The Loan Contract With Collateral is a fundamental instrument in Nigerian secured lending practices, designed to protect lenders' interests while facilitating access to credit for borrowers. This document is typically used when a lender requires security for a loan facility, whether for business expansion, asset acquisition, or other financing needs. The agreement must comply with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) and the Secured Transactions in Movable Assets Act 2017. It includes comprehensive details about the loan terms, collateral description, security arrangements, and enforcement mechanisms, making it suitable for both corporate and individual borrowing arrangements. The document's structure ensures proper registration with the National Collateral Registry and enforceability under Nigerian law.
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1. Parties: Identification of the lender and borrower with full legal names and addresses
2. Background: Context of the loan agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, currency, and intended purpose
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment frequency
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Collateral: Description of assets provided as security and terms of the security interest
8. Representations and Warranties: Statements of fact and assurances from the borrower regarding their status and the collateral
9. Covenants: Ongoing obligations of the borrower regarding financial management and collateral maintenance
10. Events of Default: Circumstances constituting default and consequences thereof
11. Enforcement Rights: Lender's rights and remedies upon default, including collateral seizure
12. Notices: Process for formal communications between parties
13. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
14. Execution: Signature blocks and execution requirements
1. Guarantor Provisions: Required when a third party guarantees the loan
2. Insurance Requirements: Needed when specific insurance must be maintained on the collateral
3. Additional Security Arrangements: Used when multiple forms of collateral or security are provided
4. Cross-Default Provisions: Include when the borrower has other loans with the same lender
5. Currency Protection: Required for loans denominated in foreign currency
6. Assignment and Transfer: Include when either party may need to transfer their rights or obligations
7. Force Majeure: Optional protection against unforeseen circumstances affecting loan repayment
1. Schedule 1 - Loan Repayment Schedule: Detailed amortization schedule showing payment dates and amounts
2. Schedule 2 - Collateral Description: Detailed description and valuation of all assets provided as collateral
3. Schedule 3 - Condition Precedent Documents: List of documents required before loan disbursement
4. Schedule 4 - Form of Drawdown Notice: Template for requesting loan disbursement
5. Schedule 5 - Security Documents: List and copies of all security documents relating to the collateral
6. Appendix A - Collateral Registration Details: Details of collateral registration with the National Collateral Registry
7. Appendix B - Insurance Certificates: Copies of required insurance policies covering the collateral
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Agriculture
Mining
Oil & Gas
Construction
Retail
Technology
Healthcare
Transportation & Logistics
Small and Medium Enterprises
Relevant Teams
Legal
Credit Risk
Compliance
Corporate Banking
Retail Banking
Collections & Recovery
Documentation
Treasury
Operations
Risk Management
Relevant Roles
Legal Counsel
Credit Manager
Risk Officer
Loan Officer
Compliance Officer
Banking Manager
Financial Analyst
Credit Analyst
Relationship Manager
Security Documentation Officer
Collections Manager
Corporate Banking Officer
Chief Financial Officer
Treasury Manager
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