The Third Party Loan Agreement is a crucial financing document used in Nigerian business transactions where additional security or support is required beyond the primary borrower's obligations. This agreement is particularly relevant when the borrower's creditworthiness needs to be enhanced through third-party involvement, whether through guarantees, additional security, or other support mechanisms. The document complies with Nigerian banking and financial regulations, including Central Bank of Nigeria guidelines and the Banks and Other Financial Institutions Act. It is commonly used in various business contexts, from corporate financing to project development, and includes comprehensive provisions for loan disbursement, security arrangements, repayment terms, and enforcement mechanisms. The agreement's structure ensures proper risk allocation among all parties while maintaining enforceability under Nigerian law.
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1. Parties: Identifies and defines all three parties to the agreement: the Lender, the Borrower, and the Third Party
2. Background: Sets out the context of the loan agreement and the role of the third party
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. The Facility: Details of the loan amount, purpose, and drawdown conditions
5. Interest: Specifies interest rate, calculation method, and payment terms
6. Repayment: Sets out the repayment schedule, prepayment terms, and related conditions
7. Third Party Obligations: Clearly defines the nature and extent of the third party's obligations and involvement
8. Representations and Warranties: Statements of fact and assurances from all parties
9. Covenants: Ongoing obligations of the borrower and third party throughout the loan term
10. Events of Default: Circumstances that constitute default and consequences thereof
11. Security: Details of any security arrangements and enforcement rights
12. Payments: Payment mechanics, currency, and tax provisions
13. Costs and Expenses: Allocation of costs and expenses related to the loan
14. Notices: Communication procedures between parties
15. Assignment and Transfer: Rules regarding transfer of rights and obligations
16. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
1. Security Trustee Provisions: Required when a security trustee is appointed to hold and manage security on behalf of the lender
2. Currency Protection: Include when the loan is in foreign currency to address exchange rate risks
3. Islamic Banking Provisions: Required when the loan needs to comply with Islamic banking principles
4. Multiple Draw-downs: Include when the loan is to be drawn down in multiple tranches
5. Co-Lender Provisions: Required when there are multiple lenders involved
6. Additional Third Party Rights: Include when the third party has specific additional rights or obligations beyond standard guarantees or security
7. Step-In Rights: Include when the lender requires the right to take control of certain assets or projects in default scenarios
1. Loan Terms Schedule: Detailed terms of the loan including amount, interest rate, and repayment schedule
2. Security Details: Comprehensive list and description of all security provided
3. Conditions Precedent: List of conditions to be satisfied before drawdown
4. Form of Drawdown Request: Template for requesting loan disbursements
5. Repayment Schedule: Detailed schedule of repayment dates and amounts
6. Third Party Security Documents: Forms of security documents to be executed by the third party
7. Form of Compliance Certificate: Template for periodic compliance certification
8. Required Insurance: Details of insurance requirements for secured assets
Relevant legal definitions
Account Bank
Additional Security
Advance
Affiliate
Agreement
Applicable Law
Authorisation
Available Facility
Banking Day
Borrower
Break Costs
Business Day
CBN
Change of Control
Charged Assets
Collateral
Commitment
Compliance Certificate
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown Date
Drawdown Notice
Drawdown Period
Enforcement Event
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Financial Indebtedness
Financial Statements
Governmental Authority
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Naira
Notice
Obligors
Outstanding Amount
Parties
Permitted Security
Potential Default
Prepayment Amount
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Stamp Duty
Subsidiary
Tax
Third Party
Third Party Obligations
Transaction Documents
Transfer
Utilisation
Utilisation Date
VAT
Additional Security
Advance
Affiliate
Agreement
Applicable Law
Authorisation
Available Facility
Banking Day
Borrower
Break Costs
Business Day
CBN
Change of Control
Charged Assets
Collateral
Commitment
Compliance Certificate
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown Date
Drawdown Notice
Drawdown Period
Enforcement Event
Event of Default
Facility
Facility Amount
Final Repayment Date
Finance Documents
Financial Indebtedness
Financial Statements
Governmental Authority
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Material Adverse Effect
Naira
Notice
Obligors
Outstanding Amount
Parties
Permitted Security
Potential Default
Prepayment Amount
Principal Amount
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Stamp Duty
Subsidiary
Tax
Third Party
Third Party Obligations
Transaction Documents
Transfer
Utilisation
Utilisation Date
VAT
Clauses
Parties
Recitals
Definitions
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees
Repayment
Prepayment
Third Party Obligations
Security
Representations and Warranties
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Partial Invalidity
Remedies and Waivers
Amendments
Confidentiality
Counterparts
Third Party Rights
Governing Law
Dispute Resolution
Force Majeure
Anti-Money Laundering
Regulatory Compliance
Tax
Costs and Expenses
Indemnities
Currency
Assignment and Transfer
Entire Agreement
Recitals
Definitions
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees
Repayment
Prepayment
Third Party Obligations
Security
Representations and Warranties
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Partial Invalidity
Remedies and Waivers
Amendments
Confidentiality
Counterparts
Third Party Rights
Governing Law
Dispute Resolution
Force Majeure
Anti-Money Laundering
Regulatory Compliance
Tax
Costs and Expenses
Indemnities
Currency
Assignment and Transfer
Entire Agreement
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Manufacturing
Oil & Gas
Agriculture
Telecommunications
Infrastructure Development
Commercial Trading
Transportation & Logistics
Healthcare
Education
Mining
Retail & Consumer Goods
Relevant Teams
Legal
Finance
Treasury
Risk Management
Compliance
Credit Administration
Corporate Banking
Loan Operations
Security Administration
Documentation
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Finance Manager
Credit Risk Manager
Loan Officer
Compliance Officer
Treasury Manager
Banking Relationship Manager
Risk Assessment Officer
Security Trustee Officer
Contract Administrator
Company Secretary
Financial Controller
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