The Promissory Note Deed is a specialized financial instrument used in Nigerian business and financial transactions where parties require a formally documented, unconditional promise of payment with the added security of deed execution. It is commonly used in commercial lending, property transactions, business investments, and debt restructuring scenarios. The document must comply with Nigerian legislation, particularly the Bills of Exchange Act and Property and Conveyancing Law, and requires proper stamping under the Stamp Duties Act to be admissible in court. This instrument is particularly valuable when parties need stronger enforceability than a standard promissory note, as its deed status provides a longer limitation period and doesn't require consideration to be proven.
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1. Parties: Identification of the maker (promisor) and payee (promisee) with full legal names and addresses
2. Background: Context of the promissory note deed, including any related transactions or agreements
3. Definitions: Key terms used throughout the document
4. Promise to Pay: Unconditional promise to pay a specific sum, meeting requirements of Section 85 of Bills of Exchange Act
5. Payment Terms: Detailed terms including principal amount, interest rate, payment dates, and method of payment
6. Place of Payment: Specified location or account where payment must be made
7. Events of Default: Circumstances that trigger immediate payment obligation or other remedies
8. Remedies: Rights and remedies available upon default
9. Assignment and Transferability: Terms governing the transfer or assignment of the note
10. Governing Law: Specification of Nigerian law as governing law
11. Execution: Formal execution block meeting deed requirements including signing, sealing, and delivery
1. Security Provisions: Include when the note is secured by collateral or guarantees
2. Guarantor Provisions: Required when there are third-party guarantors
3. Multiple Payees: Include when there are multiple beneficiaries and their relationship needs to be defined
4. Prepayment Terms: Include when early payment is allowed or restricted
5. Interest Rate Adjustment: Include when interest rate can vary based on specified conditions
6. Tax Provisions: Include when specific tax implications need to be addressed
7. Notice Provisions: Include when specific notice requirements for various events need to be detailed
8. Force Majeure: Include when specific events might affect payment obligations
1. Payment Schedule: Detailed breakdown of payment installments, dates, and amounts
2. Security Details: Description and particulars of any security or collateral
3. Calculation of Interest: Methodology and examples of interest calculations
4. Form of Transfer: Prescribed form for transferring or assigning the note
5. Guarantor Details: Information about guarantors and their obligations if applicable
6. Special Conditions: Any special terms or conditions applicable to the note
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Construction
Manufacturing
Agriculture
Oil and Gas
Telecommunications
Commercial Trading
Professional Services
Infrastructure Development
Mining
Healthcare
Education
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Secretariat
Credit Administration
Debt Recovery
Commercial Operations
Investment
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Financial Controller
Treasury Manager
Credit Manager
Risk Manager
Company Secretary
Compliance Officer
Commercial Director
Business Development Manager
Investment Manager
Debt Recovery Officer
Transaction Manager
Corporate Banking Officer
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