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The Master Lending Agreement serves as the primary documentation for establishing an ongoing lending relationship between financial institutions and borrowers in Nigeria. It is designed to comply with Nigerian banking laws and regulations, including BOFIA 2020 and Central Bank of Nigeria directives. This agreement type is particularly useful for situations where multiple loans or facilities may be extended over time, as it provides a standardized framework that can be supplemented with facility-specific documentation. The Master Lending Agreement includes comprehensive provisions for drawdown mechanics, security arrangements, covenant packages, and enforcement mechanisms, all tailored to the Nigerian legal and business environment. It is commonly used by banks, financial institutions, and corporate borrowers who anticipate an ongoing lending relationship with multiple transactions.

1. Parties: Identification of the lender and borrower, including registration details and addresses

2. Background: Context of the agreement and relationship between parties

3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules

4. Facility Terms: Framework terms for all loans under the agreement, including types of facilities available

5. Conditions Precedent: Conditions that must be satisfied before any loan can be drawn

6. Drawdown Mechanics: Procedures and requirements for requesting and receiving loans

7. Interest and Fees: Calculation and payment of interest, fees, and charges

8. Repayment Terms: General repayment obligations and mechanisms

9. Representations and Warranties: Standard declarations by the borrower about their legal and financial status

10. Covenants: Ongoing obligations of the borrower throughout the lending relationship

11. Events of Default: Circumstances constituting default and consequences

12. Security: General security provisions and enforcement rights

13. Changes to Parties: Rules for assignment and transfer of rights

14. Notices: Communication procedures between parties

15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions