The Framework Loan Agreement is utilized when parties wish to establish a flexible lending arrangement allowing multiple drawdowns over time without executing separate loan agreements for each borrowing. This document type is particularly relevant in the Nigerian market where ongoing financing relationships between banks and corporate borrowers require efficient access to credit. The agreement must comply with Nigerian banking laws, particularly BOFIA 2020 and Central Bank of Nigeria regulations, while providing clear mechanisms for drawdowns, repayments, and security arrangements. It includes comprehensive terms covering facility limits, interest calculations, conditions precedent, representations and warranties, covenants, and events of default. The framework structure is especially useful for businesses requiring regular access to funding for working capital, project financing, or expansion plans, offering efficiency and cost savings compared to multiple standalone loan agreements.
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1. Parties: Identification of the lender and borrower, including registration details and addresses
2. Background: Context of the agreement, relationship between parties, and purpose of the facility
3. Definitions and Interpretation: Definitions of key terms, interpretation rules, and currency conventions
4. The Facility: Details of the overall facility amount, purpose, and availability period
5. Drawdown Mechanics: Procedures and conditions for requesting and making individual loans under the framework
6. Interest and Fees: Interest calculation, payment terms, default interest, and applicable fees
7. Repayment and Prepayment: Terms for repayment of loans, prepayment options and consequences
8. Representations and Warranties: Standard and specific representations and warranties from the borrower
9. Covenants: Positive and negative undertakings by the borrower
10. Events of Default: Circumstances constituting default and consequences
11. Changes to Parties: Assignment and transfer provisions
12. Administration: Operational aspects including notices, calculations, and payments
13. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction provisions
14. Execution: Signature blocks and execution formalities
1. Security: Required if the facility is to be secured - details of security arrangements and enforcement
2. Guarantees: Required if there are guarantors - terms of guarantee and guarantor obligations
3. Currency Provisions: Required for facilities involving foreign currency - exchange rate mechanisms and risks
4. Islamic Banking Provisions: Required for Sharia-compliant facilities - specific terms ensuring compliance
5. Multiple Borrower Provisions: Required when there are multiple borrowers - joint and several liability
6. Tax Gross-Up: Optional provisions for tax treatment and gross-up obligations
7. Increased Costs: Optional provisions for dealing with regulatory changes affecting costs
8. Market Disruption: Optional provisions dealing with market disruption events
1. Conditions Precedent: List of documents and conditions required before first drawdown
2. Form of Drawdown Request: Template for borrower to request loans under the facility
3. Repayment Schedule: Template or specific repayment dates and amounts if applicable
4. Form of Compliance Certificate: Template for periodic compliance certification by borrower
5. Calculation of Interest: Detailed interest calculation methodology and examples
6. Security Documents: List and copies of security documents if applicable
7. Permitted Security: List of security interests permitted under the agreement
8. Forms of Transfer Documents: Ƶ for assignment or transfer of rights under the agreement
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