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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."
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
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
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
Banking
Financial Services
Insurance
Real Estate
Private Equity
Investment Management
Corporate Finance
Asset Management
Debt Collection
Commercial Lending
Legal
Finance
Compliance
Risk Management
Credit Administration
Portfolio Management
Corporate Banking
Debt Recovery
Transaction Management
Investment
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
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