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Framework Loan Agreement

Framework Loan Agreement Template for Nigeria

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Key Requirements PROMPT example:

Framework Loan Agreement

"I need a Framework Loan Agreement under Nigerian law for a 5-year facility of NGN 2 billion to be made available by United Bank of Africa to my manufacturing company, with quarterly drawdowns permitted starting March 2025, and the facility to be secured against company assets."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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: Templates for assignment or transfer of rights under the agreement

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions






























































Clauses











































Relevant Industries

Banking & Financial Services

Corporate Lending

Commercial Banking

Investment Banking

Manufacturing

Real Estate & Construction

Oil & Gas

Telecommunications

Agriculture

Infrastructure

Healthcare

Retail & Consumer Goods

Technology

Mining & Natural Resources

Relevant Teams

Legal

Finance

Treasury

Risk Management

Compliance

Credit

Corporate Banking

Documentation

Operations

Transaction Management

Relevant Roles

Chief Financial Officer

Finance Director

Treasury Manager

Corporate Finance Manager

Legal Counsel

General Counsel

Compliance Officer

Risk Manager

Relationship Manager

Credit Officer

Transaction Manager

Company Secretary

Financial Controller

Banking Operations Manager

Facility 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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