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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. Additional Security: Required if new collateral is being added as part of the modification
2. Guarantor Consent: Required if the original loan had guarantors who need to consent to the modifications
3. Interest Adjustment Mechanism: Required if the modification includes variable interest rates or complex interest calculations
4. Default Cure Provisions: Include if the modification is being made to address an existing default
5. Release of Claims: Include if parties wish to release any claims arising from the original loan agreement
6. Regulatory Compliance: Required if the modification needs specific regulatory approvals or compliance statements
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
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