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Deed Of Assignment Of Loan Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Assignment Of Loan

"I need a Deed of Assignment of Loan for transferring a secured corporate loan from First Bank of Nigeria to Access Bank, with the assignment to take effect from March 1, 2025; the loan is currently performing and the borrower has consented to the transfer."

Document background
A Deed of Assignment of Loan is commonly used in Nigeria when a lender wishes to transfer their rights and interests in a loan to another party. This document is essential in loan portfolio sales, debt restructuring, or when financial institutions reorganize their loan books. The deed must comply with Nigerian law requirements for valid assignments and proper deed execution. It contains crucial information about the original loan, outstanding amounts, security (if any), and warranties about the loan's status. The document is particularly important in the banking sector but is also used in various commercial contexts. When drafting a Deed of Assignment of Loan, careful attention must be paid to Nigerian stamping requirements, registration procedures, and regulatory compliance, particularly with Central Bank of Nigeria regulations if the assignment involves licensed financial institutions.
Suggested Sections

1. Parties: Identification of Assignor (current lender), Assignee (new lender), and Borrower

2. Background: Recitals explaining the original loan agreement, current status, and intention to assign

3. Definitions and Interpretation: Definitions of key terms and interpretation rules

4. Assignment: Core provision detailing the assignment of rights, title, and interest in the loan

5. Consideration: Details of the payment or consideration for the assignment

6. Completion: Requirements and conditions for completing the assignment

7. Representations and Warranties: Assignor's representations about the loan, outstanding amount, and authority to assign

8. Further Assurance: Obligations to execute further documents or take additional actions if needed

9. Notices: Process for giving notices under the deed

10. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction

Optional Sections

1. Security Assignment: Required if the original loan is secured and security interests are being transferred

2. Consent Requirements: Include if borrower's or any third party's consent is required for the assignment

3. Multiple Lenders: Required if there are multiple lenders and specific provisions for their relationships

4. Tax Provisions: Include specific tax clauses if the assignment has significant tax implications

5. Partial Assignment: Required if only part of the loan is being assigned

6. Existing Defaults: Include if there are any existing defaults under the loan to be acknowledged

7. Currency Provisions: Required if the loan and assignment involve different currencies

Suggested Schedules

1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being assigned

2. Schedule 2 - Loan Details: Current loan amount, interest rate, repayment terms, and other key details

3. Schedule 3 - Security Details: Details of any security or collateral (if applicable)

4. Schedule 4 - Completion Requirements: List of documents and actions required for completion

5. Schedule 5 - Form of Notice: Template notice to borrower regarding the assignment

6. Schedule 6 - Form of Acknowledgment: Template acknowledgment from borrower (if required)

7. Appendix A - Power of Attorney: If required for executing further documents or perfecting the assignment

Authors

Alex Denne

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

Relevant legal definitions








































Clauses






























Relevant Industries

Banking

Financial Services

Insurance

Real Estate

Private Equity

Investment Management

Corporate Finance

Asset Management

Debt Collection

Commercial Lending

Relevant Teams

Legal

Finance

Compliance

Risk Management

Credit Administration

Portfolio Management

Corporate Banking

Debt Recovery

Transaction Management

Investment

Relevant Roles

Legal Counsel

Finance Manager

Credit Manager

Loan Officer

Compliance Officer

Risk Manager

Portfolio Manager

Transaction Manager

Corporate Lawyer

Banking Executive

Financial Controller

Debt Recovery Officer

Commercial Director

Investment Manager

Industries







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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