The Unsecured Loan Note is a fundamental financing document used in Nigerian business transactions where formal documentation of lending arrangements is required without the need for security or collateral. This document is particularly relevant in situations where the borrower's creditworthiness or relationship with the lender eliminates the need for secured lending. The note complies with Nigerian financial regulations and banking laws, incorporating necessary provisions for enforcement under Nigerian jurisdiction. It typically includes comprehensive terms covering loan amount, interest calculations, repayment schedules, events of default, and remedies available to the lender. This document structure is commonly used for corporate lending, business expansion, working capital financing, and other commercial purposes where unsecured debt is appropriate.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions and Interpretation: Definitions of key terms used in the note and rules of interpretation
4. The Loan: Principal amount, purpose, and drawdown conditions
5. Interest: Interest rate, calculation method, and payment dates
6. Repayment: Repayment schedule, prepayment provisions, and payment mechanics
7. Representations and Warranties: Borrower's confirmations regarding their legal status, capacity, and financial condition
8. Borrower Covenants: Ongoing obligations of the borrower during the loan term
9. Events of Default: Circumstances constituting default and consequences
10. Expenses and Indemnity: Allocation of costs and indemnification obligations
11. Notices: Communication methods and contact details
12. Assignment and Transfer: Rights to transfer or assign the loan note
13. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes
1. Security: Include if any collateral is later added despite being initially unsecured
2. Multiple Lenders: Required if there is more than one lender, addressing voting rights and decision-making
3. Use of Proceeds: Include if there are specific requirements for how the loan must be used
4. Tax Gross-up: Include if tax implications need to be addressed specifically
5. Change of Control: Include if changes in borrower ownership should trigger repayment
6. Financial Covenants: Include if specific financial metrics must be maintained
7. Information Covenants: Include if regular financial reporting is required
1. Repayment Schedule: Detailed schedule of repayment dates and amounts
2. Interest Calculation: Detailed methodology for calculating interest
3. Form of Draw Down Notice: Standard form for requesting loan disbursement
4. Form of Compliance Certificate: Template for periodic compliance confirmation
5. Contact Details: Comprehensive contact information for all parties
6. Form of Transfer Certificate: Template for transferring the loan note to another party
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Relevant Industries
Banking & Financial Services
Real Estate
Manufacturing
Retail
Technology
Healthcare
Agriculture
Energy
Infrastructure
Telecommunications
Education
Small and Medium Enterprises
Relevant Teams
Legal
Finance
Treasury
Credit Risk
Compliance
Corporate Banking
Commercial Banking
Investment
Business Development
Operations
Relevant Roles
Chief Financial Officer
Finance Director
Treasury Manager
Credit Risk Manager
Legal Counsel
Corporate Lawyer
Loan Officer
Financial Controller
Compliance Officer
Commercial Director
Business Development Manager
Investment Manager
Account Manager
Corporate Banking Manager
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