Loan Modification Agreement Template for Nigeria

1. Parties: Identification of the Lender and Borrower with their full legal names and addresses

2. Background: Recitals describing the original loan agreement, reason for modification, and summary of changes

3. Definitions: Definitions of terms used in the agreement, including references to original loan agreement definitions

4. Modification of Loan Terms: Specific changes to the original loan terms (e.g., interest rate, payment schedule, maturity date)

5. Confirmation of Other Terms: Confirmation that all other terms of the original loan agreement remain unchanged

6. Representations and Warranties: Updated representations from the borrower regarding financial condition and ability to pay

7. Conditions Precedent: Conditions that must be met before the modification becomes effective

8. Fees and Costs: Any fees or costs associated with the modification

9. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes

10. Execution: Signature blocks for all parties and witnesses

1. Schedule 1 - Original Loan Agreement: Copy or summary of the original loan agreement being modified

2. Schedule 2 - Modified Payment Schedule: Detailed schedule of new payment terms, amounts, and dates

3. Schedule 3 - Modified Interest Calculations: Details of any changes to interest calculations or rates

4. Schedule 4 - Security Details: Details of any existing or new security arrangements

5. Appendix A - Required Consents: Copies of any required regulatory or third-party consents

6. Appendix B - Supporting Documents: Any additional supporting documents such as board resolutions or power of attorney