Loan Amendment Agreement - Template, Sample Form Pro · NG-law

LOAN AMENDMENT AGREEMENT

THIS LOAN AMENDMENT AGREEMENT (this "Amendment") is made on ________

BETWEEN

________, of the following address:

________

(hereinafter referred to as the "Lender", which expression shall, where the context so admits, include its successors-in-title and permitted assigns) of the first part;

AND

________, of the following address:

________

(hereinafter referred to as the "Borrower", which expression shall, where the context so admits, include its successors-in-title and permitted assigns) of the second part;

AND

________, of the following address:

________

(hereinafter referred to as the "Guarantor", which expression shall, where the context so admits, include its successors-in-title and permitted assigns) of the third part.

The Lender, the Borrower and the Guarantor are hereinafter referred to individually as a "Party" and collectively as the "Parties".

RECITALS

WHEREAS:

A. The Parties executed a Loan Agreement dated ________ (the "Principal Agreement"), pursuant to which the Lender agreed to advance to the Borrower the principal sum of \u20a6________ (________) (the "Loan") upon the terms and conditions therein contained.

B. The Guarantor guaranteed the due performance by the Borrower of its obligations under the Principal Agreement.

C. The Parties have agreed to vary and amend certain terms of the Principal Agreement in the manner hereinafter appearing.

NOW THEREFORE, in consideration of the mutual covenants, promises and undertakings herein contained, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

§ 1. INTERPRETATION

1.1 Words and expressions defined in the Principal Agreement shall, unless the context otherwise requires or unless otherwise expressly defined herein, bear the same meanings when used in this Amendment.

1.2 This Amendment is supplemental to, and shall be read together with, the Principal Agreement.

§ 2. AMENDMENTS

With effect from the date first written above (or such other date as the Parties may agree in writing, namely ________), the Principal Agreement shall be amended as follows:

2.1 The Parties have agreed to amend the Principal Agreement by inserting the following provision(s):

________

2.2 The Parties have agreed to amend the Principal Agreement by deleting the following provision(s):

________

2.3 The Parties have agreed to amend the Principal Agreement by deleting the following provision:

________

and replacing it with the following provision:

________

§ 3. EFFECT OF AMENDMENT

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3.2 In the event of any conflict or inconsistency between the provisions of this Amendment and the Principal Agreement, the provisions of this Amendment shall prevail to the extent of such conflict or inconsistency, but only in respect of the matters expressly amended herein.

3.3 Nothing in this Amendment shall constitute or be construed as a novation of the Principal Agreement.

§ 4. CONFIRMATION BY GUARANTOR

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§ 5. GENERAL PROVISIONS

5.1 Entire Agreement: This Amendment, the Principal Agreement and any document referred to therein constitute the entire agreement between the Parties relating to the subject matter hereof and supersede all prior negotiations, representations and agreements, whether written or oral.

5.2 Governing Law and Jurisdiction: This Amendment shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. The Parties hereby submit to the jurisdiction of the High Court sitting at ________ for the resolution of any dispute arising out of or in connection with this Amendment.

5.3 Dispute Resolution: The Parties shall use their best endeavours to amicably resolve any dispute arising from this Amendment; failing which, such dispute may be referred to arbitration in accordance with the Arbitration and Mediation Act, 2023, with the seat of arbitration at ________.

5.4 Ratification: Other than the provisions expressly modified by this Amendment, all other obligations, rights, terms and conditions contained in the Principal Agreement are hereby ratified and shall remain in full force and effect.

5.5 Assignment: No Party shall assign, transfer or otherwise dispose of its rights, benefits or obligations under this Amendment or the Principal Agreement without the prior written consent of the other Parties, save as expressly amended herein.

5.6 Variation: No variation or termination of this Amendment shall be valid unless it is in writing and signed by or on behalf of each of the Parties.

5.7 Severability: If any provision of this Amendment is held to be invalid, illegal or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable to the fullest extent permitted by law.

5.8 Counterparts: This Amendment may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, and all such counterparts together shall constitute one and the same instrument.

5.9 Further Assurance: Each Party shall execute and deliver all such documents and do all such acts and things as may be reasonably necessary or incidental to give full effect to the provisions of this Amendment.

5.10 Stamping: This Amendment shall be stamped in accordance with the provisions of the Stamp Duties Act (Cap. S8, Laws of the Federation of Nigeria, 2004) as applicable.

IN WITNESS WHEREOF the Parties have executed this Amendment in the manner hereinafter appearing the day and year first above written.

THE LENDER

SIGNED by the within named ________

_______________________

Signature / Designation: ________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................

THE BORROWER

SIGNED by the within named ________

_______________________

Signature / Designation: ________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................

THE GUARANTOR

SIGNED by the within named ________

_______________________

Signature / Designation: ________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................