The Corporate Loan Agreement is a fundamental document in Nigerian corporate finance, used when a company seeks to obtain debt financing from a financial institution. It serves as the primary contract governing the lending relationship, outlining all essential terms and conditions of the loan facility. This agreement must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Companies and Allied Matters Act (CAMA) 2020. The document is crucial for both lenders and borrowers as it provides legal certainty and protection while ensuring regulatory compliance. It typically includes detailed provisions on loan disbursement, repayment terms, security arrangements, borrower covenants, and default scenarios, all tailored to the Nigerian legal and business environment.
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1. Parties: Identification of the lender(s) and borrower(s) with their full corporate details
2. Background: Context of the loan arrangement and purpose of the facility
3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules
4. The Facility: Details of the loan 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 requesting and making loan disbursements
7. Interest: Interest rate, calculation methods, and payment provisions
8. Repayment: Terms and schedule for repayment of the loan
9. Prepayment: Provisions for early repayment, including any penalties
10. Tax Provisions: Allocation of tax liabilities and withholding tax requirements
11. Representations and Warranties: Borrower's statements of fact and assurances
12. Covenants: Positive and negative obligations of the borrower
13. Events of Default: Circumstances constituting default and consequences
14. Changes to Parties: Provisions for assignment and transfer of rights
15. Administration: Administrative aspects including notices and calculations
16. Governing Law and Jurisdiction: Choice of Nigerian law and jurisdiction provisions
17. Execution: Signature blocks and execution formalities
1. Security: Include when the loan is secured by collateral or guarantees
2. Agent Provisions: Required for syndicated loans with an administrative agent
3. Account Bank Provisions: Include when specific account monitoring or control is required
4. Intercreditor Provisions: Include when there are multiple creditors with different priorities
5. Currency Provisions: Include for loans involving foreign currency or multiple currencies
6. Islamic Finance Provisions: Include when the loan needs to be Sharia-compliant
7. Environmental Compliance: Include when the loan is for projects with environmental impacts
8. Political Risk Insurance: Include when political risk coverage is part of the transaction
9. Local Content Requirements: Include when Nigerian local content laws apply to the funded project
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Drawdown Request: Template for borrower to request loan disbursements
3. Repayment Schedule: Detailed amortization schedule if applicable
4. Form of Transfer Certificate: Template for transferring loan participations
5. Borrower Group Structure: Corporate structure chart of borrower's group
6. Security Documents: List and copies of all security documentation
7. Existing Indebtedness: Details of borrower's existing financial obligations
8. Required Insurance: Specification of required insurance coverage
9. Financial Covenants Calculations: Formulas and methods for financial covenant calculations
Relevant legal definitions
Acceleration Notice
Account
Account Bank
Additional Cost Rate
Affiliate
Agreement
Applicable Law
Authorisation
Availability Period
Available Commitment
Available Facility
Banking Day
BOFIA
Break Costs
Business Day
CAMA
CBN
Change of Control
Commitment
Compliance Certificate
Confidential Information
Default
Default Interest
Default Rate
Disruption Event
Drawing
Drawdown Date
Drawdown Notice
EBITDA
Environment
Environmental Claim
Environmental Law
Environmental Permit
Event of Default
Facility
Facility Office
Fee Letter
Finance Document
Finance Party
Financial Indebtedness
Financial Statements
Financial Year
Group
Guarantor
Holding Company
Interest Payment Date
Interest Period
Legal Reservation
Lender
Loan
Majority Lenders
Material Adverse Effect
Month
Naira
Notice
Obligor
Original Financial Statements
Party
Permitted Security Interest
Potential Event of Default
Quotation Day
Reference Banks
Repeating Representations
Representative
Security
Security Document
Subsidiary
Tax
Total Commitments
Transfer Certificate
Transfer Date
Unpaid Sum
Account
Account Bank
Additional Cost Rate
Affiliate
Agreement
Applicable Law
Authorisation
Availability Period
Available Commitment
Available Facility
Banking Day
BOFIA
Break Costs
Business Day
CAMA
CBN
Change of Control
Commitment
Compliance Certificate
Confidential Information
Default
Default Interest
Default Rate
Disruption Event
Drawing
Drawdown Date
Drawdown Notice
EBITDA
Environment
Environmental Claim
Environmental Law
Environmental Permit
Event of Default
Facility
Facility Office
Fee Letter
Finance Document
Finance Party
Financial Indebtedness
Financial Statements
Financial Year
Group
Guarantor
Holding Company
Interest Payment Date
Interest Period
Legal Reservation
Lender
Loan
Majority Lenders
Material Adverse Effect
Month
Naira
Notice
Obligor
Original Financial Statements
Party
Permitted Security Interest
Potential Event of Default
Quotation Day
Reference Banks
Repeating Representations
Representative
Security
Security Document
Subsidiary
Tax
Total Commitments
Transfer Certificate
Transfer Date
Unpaid Sum
Clauses
Definitions
Interpretation
Facility
Purpose
Conditions Precedent
Utilization
Repayment
Prepayment
Interest
Interest Periods
Changes to Interest Calculation
Fees
Tax Gross-Up
Increased Costs
Representations
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Security
Guarantee
Set-off
Payment Mechanics
Currency
Costs and Expenses
Indemnities
Mitigation
Changes to Lenders
Changes to Borrower
Disclosure
Confidentiality
Notices
Calculations
Amendments and Waivers
Severability
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Waiver of Immunity
Anti-Money Laundering
Environmental Compliance
Force Majeure
Assignment
Entire Agreement
Interpretation
Facility
Purpose
Conditions Precedent
Utilization
Repayment
Prepayment
Interest
Interest Periods
Changes to Interest Calculation
Fees
Tax Gross-Up
Increased Costs
Representations
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Security
Guarantee
Set-off
Payment Mechanics
Currency
Costs and Expenses
Indemnities
Mitigation
Changes to Lenders
Changes to Borrower
Disclosure
Confidentiality
Notices
Calculations
Amendments and Waivers
Severability
Counterparts
Governing Law
Enforcement
Jurisdiction
Service of Process
Waiver of Immunity
Anti-Money Laundering
Environmental Compliance
Force Majeure
Assignment
Entire Agreement
Relevant Industries
Banking & Finance
Manufacturing
Oil & Gas
Real Estate
Telecommunications
Agriculture
Infrastructure
Healthcare
Technology
Mining
Retail
Transportation & Logistics
Energy
Construction
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Operations
Company Secretariat
Due Diligence
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Banking Lawyer
Compliance Officer
Credit Risk Manager
Relationship Manager
Treasury Manager
Company Secretary
Finance Manager
Banking Operations Manager
Credit Analyst
Due Diligence Officer
Transaction Manager
Senior Loan Officer
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