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Business Credit Agreement

Business Credit Agreement Template for Nigeria

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Key Requirements PROMPT example:

Business Credit Agreement

"I need a Business Credit Agreement for a 5-year, NGN 250 million facility between First Bank of Nigeria and TechGrow Solutions Ltd, with quarterly repayments and security over the company's equipment and accounts receivable."

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Document background
The Business Credit Agreement serves as the primary legal instrument for documenting commercial lending arrangements in Nigeria's business environment. This agreement is essential when a business entity seeks to obtain credit facilities from a financial institution, whether for working capital, expansion, asset acquisition, or other business purposes. The document must comply with Nigerian banking regulations, particularly the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria directives. It typically includes comprehensive details about the credit facility, security arrangements, borrower obligations, and lender rights, while incorporating necessary protections for both parties within the Nigerian legal framework. The agreement's structure reflects local commercial practices while maintaining international banking standards.
Suggested Sections

1. Parties: Identification of the lender and borrower with full legal names and addresses

2. Background: Context of the credit agreement, including the borrower's business purpose for the credit facility

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. Interest and Fees: Interest rate, calculation method, fees, and charges applicable to the facility

6. Repayment Terms: Repayment schedule, payment methods, and prepayment provisions

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

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

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

10. Events of Default: Circumstances that constitute default and their consequences

11. Security: Details of any security or collateral provided for the facility

12. Boilerplate Clauses: Standard legal provisions including notices, amendments, governing law, and jurisdiction

Optional Sections

1. Guarantees: Terms of any personal or corporate guarantees - include when third-party guarantees are part of the security structure

2. Insurance: Requirements for insurance coverage of secured assets - include when specific insurance requirements exist

3. Assignment and Transfer: Provisions for transferring rights under the agreement - include for larger facilities that may be syndicated

4. Additional Borrower Provisions: Terms for adding additional borrowers - include for group borrowing structures

5. Currency Provisions: Provisions dealing with multiple currencies - include for facilities available in multiple currencies

6. Tax Provisions: Detailed tax-related provisions - include when complex tax implications exist

7. Agency Provisions: Terms relating to facility agent's role - include for syndicated facilities

Suggested Schedules

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

2. Repayment Schedule: Detailed breakdown of repayment dates and amounts

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

4. Security Documents: List and copies of security documents

5. Form of Drawdown Notice: Template for requesting disbursements under the facility

6. Form of Compliance Certificate: Template for periodic compliance reporting

7. Permitted Security Interests: List of pre-approved security interests

8. 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
Availability Period
Business Day
Collateral
Conditions Precedent
Default Interest Rate
Default Event
Drawdown
Drawdown Notice
Facility
Facility Amount
Finance Documents
Financial Indebtedness
Financial Statements
Group
Interest Payment Date
Interest Period
Interest Rate
Lender
Material Adverse Effect
Naira
Permitted Security Interest
Potential Default Event
Principal
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Term
Outstanding Amount
Utilization
Working Day
Compliance Certificate
Financial Covenants
Guarantor
Legal Reservation
Margin
Material Contract
Permitted Distribution
Reference Banks
Relevant Jurisdiction
Security Assets
Transaction Documents
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Fees and Charges
Repayment
Prepayment
Security
Representations and Warranties
Covenants
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Acceleration
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations
Amendments and Waivers
Confidentiality
Counterparts
Severability
Assignment
Force Majeure
Anti-Money Laundering
Governing Law
Dispute Resolution
Indemnification
Costs and Expenses
Tax Provisions
Currency Provisions
Insurance
Guarantee and Indemnity
Agency Provisions
Entire Agreement
Relevant Industries

Banking and Financial Services

Manufacturing

Retail and Commerce

Agriculture

Real Estate and Construction

Technology and Telecommunications

Oil and Gas

Transportation and Logistics

Healthcare

Hospitality and Tourism

Mining and Natural Resources

Professional Services

Relevant Teams

Legal

Finance

Risk Management

Compliance

Credit Administration

Corporate Banking

Treasury

Business Development

Operations

Corporate Secretariat

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Officer

Relationship Manager

Treasury Manager

Company Secretary

Managing Director

Financial Controller

Compliance Officer

Business Development Manager

Account Manager

Credit Analyst

Senior Loan Officer

Industries
Banks and Other Financial Institutions Act (BOFIA) 2020: Primary legislation governing banking operations and financial institutions in Nigeria, including lending practices and documentation requirements
Central Bank of Nigeria Act 2007: Establishes regulatory framework for monetary policy and banking supervision, including interest rate guidelines and financial stability measures
Nigerian Contract Law (derived from Common Law): Governs the formation and enforcement of contracts, including essential elements like offer, acceptance, consideration, and capacity
Secured Transactions in Movable Assets Act 2017: Regulates creation and enforcement of security interests in movable property, relevant for collateral arrangements in credit agreements
Money Laundering (Prevention and Prohibition) Act 2022: Sets requirements for documentation and verification in financial transactions to prevent money laundering
Companies and Allied Matters Act (CAMA) 2020: Governs corporate entities' operations and their capacity to enter into credit agreements
Debt Management Office Act: Provides framework for debt management and recovery procedures
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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