The Fixed Sum Loan Agreement is a fundamental financial instrument used in Nigerian banking and lending transactions to document the terms of a loan where a specific sum is advanced to a borrower. This document type is essential for both commercial and personal lending operations in Nigeria, ensuring compliance with the Money Lenders Act, Central Bank of Nigeria regulations, and other relevant financial legislation. It is particularly useful when parties need to document a one-time loan disbursement with fixed repayment terms, as opposed to revolving facilities or variable sum arrangements. The agreement should be structured to include all necessary provisions required under Nigerian law while protecting both lender and borrower interests through clear terms regarding disbursement, repayment, security, and enforcement mechanisms.
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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 brief description of the parties' intentions
3. Definitions and Interpretation: Definitions of key terms used in the agreement and rules of interpretation
4. The Loan: Details of the loan amount, purpose, and conditions precedent to drawdown
5. Interest: Interest rate, calculation method, and payment terms
6. Repayment: Repayment schedule, method of payment, and prepayment provisions
7. Representations and Warranties: Statements of fact and assurances given by the borrower
8. Borrower's Covenants: Ongoing obligations and restrictions on the borrower
9. Events of Default: Circumstances that constitute default and consequences thereof
10. Remedies: Lender's rights and remedies upon occurrence of an event of default
11. Notices: Method and addresses for serving notices between parties
12. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes
13. Miscellaneous: Standard boilerplate provisions including assignment, amendments, and severability
1. Security: Details of any security or collateral provided for the loan - include when loan is secured
2. Guarantee: Terms of any guarantee provided - include when there are guarantors
3. Insurance: Requirements for insurance of any secured assets - include when security includes physical assets
4. Conditions Subsequent: Conditions to be fulfilled after drawdown - include for complex business loans
5. Tax Provisions: Detailed tax-related provisions - include for large loans or business purposes
6. Assignment and Transfer: Detailed provisions for transferring the loan - include for transferable facilities
7. Agency and Trust: Provisions for involving an agent or trustee - include in syndicated or complex loans
8. Change of Circumstances: Provisions for market disruption or change in law - include for longer-term loans
1. Schedule 1 - Loan Details: Detailed breakdown of loan amount, interest rate, and repayment schedule
2. Schedule 2 - Conditions Precedent: List of documents and conditions required before drawdown
3. Schedule 3 - Repayment Schedule: Detailed amortization table showing payment dates and amounts
4. Schedule 4 - Security Details: Detailed description of any security or collateral (if applicable)
5. Schedule 5 - Form of Drawdown Notice: Template for requesting disbursement of the loan
6. Schedule 6 - Form of Compliance Certificate: Template for periodic confirmation of compliance with loan terms
7. Appendix A - Calculation of Interest: Detailed methodology for interest calculation
8. Appendix B - Required Insurance: Specifications for required insurance coverage (if applicable)
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