The Drawdown Loan Agreement is a critical financial instrument used in Nigerian commercial lending practices where a lender provides a borrower with access to a pre-approved credit facility. This document type is particularly relevant for corporate financing, project development, and business expansion in Nigeria, where phased funding is required. The agreement must comply with the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria regulations, while incorporating necessary protections for both lender and borrower. The document structure allows for multiple drawdowns up to an agreed facility limit, subject to specified conditions precedent and ongoing compliance requirements. It includes provisions for security, regulatory compliance, and enforcement mechanisms specific to the Nigerian jurisdiction.
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1. Parties: Identification of lender(s) and borrower(s) with full legal names and addresses
2. Background: Context of the loan facility and purpose
3. Definitions and Interpretation: Key terms used throughout the agreement and interpretation rules
4. The Facility: Details of the loan amount, purpose, and availability period
5. Drawdown Conditions: Conditions precedent and procedural requirements for drawdowns
6. Interest: Interest rate, calculation method, and payment terms
7. Repayment: Repayment schedule, prepayment provisions, and mandatory prepayment events
8. Representations and Warranties: Borrower's confirmations regarding its status and capacity
9. Information Undertakings: Borrower's obligations to provide financial and other information
10. General Undertakings: Borrower's operational and financial covenants
11. Events of Default: Circumstances constituting default and consequences
12. Changes to Parties: Assignment and transfer provisions
13. Payment Mechanics: Payment procedures, currency, and set-off rights
14. Notices: Communication methods and contact details
15. Governing Law and Enforcement: Nigerian law as governing law and jurisdiction provisions
1. Security: Details of any security package - include if loan is secured
2. Guarantee: Terms of guarantee - include if there are guarantors
3. Agent and Trustee Provisions: Required for syndicated loans with multiple lenders
4. Tax Gross Up and Indemnities: Detailed tax provisions - include for cross-border loans
5. Increased Costs: Protection for lenders against regulatory changes - include for longer-term facilities
6. Market Disruption: Provisions for interest rate replacement - include if using floating rates
7. Anti-corruption Provisions: Detailed anti-corruption warranties - include for international lenders
8. Islamic Finance Provisions: Include if compliance with Islamic finance principles is required
1. Conditions Precedent: List of required documents and conditions for initial drawdown
2. Form of Drawdown Request: Template for borrower to request drawdowns
3. Repayment Schedule: Detailed amortization schedule if applicable
4. Form of Transfer Certificate: Template for transferring loan participations
5. Security Documents: List and copies of security documents if applicable
6. Addresses for Notices: Detailed contact information for all parties
7. Form of Compliance Certificate: Template for periodic compliance certification
8. Financial Covenants Calculations: Detailed methods for calculating financial covenants
Relevant legal definitions
Availability Period
Business Day
CBN
Commitment
Conditions Precedent
Default
Default Rate
Disruption Event
Drawdown
Drawdown Date
Drawdown Notice
Drawdown Period
Event of Default
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Financial Statements
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Legal Reservation
Lender
Loan
Material Adverse Effect
Naira
Obligor
Outstanding Amount
Potential Event of Default
Principal Amount
Purpose
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Utilisation
Utilisation Date
Utilisation Request
Business Day
CBN
Commitment
Conditions Precedent
Default
Default Rate
Disruption Event
Drawdown
Drawdown Date
Drawdown Notice
Drawdown Period
Event of Default
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Financial Statements
Governing Law
Interest Payment Date
Interest Period
Interest Rate
Legal Reservation
Lender
Loan
Material Adverse Effect
Naira
Obligor
Outstanding Amount
Potential Event of Default
Principal Amount
Purpose
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Transaction Documents
Transfer Certificate
Utilisation
Utilisation Date
Utilisation Request
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Tax Gross-up
Increased Costs
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Security
Set-off
Assignment and Transfer
Changes to Parties
Payment Mechanics
Costs and Expenses
Indemnities
Notices
Calculations
Amendments and Waivers
Confidentiality
Anti-Money Laundering
Anti-Corruption
Force Majeure
Severability
Counterparts
Governing Law
Dispute Resolution
Enforcement
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Tax Gross-up
Increased Costs
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Security
Set-off
Assignment and Transfer
Changes to Parties
Payment Mechanics
Costs and Expenses
Indemnities
Notices
Calculations
Amendments and Waivers
Confidentiality
Anti-Money Laundering
Anti-Corruption
Force Majeure
Severability
Counterparts
Governing Law
Dispute Resolution
Enforcement
Relevant Industries
Banking & Finance
Real Estate
Manufacturing
Oil & Gas
Infrastructure
Agriculture
Telecommunications
Construction
Mining
Retail
Healthcare
Education
Transportation & Logistics
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Banking
Credit
Commercial
Operations
Company Secretariat
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Legal Counsel
Compliance Officer
Credit Risk Manager
Relationship Manager
Corporate Banking Manager
Finance Manager
Company Secretary
Commercial Director
Risk Officer
Transaction Manager
Loan Officer
Financial Controller
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