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Loan Receipt Agreement

Loan Receipt Agreement Template for Nigeria

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Key Requirements PROMPT example:

Loan Receipt Agreement

"I need a Loan Receipt Agreement for a secured business loan of 50 million Naira to a manufacturing company, with quarterly repayments over 3 years starting March 2025, including specific provisions for machinery collateral and mandatory insurance coverage."

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Document background
The Loan Receipt Agreement is a fundamental document in Nigerian financial transactions, used to formally acknowledge the receipt of loan funds and establish the terms of the lending arrangement. This document is essential when any party provides a loan to another, whether in a commercial, institutional, or private context. The agreement must comply with Nigerian banking and financial regulations, including the Money Lenders Act and BOFIA, and typically includes details such as loan amount, interest rates, repayment schedule, and security arrangements. It serves as both a receipt of funds and a binding contract that protects the interests of all parties involved, while ensuring the transaction meets local legal requirements for enforceability.
Suggested Sections

1. Parties: Identifies and defines the Lender and Borrower with their full legal names, addresses, and registration details if applicable

2. Background: Explains the context of the loan agreement and the parties' intention to enter into the lending arrangement

3. Definitions: Defines key terms used throughout the agreement for clarity and consistency

4. Loan Amount and Purpose: Specifies the principal amount of the loan and its intended use

5. Interest Rate: Details the applicable interest rate, calculation method, and payment frequency

6. Repayment Terms: Specifies the repayment schedule, installment amounts, and payment methods

7. Security: Details any collateral or security provided for the loan

8. Representations and Warranties: States the parties' representations regarding their capacity and authority to enter into the agreement

9. Events of Default: Lists circumstances that constitute default and the consequences thereof

10. Governing Law: Specifies that Nigerian law governs the agreement

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Guarantor Provisions: Required when a third party guarantees the loan repayment

2. Insurance Requirements: Included when specific insurance coverage is required for the loan or collateral

3. Prepayment Terms: Details early repayment options and any associated penalties or conditions

4. Assignment and Transfer: Included when either party may need to transfer their rights or obligations

5. Force Majeure: Added when parties want to address circumstances beyond their control affecting loan performance

6. Dispute Resolution: Optional detailed procedures for handling disputes, including mediation or arbitration provisions

Suggested Schedules

1. Repayment Schedule: Detailed breakdown of payment dates, amounts, and allocation between principal and interest

2. Security Details: Comprehensive description of any collateral or security provided

3. Condition Precedent Documents: List of documents required before loan disbursement

4. Form of Drawdown Notice: Template for requesting loan disbursement

5. Know Your Customer (KYC) Requirements: List of required identification and verification documents

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Law
Banking Day
Borrower
Business Day
Collateral
Condition Precedent
Default Interest Rate
Default Event
Disbursement Date
Drawdown Notice
Effective Date
Encumbrance
Event of Default
Facility
Final Repayment Date
Financial Indebtedness
Guarantor
Interest Payment Date
Interest Period
Interest Rate
Lender
Loan
Loan Amount
Material Adverse Effect
Maturity Date
Parties
Payment Date
Permitted Security
Principal Amount
Repayment Schedule
Security
Security Documents
Signing Date
Standard Interest Rate
Tax
Term
Transaction Documents
Relevant Industries

Banking

Financial Services

Microfinance

Real Estate

Manufacturing

Agriculture

Retail

Construction

Technology

Healthcare

Education

Transportation

Energy

Small and Medium Enterprises

Relevant Teams

Legal

Finance

Risk Management

Compliance

Treasury

Credit Administration

Corporate Banking

Operations

Documentation

Loan Processing

Relevant Roles

Finance Manager

Legal Counsel

Loan Officer

Credit Analyst

Risk Manager

Compliance Officer

Banking Manager

Financial Controller

Treasury Manager

Corporate Lawyer

Business Development Manager

Account Manager

Chief Financial Officer

Legal Director

Company Secretary

Industries
Nigerian Contract Law Act: Governs the formation and enforcement of contracts, including essential elements like offer, acceptance, consideration, and capacity to contract
Money Lenders Act: Regulates money lending transactions in Nigeria, including requirements for documentation, interest rates, and lender licensing
Banks and Other Financial Institutions Act (BOFIA): Regulates banking operations and financial institutions in Nigeria, including lending practices and documentation requirements
Central Bank of Nigeria Act: Provides regulatory framework for financial transactions and monetary policy, including interest rate guidelines
Evidence Act: Governs the admissibility of evidence in Nigerian courts, including requirements for documentary evidence such as loan agreements
Stamp Duties Act: Requires certain documents, including loan agreements, to be properly stamped to be admissible in court
Recovery of Loans and Debts Act: Provides framework for the recovery of loans and enforcement of security interests in Nigeria
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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