The Funding Agreement is a crucial document used in Nigerian business transactions when one party seeks to obtain funding from another, whether for project financing, business expansion, or general corporate purposes. It is essential for documenting the terms of financial arrangements while ensuring compliance with Nigerian regulatory requirements, including those set by the Central Bank of Nigeria and the Securities and Exchange Commission. The agreement typically includes detailed provisions on funding amounts, disbursement conditions, repayment schedules, security arrangements, events of default, and remedies. It must be structured to account for specific considerations under Nigerian law, including foreign exchange regulations for international funding, anti-money laundering requirements, and corporate authorization requirements under CAMA 2020.
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1. Parties: Identification of the parties entering into the agreement, including their full legal names, registration details, and addresses
2. Background: Context of the funding arrangement, including the purpose of the funding and any relevant history or context
3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and rules for interpreting the agreement
4. Amount and Purpose of Funding: Specification of the funding amount, currency, and permitted uses of the funds
5. Disbursement Terms: Conditions precedent, disbursement schedule, and mechanics for releasing the funds
6. Repayment Terms: Details of repayment schedule, interest rates (if applicable), and payment mechanisms
7. Representations and Warranties: Statements of fact and assurances given by both parties regarding their capacity and authority
8. Covenants: Ongoing obligations of the parties throughout the term of the agreement
9. Events of Default: Circumstances constituting default and consequences thereof
10. Remedies: Actions available to parties in case of breach or default
11. Term and Termination: Duration of the agreement and circumstances under which it can be terminated
12. Confidentiality: Obligations regarding the protection of confidential information
13. Notices: Process and requirements for formal communications between parties
14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and choice of courts/dispute resolution
15. General Provisions: Standard boilerplate clauses including assignment, amendments, severability, and entire agreement
1. Security Arrangements: Details of any security or collateral provided - include when funding is secured against assets
2. Guarantees: Terms of any guarantees provided - include when there are third-party guarantors
3. Conditions Subsequent: Post-disbursement conditions - include for phased funding arrangements
4. Regulatory Compliance: Specific regulatory requirements - include when dealing with regulated entities or sectors
5. Foreign Exchange Provisions: Currency conversion and exchange rate provisions - include for cross-border funding
6. Tax Provisions: Detailed tax treatment and obligations - include when tax implications are significant
7. Monitoring Rights: Lender's rights to monitor use of funds - include for project-specific funding
8. Insurance Requirements: Required insurance coverage - include when specific insurance is needed
9. Change of Control: Provisions dealing with ownership changes - include for corporate borrowers
1. Disbursement Schedule: Detailed timeline and conditions for fund releases
2. Repayment Schedule: Detailed breakdown of repayment dates and amounts
3. Form of Drawdown Notice: Template for requesting disbursements
4. Security Documents: List and copies of security documentation
5. Required Authorizations: List of required permits, licenses, and approvals
6. Project Details: Detailed description of the funded project (if project-specific)
7. Conditions Precedent Documents: List of documents required before disbursement
8. Financial Covenants: Detailed financial ratios and requirements
9. Permitted Security Interests: List of pre-approved security interests or liens
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate & Construction
Technology & Telecommunications
Manufacturing & Industrial
Energy & Natural Resources
Agriculture & Agribusiness
Healthcare & Pharmaceuticals
Infrastructure Development
Education
Retail & Consumer Goods
Transportation & Logistics
Mining
Oil & Gas
Entertainment & Media
Relevant Teams
Legal
Finance
Treasury
Compliance
Risk Management
Corporate Finance
Credit
Operations
Company Secretariat
Project Finance
Investment Banking
Due Diligence
Relevant Roles
Chief Financial Officer
Finance Director
Legal Counsel
Corporate Lawyer
Investment Manager
Credit Risk Manager
Compliance Officer
Treasury Manager
Project Finance Manager
Managing Director
Company Secretary
Financial Controller
Risk Manager
Investment Banker
Relationship Manager
Transaction Manager
Due Diligence Officer
Corporate Finance Manager
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