The Simple Loan Term Sheet is a crucial preliminary document used in Nigerian lending transactions to establish the fundamental terms and conditions of a proposed loan facility. It serves as a roadmap for the preparation of detailed loan documentation and is commonly used across various sectors of the Nigerian economy. The document typically precedes the full loan agreement and captures the commercial understanding between the lender and borrower, including essential terms such as facility amount, interest rate, tenure, security structure, and key conditions. While primarily used in the Nigerian jurisdiction and subject to Nigerian law, the format aligns with international banking practices while incorporating local regulatory requirements. The Simple Loan Term Sheet is particularly valuable in commercial lending scenarios where parties need to quickly document their initial understanding before proceeding with comprehensive due diligence and detailed documentation.
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1. Parties: Details of the Lender and Borrower, including full legal names, registration numbers (if applicable), and addresses
2. Background: Brief context of the loan arrangement and purpose
3. Definitions: Key terms used throughout the term sheet
4. Facility Amount: The principal amount of the loan being made available
5. Purpose: Specified use of the loan proceeds
6. Interest Rate: The applicable interest rate, calculation method, and payment frequency
7. Term: Duration of the loan and maturity date
8. Repayment Terms: Schedule and method of repayment (e.g., bullet payment, amortization)
9. Security: Overview of any collateral or security required
10. Conditions Precedent: Key conditions that must be satisfied before the loan is advanced
11. Representations: Basic representations made by the borrower
12. Covenants: Key undertakings by the borrower
13. Events of Default: Circumstances that would trigger a default
14. Governing Law: Confirmation that Nigerian law governs the agreement
1. Guarantor: Details of any guarantor(s) - include when personal or corporate guarantee is required
2. Fee Structure: Details of arrangement fees, commitment fees, etc. - include when additional fees apply beyond interest
3. Prepayment Terms: Conditions for early repayment - include when early repayment is permitted
4. Insurance Requirements: Required insurance coverage - include when specific insurance is required for security
5. Account Structure: Details of designated accounts - include when specific account arrangements are required
6. Tax Provisions: Tax-related obligations - include when complex tax considerations apply
7. Assignment Rights: Rights to assign or transfer the loan - include when assignment might be contemplated
1. Repayment Schedule: Detailed amortization table or repayment dates
2. Security Details: Comprehensive list and description of security/collateral
3. Conditions Precedent Checklist: Detailed list of required documents and conditions
4. Form of Drawdown Notice: Template for requesting loan disbursement
5. KYC Requirements: List of required know-your-customer documentation
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Retail
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Healthcare
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Transportation & Logistics
Mining
Education
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Relevant Teams
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Finance
Treasury
Risk Management
Compliance
Corporate Banking
Credit Analysis
Business Development
Operations
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Finance Director
Treasury Manager
Relationship Manager
Credit Officer
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