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Bank Credit Agreement

Bank Credit Agreement Template for Nigeria

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Key Requirements PROMPT example:

Bank Credit Agreement

"I need a Bank Credit Agreement for a renewable energy project in Lagos, Nigeria, with a facility amount of NGN 2.5 billion, to be drawn down in three tranches starting March 2025, secured by project assets and parent company guarantee."

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Document background
A Bank Credit Agreement is a fundamental document in Nigerian banking transactions, used when a bank extends credit facilities to corporate or individual borrowers. The agreement must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria directives. It details the credit facility's terms, including amount, purpose, interest rates, repayment schedule, security arrangements, and borrower obligations. The document also incorporates requirements for anti-money laundering compliance, consumer protection, and credit reporting under Nigerian law. This agreement is essential for documenting the lending relationship and ensuring regulatory compliance while protecting both the bank's and borrower's interests.
Suggested Sections

1. Parties: Identification of the lending bank and the borrower(s), including full legal names and addresses

2. Background: Context of the credit facility and relationship between the parties

3. Definitions: Definitions of key terms used throughout the agreement

4. The Facility: Details of the credit facility including amount, purpose, and availability period

5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available

6. Drawdown: Procedures and requirements for drawing down the facility

7. Interest: Interest rate, calculation method, and payment terms

8. Repayment: Repayment schedule, terms, and mechanisms

9. Fees and Expenses: All applicable fees, charges, and cost allocation

10. Representations and Warranties: Statements of fact and assurances given by the borrower

11. Covenants: Positive and negative obligations of the borrower during the facility period

12. Events of Default: Circumstances constituting default and consequences

13. Security: Overview of security arrangements for the facility

14. Termination: Conditions and procedures for terminating the facility

15. Governing Law and Jurisdiction: Nigerian law as governing law and jurisdiction for disputes

Optional Sections

1. Guarantee Provisions: Required when the facility includes personal or corporate guarantees

2. Insurance: Included when specific insurance requirements are imposed on the borrower

3. Currency Provisions: Required for facilities involving foreign currency or multiple currencies

4. Syndication: Included when the facility may be syndicated to other lenders

5. Assignment and Transfer: Detailed provisions for when the facility may be transferred or assigned

6. Islamic Banking Provisions: Required for Sharia-compliant banking facilities

7. Multiple Borrower Provisions: Required when there are multiple borrowers under the facility

Suggested Schedules

1. Facility Details: Detailed terms of the facility including amounts, interest rates, and fees

2. Conditions Precedent Documents: List of required documents and conditions to be satisfied

3. Form of Drawdown Notice: Template for drawdown requests

4. Repayment Schedule: Detailed schedule of repayment dates and amounts

5. Security Documents: List and copies of all security documents

6. Financial Covenants: Detailed financial ratios and requirements

7. Permitted Security Interests: List of security interests permitted under the agreement

8. Form of Compliance Certificate: Template for periodic compliance certification

9. Contact Details: Contact information for notices and communications

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Acceptance
Account
Additional Facility
Affiliate
Applicable Law
Availability Period
Banking Day
BOFIA
Borrower
Business Day
CBN
Change of Control
Commitment
Compliance Certificate
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Encumbrance
Event of Default
Facility
Facility Amount
Facility Documents
Fee Letter
Final Maturity Date
Financial Indebtedness
Financial Statements
Governing Law
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Naira
Obligor
Outstanding Amount
Permitted Security Interest
Potential Event of Default
Principal Amount
Prohibited Person
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Security Provider
Subsidiary
Tax
Transaction Documents
Utilization
Clauses
Interpretation
Facility Terms
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Fees and Expenses
Tax Gross-up
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Severability
Force Majeure
Anti-Money Laundering
Assignment and Transfer
Currency
Indemnities
Costs and Expenses
Default Interest
Acceleration
Enforcement
Governing Law
Dispute Resolution
Entire Agreement
Relevant Industries

Banking and Financial Services

Corporate Lending

Commercial Real Estate

Manufacturing

Oil and Gas

Agriculture

Construction

Infrastructure

Telecommunications

Retail

Healthcare

Transportation and Logistics

Relevant Teams

Legal

Compliance

Risk Management

Corporate Banking

Credit Administration

Operations

Treasury

Finance

Due Diligence

Documentation

Security and Collateral

Relevant Roles

Credit Officer

Relationship Manager

Legal Counsel

Compliance Officer

Risk Manager

Chief Financial Officer

Treasury Manager

Credit Risk Analyst

Banking Operations Manager

Security Documentation Officer

Corporate Banking Manager

Due Diligence Officer

Financial Controller

Credit Committee Member

Branch Manager

Industries
Banks and Other Financial Institutions Act (BOFIA) 2020: The primary legislation governing banking operations in Nigeria, setting out the regulatory framework for credit facilities and banking operations
Central Bank of Nigeria Act 2007: Establishes the Central Bank's regulatory authority and provides guidelines for monetary policy and banking supervision
Credit Reporting Act 2017: Regulates credit information sharing and reporting systems, crucial for credit assessment and documentation
Money Laundering (Prevention and Prohibition) Act 2022: Sets out requirements for customer due diligence and transaction monitoring in banking relationships
Nigerian Contract Law: Governs the formation and enforcement of contracts, including essential elements like offer, acceptance, and consideration
Secured Transactions in Movable Assets Act 2017: Regulates the creation and enforcement of security interests in movable assets used as collateral
Consumer Protection Framework 2016: CBN guidelines protecting consumer rights in banking relationships, including disclosure requirements and fair treatment
Evidence Act 2011: Governs the admissibility of evidence in legal proceedings, including electronic documentation and signatures
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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