The Promissory Note with Collateral is a vital financial instrument in Nigerian business and lending practices, combining the features of a standard promissory note with secured transaction elements. This document is particularly useful when parties seek to create a legally binding payment obligation backed by specific assets as security. It's commonly used in both commercial and personal lending scenarios where the lender requires additional security beyond a mere promise to pay. The document must comply with Nigerian law, particularly the Bills of Exchange Act and Secured Transactions in Movable Assets Act 2017, making it essential to include specific provisions regarding the collateral's registration, maintenance, and enforcement. This type of agreement is particularly relevant in situations where traditional bank financing may not be available or when parties prefer a more structured private lending arrangement with security.
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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 debt obligation and reason for the promissory note's issuance
3. Definitions: Key terms used throughout the document including technical terms related to the collateral
4. Promise to Pay: Unconditional promise to pay a specific sum, including the principal amount and currency
5. Payment Terms: Details of payment schedule, interest rate, and method of payment
6. Collateral Description: Specific description of assets provided as security for the note
7. Security Interest: Creation and terms of the security interest in the collateral
8. Rights and Obligations: Responsibilities of both parties regarding the collateral and payment obligations
9. Default Provisions: Circumstances constituting default and consequences thereof
10. Enforcement Rights: Rights of the payee to enforce the note and claim the collateral upon default
11. Governing Law: Specification of Nigerian law as governing law
12. Execution: Signature blocks and execution requirements
1. Prepayment Terms: Include when early payment is allowed, specifying any penalties or benefits
2. Insurance Requirements: Include when the collateral must be insured
3. Registration Requirements: Include when the security interest needs to be registered with authorities
4. Collection Costs: Include when the maker will be responsible for collection costs upon default
5. Transfer Rights: Include when the note may be transferable or assignable
6. Collateral Maintenance: Include when specific maintenance requirements apply to the collateral
7. Joint and Several Liability: Include when there are multiple makers of the note
1. Schedule A - Collateral Details: Detailed description and/or inventory of the collateral including serial numbers, locations, and values
2. Schedule B - Payment Schedule: Detailed amortization schedule showing payment dates, amounts, and interest calculations
3. Schedule C - Collateral Valuation: Independent valuation of the collateral if required
4. Appendix 1 - Registration Documents: Copies of any required registration forms or certificates for the security interest
5. Appendix 2 - Insurance Certificates: Copies of insurance policies covering the collateral if required
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Relevant legal definitions
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Relevant Industries
Banking and Financial Services
Real Estate
Commercial Lending
Microfinance
Agriculture
Manufacturing
Retail
Construction
Small and Medium Enterprises
Import/Export
Professional Services
Technology
Relevant Teams
Legal
Finance
Credit and Risk
Compliance
Treasury
Corporate Banking
Collections and Recovery
Security Administration
Commercial Lending
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Credit Officer
Risk Manager
Compliance Officer
Business Development Manager
Corporate Lawyer
Financial Controller
Loan Officer
Treasury Manager
Collections Manager
Security Registration Officer
Contract Administrator
Chief Financial Officer
Legal Director
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