechanisms, returns, and party obligations.

find out more

Peer To Peer Lending Contract

A Nigerian law-governed Peer to Peer Lending Contract establishing terms and conditions for direct lending between parties, ensuring compliance with local financial regulations.

find out more

Contract For Land Purchase

Nigerian law-compliant agreement for the purchase and sale of land, including essential terms and regulatory requirements under the Land Use Act.

find out more

Payday Loan Contract

Nigerian law-governed payday loan agreement setting out terms for short-term consumer lending, including regulatory compliance requirements and borrower protections.

find out more

Tripartite Loan Agreement

A Nigerian law-governed agreement establishing a lending arrangement between three parties, defining loan terms, security arrangements, and mutual obligations.

find out more

Loan And Mortgage Agreement

A Nigerian law-governed agreement combining loan terms with mortgage security arrangements, establishing both lending conditions and property security rights.

find out more

Memorandum Of Loan Agreement

A Nigerian law-governed agreement establishing loan terms and conditions between lender and borrower, ensuring regulatory compliance and protecting both parties' interests.

find out more

Fixed Sum Loan Agreement

A Nigerian law-governed agreement establishing terms and conditions for a fixed sum loan, including loan amount, interest rates, and repayment terms.

find out more

Employee Loan Repayment Agreement

A Nigerian law-governed agreement setting out terms for an employer-provided loan to an employee, including repayment through salary deductions.

find out more

Collateral In Loan Agreement

A Nigerian law-governed security agreement establishing collateral arrangements for a loan facility, detailing security creation, perfection, and enforcement rights.

find out more

Master Loan Agreement

A Nigerian law-governed agreement establishing terms and conditions for multiple loan facilities between a lender and borrower.

find out more

Loan Surety Agreement

A Nigerian law-governed agreement where a surety guarantees a borrower's loan obligations to a lender, establishing terms and enforcement mechanisms.

find out more

Loan Guarantee Agreement

A Nigerian law-governed agreement where a Guarantor assumes responsibility for a Borrower's loan obligations to a Lender, ensuring compliance with Nigerian banking and contract law requirements.

find out more

Loan Commitment Agreement

A Nigerian law-governed agreement establishing a lender's commitment to provide a loan facility, detailing terms, conditions, and regulatory compliance requirements.

find out more

Lenders Agreement

A Nigerian law-governed agreement setting out terms and conditions for lending facilities, including loan details, security arrangements, and regulatory compliance requirements.

find out more

Letter Of Borrowing Money From Company

A Nigerian law-governed letter documenting terms and conditions for borrowing money from a company, including loan amount, interest rates, and repayment terms.

find out more

Formal Letter For Borrowing Money

A formal loan request letter compliant with Nigerian law, outlining loan terms and repayment commitments between borrower and lender.

find out more

Debt Agreement Letter

A formal letter under Nigerian law documenting debt terms and conditions between parties, serving as a legally binding agreement for debt repayment.

find out more

Debt Acknowledgement And Repayment Agreement

A Nigerian law-governed agreement that formally acknowledges debt existence and establishes repayment terms between creditor and debtor.

find out more

Car Payment Agreement Between Friends

A Nigerian legal document formalizing car payment arrangements between friends, including vehicle details, payment terms, and ownership transfer conditions.

find out more

Car Mortgage Agreement

A Nigerian law-governed agreement creating a security interest in a vehicle as collateral for a loan, detailing financing terms and enforcement rights.

find out more

Bank Loan Term Sheet

A preliminary document outlining key terms and conditions of a proposed loan facility under Nigerian law, serving as the foundation for the final loan agreement.

find out more

Loan Contract For Family

A Nigerian law-governed contract formalizing loan arrangements between family members, establishing terms, conditions, and protections for both lender and borrower.

find out more

Personal Loan Agreement With Notary

A notarized personal loan agreement under Nigerian law detailing loan terms, conditions, and obligations between lender and borrower.

find out more

Mortgage Assumption Letter

A formal request letter under Nigerian law for a buyer to assume an existing mortgage from the current property owner, subject to the lender's approval.

find out more

Letter Of Intent For Business Loan

A preliminary document outlining proposed terms for a business loan arrangement under Nigerian law, serving as a formal expression of interest between lender and borrower.

find out more

Co Signer Agreement Form For Car

A Nigerian law-governed agreement establishing a co-signer's joint responsibility for a vehicle loan, outlining obligations and liabilities of all parties involved.

find out more

Building Loan Contract

A Nigerian law-governed financing agreement for construction projects, detailing loan terms, disbursement conditions, and construction requirements.

find out more

Guarantee In Loan Agreement

A Nigerian law-governed document establishing a guarantee relationship where a third party commits to fulfilling a borrower's loan obligations in case of default.

find out more

Contract For Debt Repayment

A Nigerian law-governed agreement establishing terms and conditions for debt repayment, including payment schedule, interest, and enforcement provisions.

find out more

Fee Letter Syndicated Loan

A Nigerian law-governed document detailing fee arrangements between parties in a syndicated loan transaction, including arrangement, commitment, and agency fees.

find out more

Payday Loan Agreement

A Nigerian law-governed agreement for short-term, high-interest loans tied to borrower's payday, compliant with CBN regulations and state money lending laws.

find out more

Group Loan Agreement Form

A Nigerian law-governed agreement establishing terms for group lending between a financial institution and collective borrowers, including joint liability and repayment terms.

find out more

Bill Of Sale Loan Agreement

A Nigerian law-governed agreement combining a loan facility with asset security through a bill of sale, establishing lending terms and security arrangements.

find out more

Agreement For Loan Against Property

A Nigerian law-governed agreement establishing terms for a property-secured loan, including security creation, repayment terms, and enforcement rights.

find out more

Title Loan Contract

A Nigerian law-governed agreement establishing a loan secured by a vehicle title, detailing loan terms, security interests, and enforcement rights.

find out more
See more related templates

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

We are ISO27001 certified, so your data is secure

Organizational security:

You retain IP ownership of your documents and their information

You have full control over your data and who gets to see it

2 Docs LeftAccess Now