LOAN AGREEMENT
THIS LOAN AGREEMENT is made on ________.
BETWEEN
________, of the following address:
________
(hereinafter referred to as the "Lender") of the one part,
AND
________, of the following address:
________
(hereinafter referred to as the "Borrower") of the other part.
WHEREAS the Lender desires to lend the Borrower the sum of ₦________ (________) and the Borrower accepts the Principal upon the fulfillment of the terms and conditions set out in this Agreement. In consideration of mutual covenants and promises contained in this Agreement and the receipt of which is hereby acknowledged, the Parties agree as follows:
1. INTERPRETATION
Unless otherwise defined herein, the following words and expressions shall have the following meaning:
'Agreement' means this loan agreement.
'Business Day' means any day except Saturday, Sunday, public holiday or bank holiday.
'Principal' means the total amount of money provided by the Lender under this Agreement, which is the sum of ₦________ (________).
'Interest Rate' means ________% (________ percent) per annum.
'Default Interest' means ________% (________ percent) per annum.
'Material adverse change' means any change in the circumstance of the Borrower that makes it impossible for the Borrower to perform its obligations in this Agreement.
'Outstanding Amount' means the total amount of principal, interests, and any costs payable by the Borrower which is due and remains unpaid.
'Security' means any security interest, pledge, encumbrance or charge provided by the Borrower or any Guarantor, including the guarantee provided by any Guarantor in relation to the following collateral or property.
'Repayment Date' means the last date on which the Principal together with any interest, costs and any Outstanding Amount becomes due and payable to the Lender under this Agreement.
2. LOAN
2.1. The Lender shall advance the sum of ₦________ (________) to the Borrower on ________.
2.2. The loan shall be granted on the terms and conditions set out in this Agreement for the following purpose:
________
3. DURATION OF THIS AGREEMENT
Save as otherwise provided in this Agreement, notwithstanding the repayment of any sum due in this Agreement, the provision of this Agreement shall remain in force for as long as the loan, interest and any other sum remains unpaid.
4. INTEREST
4.1. Interest shall be payable by the Borrower on the loan, at the rate of ________% (________ percent) per annum. The interest shall be calculated as of the day of the transfer of the Principal or a part thereof.
4.2. The Lender reserves the right to increase the interest rate.
4.3. If any interest payable under this Agreement is not paid within ________ (________) business days after the interest is due for payment, a Default Interest of ________% (________ percent) on the due interest will be charged.
5. OBLIGATIONS OF THE BORROWER
5.1. The Borrower shall be required to allow the Lender to check the financial situation of Borrower and examine the respective documentation and assets in order to verify the information submitted by the Borrower, the Borrower's solvency and the reality of performing the payment obligations under this Agreement.
5.2. The Borrower is required to use the Principal only for the intended purpose specified in this Agreement.
5.3. The Borrower shall make no counter-claim or set off against any payment due under this agreement and make such payments
5.4. The Borrower shall provide notice to the Lender of any event of default or Material Adverse Change.
6. REPAYMENT OF LOAN
6.1. Interest shall be due and payable every month, for a period of ________ months.
6.2. The Principal shall be repaid at the end of the term of the loan.
7. SECURITY DEPOSIT
7.1. The Borrower agrees that the following property shall be used as security for loan:
________
7.2. In the event that the value of the Security decreases (e.g. an insured event has occurred in case of which no insurance indemnity is paid, or the market value of the Security has decreased or any circumstances that may decrease the value of the Security), the Lender shall be entitled to demand that additional Security (Securities) be established by the Borrower or any other An individual providing the security.
7.3. The Borrower is required to established to establish the additional Security (Securities) in favour of the Lender immediately after receipt of a respective demand by the Lender.
7.4. The Borrower undertakes that in the event that the principal and the interest is due and remains unpaid, the Lender shall have title to the property secured above and reserves the right to sell the property secured and use the funds to satisfy the terms of this agreement.
7.5. The Lender shall also collect any unpaid funds not covered by the sale of the property.
8. DEFAULT
8.1. The Lender shall be entitled to unilaterally cancel and demand the payment of the Outstanding Amount and the performance of other claims under this Agreement by notifying the Borrower thereof in writing, if any one or several cases specified below occur:
I. the Borrower fails to make the payments under the Agreement as at when due;
II. if in the opinion of the Lender, the Borrower become insolvent, thereby making the due performance of the Agreement doubtful;
III. in the opinion of the Lender, the value of the Security has significantly decreased and the Parties have failed to reach an agreement on the establishment of additional security.
IV. the Borrower fails to duly perform its obligations under this Agreement or another other agreements entered into by the Parties;
V. the Borrower violates other terms and conditions of this Agreement;
VI. the Borrower breaches any law, regulation, judgement or administrative decision or any law in the circumstances where the Lender reasonably believes that the breach will have an adverse effect on the Borrower's ability to meet its obligations in this Agreement.
8.2. Upon any default, the Lender shall be entitled to demand for the complete repayment of the Principal and compensation for any damage caused to the Lender due to any delay in the repayment of the Principal, interest, or any Outstanding Amount.
9. SET-OFF AND LIEN
The Borrower agrees that the Lender shall be entitled to the possession of the Security until the Principal, interest and other amount due and payable has been paid in full.
The Borrower also agrees that the Lender shall have the right to foreclose or sell the Security if the Principal, interest and other amount due and payable remains unpaid.
10. CONDITION PRECEDENTS
The Lender is entitled to refuse to disburse the Principal or any part thereof to the Borrower if any of the following is discovered:
I. the Borrower and/or the owner of the Security provides false information to the Lender on their solvency or value of security, or other material circumstance.
II. the Borrower has not used the already disbursed part of the Principal for the Purpose for which it was intended for.
III. where the Borrower being a Other organization, goes into liquidation at the commencement of this Agreement.
11. INSURANCE
11.1. The Lender shall insure the Security with a recognized insurance A company and shall be required to supply particulars of any insurance that it may have arranged.
11.2. The Lender or any An individual providing the Security shall notify the insurer of the fact that the property is encumbered.
11.3. The insurance coverage must be applied for the complete restoration of the property in the event that the property is destroyed by fire, an act of God or any other damage done to the property.
12. RECONSTRUCTION AND AMALGAMATION
This Agreement shall not be affected by any reconstruction, winding up or changes that might affect the Borrower, its successors or assigns with any other Other organization or An individuals.
13. WAIVERS
Failure or delay in exercising any right on the part of the Lender shall not operate as a waiver. The right or remedies herein provided are cumulative and not exclusive of any right or remedies provided by law.
14. ASSIGNMENT
Parties under this Agreement shall not assign or transfer any rights and obligations under this Agreement to a third party without the prior consent of the other.
15. CONFIDENTIALITY
15.1. The Parties (including their employees and agents) undertake that they shall not disclose or communicate to any party any confidential information relating to this Agreement or contracts contemplated herein, which may come to their knowledge.
15.2. The Parties further undertake to use their best endeavours to prevent the publication or disclosure of any confidential information concerning such matters.
16. GOVERNING LAW
This Agreement shall be governed by the laws of the Federal Republic of Nigeria.
17. JURISDICTION
Both parties agree that the Nigerian courts shall have the exclusive jurisdiction to settle any dispute or claim in connection with this contract.
18. 585585 828552585
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19. 8855855
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20. VARIATION
No part of this Agreement shall be varied or terminated unless such variation is agreed and signed by the both parties.
21. COUNTERPARTS
This Agreement may be executed in several counterparts, all of which constitutes a single agreement between the Parties.
IN WITNESS WHEREOF the Parties hereto have executed this Contract this day and year first written above.
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
LOAN AGREEMENT
THIS LOAN AGREEMENT is made on ________.
BETWEEN
________, of the following address:
________
(hereinafter referred to as the "Lender") of the one part,
AND
________, of the following address:
________
(hereinafter referred to as the "Borrower") of the other part.
WHEREAS the Lender desires to lend the Borrower the sum of ₦________ (________) and the Borrower accepts the Principal upon the fulfillment of the terms and conditions set out in this Agreement. In consideration of mutual covenants and promises contained in this Agreement and the receipt of which is hereby acknowledged, the Parties agree as follows:
1. INTERPRETATION
Unless otherwise defined herein, the following words and expressions shall have the following meaning:
'Agreement' means this loan agreement.
'Business Day' means any day except Saturday, Sunday, public holiday or bank holiday.
'Principal' means the total amount of money provided by the Lender under this Agreement, which is the sum of ₦________ (________).
'Interest Rate' means ________% (________ percent) per annum.
'Default Interest' means ________% (________ percent) per annum.
'Material adverse change' means any change in the circumstance of the Borrower that makes it impossible for the Borrower to perform its obligations in this Agreement.
'Outstanding Amount' means the total amount of principal, interests, and any costs payable by the Borrower which is due and remains unpaid.
'Security' means any security interest, pledge, encumbrance or charge provided by the Borrower or any Guarantor, including the guarantee provided by any Guarantor in relation to the following collateral or property.
'Repayment Date' means the last date on which the Principal together with any interest, costs and any Outstanding Amount becomes due and payable to the Lender under this Agreement.
2. LOAN
2.1. The Lender shall advance the sum of ₦________ (________) to the Borrower on ________.
2.2. The loan shall be granted on the terms and conditions set out in this Agreement for the following purpose:
________
3. DURATION OF THIS AGREEMENT
Save as otherwise provided in this Agreement, notwithstanding the repayment of any sum due in this Agreement, the provision of this Agreement shall remain in force for as long as the loan, interest and any other sum remains unpaid.
4. INTEREST
4.1. Interest shall be payable by the Borrower on the loan, at the rate of ________% (________ percent) per annum. The interest shall be calculated as of the day of the transfer of the Principal or a part thereof.
4.2. The Lender reserves the right to increase the interest rate.
4.3. If any interest payable under this Agreement is not paid within ________ (________) business days after the interest is due for payment, a Default Interest of ________% (________ percent) on the due interest will be charged.
5. OBLIGATIONS OF THE BORROWER
5.1. The Borrower shall be required to allow the Lender to check the financial situation of Borrower and examine the respective documentation and assets in order to verify the information submitted by the Borrower, the Borrower's solvency and the reality of performing the payment obligations under this Agreement.
5.2. The Borrower is required to use the Principal only for the intended purpose specified in this Agreement.
5.3. The Borrower shall make no counter-claim or set off against any payment due under this agreement and make such payments
5.4. The Borrower shall provide notice to the Lender of any event of default or Material Adverse Change.
6. REPAYMENT OF LOAN
6.1. Interest shall be due and payable every month, for a period of ________ months.
6.2. The Principal shall be repaid at the end of the term of the loan.
7. SECURITY DEPOSIT
7.1. The Borrower agrees that the following property shall be used as security for loan:
________
7.2. In the event that the value of the Security decreases (e.g. an insured event has occurred in case of which no insurance indemnity is paid, or the market value of the Security has decreased or any circumstances that may decrease the value of the Security), the Lender shall be entitled to demand that additional Security (Securities) be established by the Borrower or any other An individual providing the security.
7.3. The Borrower is required to established to establish the additional Security (Securities) in favour of the Lender immediately after receipt of a respective demand by the Lender.
7.4. The Borrower undertakes that in the event that the principal and the interest is due and remains unpaid, the Lender shall have title to the property secured above and reserves the right to sell the property secured and use the funds to satisfy the terms of this agreement.
7.5. The Lender shall also collect any unpaid funds not covered by the sale of the property.
8. DEFAULT
8.1. The Lender shall be entitled to unilaterally cancel and demand the payment of the Outstanding Amount and the performance of other claims under this Agreement by notifying the Borrower thereof in writing, if any one or several cases specified below occur:
I. the Borrower fails to make the payments under the Agreement as at when due;
II. if in the opinion of the Lender, the Borrower become insolvent, thereby making the due performance of the Agreement doubtful;
III. in the opinion of the Lender, the value of the Security has significantly decreased and the Parties have failed to reach an agreement on the establishment of additional security.
IV. the Borrower fails to duly perform its obligations under this Agreement or another other agreements entered into by the Parties;
V. the Borrower violates other terms and conditions of this Agreement;
VI. the Borrower breaches any law, regulation, judgement or administrative decision or any law in the circumstances where the Lender reasonably believes that the breach will have an adverse effect on the Borrower's ability to meet its obligations in this Agreement.
8.2. Upon any default, the Lender shall be entitled to demand for the complete repayment of the Principal and compensation for any damage caused to the Lender due to any delay in the repayment of the Principal, interest, or any Outstanding Amount.
9. SET-OFF AND LIEN
The Borrower agrees that the Lender shall be entitled to the possession of the Security until the Principal, interest and other amount due and payable has been paid in full.
The Borrower also agrees that the Lender shall have the right to foreclose or sell the Security if the Principal, interest and other amount due and payable remains unpaid.
10. CONDITION PRECEDENTS
The Lender is entitled to refuse to disburse the Principal or any part thereof to the Borrower if any of the following is discovered:
I. the Borrower and/or the owner of the Security provides false information to the Lender on their solvency or value of security, or other material circumstance.
II. the Borrower has not used the already disbursed part of the Principal for the Purpose for which it was intended for.
III. where the Borrower being a Other organization, goes into liquidation at the commencement of this Agreement.
11. INSURANCE
11.1. The Lender shall insure the Security with a recognized insurance A company and shall be required to supply particulars of any insurance that it may have arranged.
11.2. The Lender or any An individual providing the Security shall notify the insurer of the fact that the property is encumbered.
11.3. The insurance coverage must be applied for the complete restoration of the property in the event that the property is destroyed by fire, an act of God or any other damage done to the property.
12. RECONSTRUCTION AND AMALGAMATION
This Agreement shall not be affected by any reconstruction, winding up or changes that might affect the Borrower, its successors or assigns with any other Other organization or An individuals.
13. WAIVERS
Failure or delay in exercising any right on the part of the Lender shall not operate as a waiver. The right or remedies herein provided are cumulative and not exclusive of any right or remedies provided by law.
14. ASSIGNMENT
Parties under this Agreement shall not assign or transfer any rights and obligations under this Agreement to a third party without the prior consent of the other.
15. CONFIDENTIALITY
15.1. The Parties (including their employees and agents) undertake that they shall not disclose or communicate to any party any confidential information relating to this Agreement or contracts contemplated herein, which may come to their knowledge.
15.2. The Parties further undertake to use their best endeavours to prevent the publication or disclosure of any confidential information concerning such matters.
16. GOVERNING LAW
This Agreement shall be governed by the laws of the Federal Republic of Nigeria.
17. JURISDICTION
Both parties agree that the Nigerian courts shall have the exclusive jurisdiction to settle any dispute or claim in connection with this contract.
18. 585585 828552585
5588 8525 522 22525 52852222 52225525 22 82 2588 525222222, 82282825228 252 222852 525222222 8228222 252 2552828 525 852258252 522 25825 8582222 25 2558 525222222 2552 8228222 2522.
19. 8855855
888 2228828 52525 2588 825222222 2582 82 82 8582822. 552 2228828 2582 82 528882525 82 82588855585882 25 258825 82 5 825282825 2588 22 252 22525 25522 52 252 5555288 8582222 82 2588 82225582 25 2552 25522'8 52225222.
20. VARIATION
No part of this Agreement shall be varied or terminated unless such variation is agreed and signed by the both parties.
21. COUNTERPARTS
This Agreement may be executed in several counterparts, all of which constitutes a single agreement between the Parties.
IN WITNESS WHEREOF the Parties hereto have executed this Contract this day and year first written above.
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
SIGNED by the within named ________
___________________________
in the presence of:
Name................................................................................................................
Address.............................................................................................................
Occupation........................................................................................................
Signature..........................................................................................................
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