The Debenture Loan Agreement is a crucial financing document used in Nigerian corporate lending transactions where a company seeks to obtain funding while providing security over its assets. This document is essential when a corporate borrower needs to secure medium to long-term financing and is willing to grant a security interest over its assets through a debenture structure. The agreement must comply with Nigerian law, particularly the Companies and Allied Matters Act (CAMA) 2020, Investment and Securities Act 2007, and relevant Central Bank of Nigeria regulations. It is commonly used in corporate expansions, asset acquisitions, working capital financing, and project finance transactions. The document includes comprehensive provisions covering the loan facility, security arrangements, borrower obligations, and enforcement mechanisms, requiring registration with the Corporate Affairs Commission for validity.
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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 drawdown mechanisms
5. Interest and Fees: Interest rate, calculation method, payment dates, and applicable fees
6. Repayment Terms: Repayment schedule, prepayment provisions, and payment mechanics
7. Security: Description of the debenture security structure and charged assets
8. Representations and Warranties: Borrower's confirmations regarding its status, capacity, and financial condition
9. Covenants: Positive and negative obligations of the Borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement: Rights and remedies of the Lender upon default
12. Assignments and Transfers: Provisions regarding transfer of rights and obligations
13. Notices: Communication methods and contact details
14. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
1. Security Trustee Provisions: Required when multiple lenders are involved and a security trustee is appointed
2. Intercreditor Provisions: Needed when there are multiple creditors with different priorities
3. Tax Gross-Up and Indemnities: Detailed tax provisions if cross-border elements exist
4. Increased Costs and Market Disruption: Provisions dealing with changes in law or market conditions affecting the loan
5. Agency Provisions: Required when a facility agent is appointed to manage the loan
6. Registration and Stamping: Detailed provisions about registration requirements and stamp duty payments
7. Insurance: Specific insurance requirements for charged assets
8. Environmental Provisions: Required when environmental risks are relevant to the security assets
1. Conditions Precedent: List of documents and conditions required before drawdown
2. Form of Drawdown Request: Template for requesting loan disbursements
3. Repayment Schedule: Detailed amortization table if applicable
4. Security Assets Schedule: Detailed list and description of all assets subject to the debenture
5. Form of Transfer Certificate: Template for transferring loan participations
6. Financial Covenants: Detailed financial ratios and calculations
7. Addresses for Notices: Contact details for all parties
8. Form of Compliance Certificate: Template for periodic compliance reporting
Relevant legal definitions
Acceleration Event
Account Bank
Additional Security
Advance
Affiliate
Applicable Law
Authorisation
Available Commitment
Banking Day
Borrower
CAMA
Charged Assets
Charged Property
Commitment
Compliance Certificate
Conditions Precedent
Confidential Information
Default
Default Interest
Default Rate
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Facility Amount
Facility Period
Financial Indebtedness
Financial Statements
Fixed Charge
Floating Charge
Group
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Naira
Obligor
Permitted Security
Potential Event of Default
Principal Amount
Receiver
Repayment Date
Repayment Schedule
Secured Assets
Secured Obligations
Security
Security Documents
Security Interest
Security Period
Security Trust Deed
Security Trustee
Stamp Duty
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Utilisation
Utilisation Date
Utilisation Request
Account Bank
Additional Security
Advance
Affiliate
Applicable Law
Authorisation
Available Commitment
Banking Day
Borrower
CAMA
Charged Assets
Charged Property
Commitment
Compliance Certificate
Conditions Precedent
Confidential Information
Default
Default Interest
Default Rate
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Facility Amount
Facility Period
Financial Indebtedness
Financial Statements
Fixed Charge
Floating Charge
Group
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Naira
Obligor
Permitted Security
Potential Event of Default
Principal Amount
Receiver
Repayment Date
Repayment Schedule
Secured Assets
Secured Obligations
Security
Security Documents
Security Interest
Security Period
Security Trust Deed
Security Trustee
Stamp Duty
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Utilisation
Utilisation Date
Utilisation Request
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security Creation
Fixed Charge
Floating Charge
Registration
Representations and Warranties
Financial Covenants
General Covenants
Information Covenants
Negative Pledge
Events of Default
Acceleration
Security Enforcement
Power of Attorney
Further Assurance
Assignment and Transfer
Set-off
Costs and Expenses
Indemnities
Payments
Notices
Calculations
Amendments
Confidentiality
Counterparts
Severability
Governing Law
Jurisdiction
Dispute Resolution
Stamp Duty
Agency Provisions
Security Trust
Intercreditor Terms
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security Creation
Fixed Charge
Floating Charge
Registration
Representations and Warranties
Financial Covenants
General Covenants
Information Covenants
Negative Pledge
Events of Default
Acceleration
Security Enforcement
Power of Attorney
Further Assurance
Assignment and Transfer
Set-off
Costs and Expenses
Indemnities
Payments
Notices
Calculations
Amendments
Confidentiality
Counterparts
Severability
Governing Law
Jurisdiction
Dispute Resolution
Stamp Duty
Agency Provisions
Security Trust
Intercreditor Terms
Relevant Industries
Banking and Financial Services
Manufacturing
Real Estate and Construction
Oil and Gas
Telecommunications
Agriculture
Mining and Natural Resources
Infrastructure
Power and Energy
Transportation and Logistics
Healthcare
Retail and Consumer Goods
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit
Corporate Finance
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Legal Counsel
Finance Director
Treasury Manager
Company Secretary
Risk Manager
Compliance Officer
Credit Manager
Corporate Finance Manager
Investment Officer
Loan Officer
Security Trustee
Facility Agent
Transaction Manager
Corporate Banking Manager
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