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1. Parties: Identifies and provides full details of the parties to the agreement, including the original promissory note holder and the debtor
2. Background: Recitals explaining the original promissory note, its date, amount, and current outstanding balance
3. Definitions: Defines key terms used throughout the agreement, including 'Promissory Note', 'Settlement Amount', 'Payment Date(s)', etc.
4. Acknowledgment of Debt: Formal acknowledgment of the original debt and current outstanding amount
5. Settlement Terms: Details of the settlement amount, payment schedule, and method of payment
6. Release and Discharge: Terms of release upon completion of settlement payments
7. Representations and Warranties: Standard representations about capacity, authority, and binding nature of the agreement
8. Default and Remedies: Consequences of default and available remedies
9. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
10. Notices: Process for serving formal notices under the agreement
11. General Provisions: Standard boilerplate clauses including entire agreement, amendments, and severability
1. Security: Include when additional security is provided for the settlement payments
2. Guarantor Provisions: Required when a third party is guaranteeing the settlement payments
3. Interest Provisions: Include when interest is to be charged on the settlement amount
4. Early Payment Provisions: Optional provisions for early payment discounts or procedures
5. Confidentiality: Include when parties wish to keep the settlement terms confidential
6. Tax Provisions: Include when there are specific tax implications to be addressed
7. Force Majeure: Optional clause for unforeseen circumstances affecting payment ability
1. Schedule 1 - Original Promissory Note: Copy or details of the original promissory note
2. Schedule 2 - Payment Schedule: Detailed payment schedule including dates and amounts
3. Schedule 3 - Settlement Calculation: Breakdown of the settlement amount including any discounts or adjustments
4. Appendix A - Bank Details: Payment account details for settlement payments
5. Appendix B - Security Documents: Copies of any security documents if applicable
6. Appendix C - Corporate Authorizations: Required corporate authorizations or board resolutions if parties are companies
Business Day
Default Event
Default Interest Rate
Discharge Date
Effective Date
Enforcement Action
Final Settlement Date
Governing Law
Guarantor
Initial Payment
Interest Rate
Legal Requirements
Original Promissory Note
Outstanding Amount
Parties
Payment Date
Payment Schedule
Permitted Transfer
Principal Amount
Release Documents
Relevant Authority
Security
Security Documents
Settlement Amount
Settlement Payment
Settlement Period
Stamp Duty
Transaction Documents
Working Day
Amendment
Assignment
Authority and Capacity
Binding Effect
Confidentiality
Counterparts
Default
Dispute Resolution
Entire Agreement
Force Majeure
Further Assurance
Governing Law
Indemnification
Interest
Jurisdiction
Notices
Payment Terms
Release and Discharge
Remedies
Representations and Warranties
Security
Severability
Settlement Terms
Stamp Duty
Survival
Termination
Third Party Rights
Time of Essence
Waiver
Banking & Financial Services
Commercial Lending
Corporate Finance
Private Equity
Real Estate
Manufacturing
Trading & Commerce
Construction
Agriculture
Small and Medium Enterprises
Professional Services
Legal
Finance
Treasury
Credit Control
Risk Management
Compliance
Corporate Secretariat
Debt Recovery
Commercial Operations
Account Management
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Financial Controller
Treasury Manager
Credit Manager
Debt Recovery Officer
Risk Manager
Company Secretary
Commercial Director
Accounts Manager
Settlement Officer
Compliance Officer
Managing Director
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