The Loan Agreement And Promissory Note is a fundamental document used in Nigerian financial transactions to formalize lending arrangements while incorporating a negotiable instrument component. This dual-purpose document is particularly valuable in the Nigerian context where having both a detailed agreement and a readily enforceable proof of debt is crucial for lender security. It can be used for various lending scenarios, from corporate financing to individual loans, and includes all necessary provisions required under Nigerian law. The document ensures compliance with local banking regulations, financial services requirements, and consumer protection guidelines while providing clear mechanisms for loan disbursement, repayment, and enforcement. The integration of a promissory note enhances the lender's ability to recover the debt through expedited legal proceedings if necessary.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan arrangement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the principal amount and intended use of the loan
5. Interest Rate: Details of interest rate, calculation method, and payment frequency
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Promissory Note Terms: Specific terms of the promissory note including unconditional promise to pay
8. Representations and Warranties: Statements of fact and assurances from the Borrower
9. Covenants: Ongoing obligations of the Borrower during the loan term
10. Events of Default: Circumstances constituting default and consequences
11. Remedies: Lender's rights and remedies upon default
12. Notices: Communication procedures between parties
13. Governing Law: Specification of Nigerian law as governing law
14. Execution: Signature blocks and execution requirements
1. Security: Include when loan is secured by collateral or guarantees
2. Insurance: Include when insurance is required for loan security
3. Guarantor Provisions: Include when there are third-party guarantors
4. Assignment and Transfer: Include when rights to the loan may be transferred
5. Change in Circumstances: Include for longer-term loans to address market changes
6. Tax Provisions: Include when tax implications need specific addressing
7. Joint and Several Liability: Include when there are multiple borrowers
8. Currency Provisions: Include for loans involving foreign currency
1. Repayment Schedule: Detailed amortization table showing payment dates and amounts
2. Promissory Note: The formal promissory note document
3. Security Details: Description of any collateral or security arrangements
4. Conditions Precedent: List of conditions to be met before loan disbursement
5. Required Documents: List of documents required from the Borrower
6. Fee Schedule: Breakdown of all applicable fees and charges
7. Insurance Requirements: Details of required insurance coverage if applicable
8. Direct Debit Authorization: Form for automatic payment setup if applicable
Relevant legal definitions
Agreement
Applicable Law
Business Day
Collateral
Conditions Precedent
Default Interest Rate
Default Notice
Draw Down Date
Due Date
Effective Date
Event of Default
Facility
Financial Indebtedness
Financing Documents
Governing Law
Grace Period
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Naira
Parties
Payment Date
Permitted Purpose
Principal Amount
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Taxes
Term
Transaction Documents
Outstanding Amount
Utilization
Working Day
CBN
Authorized Representative
Borrower's Account
Designated Account
Facility Period
Disbursement
Enforcement Action
Legal Proceedings
Relevant Authority
Applicable Law
Business Day
Collateral
Conditions Precedent
Default Interest Rate
Default Notice
Draw Down Date
Due Date
Effective Date
Event of Default
Facility
Financial Indebtedness
Financing Documents
Governing Law
Grace Period
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Naira
Parties
Payment Date
Permitted Purpose
Principal Amount
Promissory Note
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Taxes
Term
Transaction Documents
Outstanding Amount
Utilization
Working Day
CBN
Authorized Representative
Borrower's Account
Designated Account
Facility Period
Disbursement
Enforcement Action
Legal Proceedings
Relevant Authority
Clauses
Loan Amount
Interest Rate
Repayment Terms
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Provisions
Promise to Pay
Security Interest
Guarantees
Assignment
Notices
Governing Law
Jurisdiction
Force Majeure
Confidentiality
Set-off Rights
Taxes
Costs and Expenses
Indemnification
Amendment
Severability
Entire Agreement
Waiver
Further Assurance
Counterparts
Term and Termination
Insurance
Registration
Default Interest
Acceleration
Cross-Default
Change of Control
Compliance with Laws
Anti-Money Laundering
Financial Covenants
Information Covenants
Dispute Resolution
Interest Rate
Repayment Terms
Security
Conditions Precedent
Representations and Warranties
Covenants
Events of Default
Remedies
Payment Provisions
Promise to Pay
Security Interest
Guarantees
Assignment
Notices
Governing Law
Jurisdiction
Force Majeure
Confidentiality
Set-off Rights
Taxes
Costs and Expenses
Indemnification
Amendment
Severability
Entire Agreement
Waiver
Further Assurance
Counterparts
Term and Termination
Insurance
Registration
Default Interest
Acceleration
Cross-Default
Change of Control
Compliance with Laws
Anti-Money Laundering
Financial Covenants
Information Covenants
Dispute Resolution
Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Agriculture
Oil & Gas
Construction
Retail
Technology
Healthcare
Education
Transportation
Mining
Telecommunications
Relevant Teams
Legal
Finance
Credit
Risk Management
Compliance
Treasury
Corporate Secretariat
Banking Operations
Business Development
Relationship Management
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Loan Officer
Risk Manager
Compliance Officer
Corporate Secretary
Financial Controller
Treasury Manager
Business Development Manager
Relationship Manager
Credit Analyst
Chief Financial Officer
Legal Director
Banking Operations Manager
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