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Credit Agreement Contract

Credit Agreement Contract Template for Nigeria

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Key Requirements PROMPT example:

Credit Agreement Contract

"I need a Credit Agreement Contract under Nigerian law for a NGN 50 million facility between ABC Bank Limited as lender and XYZ Manufacturing Ltd as borrower, with quarterly repayments over 3 years and physical assets as security."

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Document background
The Credit Agreement Contract is a fundamental legal instrument in Nigerian banking and finance, used to formalize lending arrangements between financial institutions and borrowers. This document is essential when establishing any form of credit facility in Nigeria, whether for corporate lending, project finance, or personal loans. It must comply with the Central Bank of Nigeria's regulations, BOFIA 2020, and other relevant Nigerian financial legislation. The agreement typically includes detailed terms on facility amount, interest calculations, repayment schedules, security arrangements, events of default, and remedies. It's particularly important in protecting both lender and borrower interests while ensuring regulatory compliance in the Nigerian financial sector.
Suggested Sections

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

2. Background: Context of the credit facility and purpose of the loan

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

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

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

6. Repayment: Repayment schedule, methods, and prepayment terms

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

8. Representations and Warranties: Borrower's confirmations about their legal and financial status

9. Covenants: Ongoing obligations of the borrower during the facility period

10. Events of Default: Circumstances constituting default and consequences

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

12. Fees and Expenses: All fees, charges, and costs associated with the facility

13. Notices: Communication methods and contact details for formal notices

14. Governing Law and Jurisdiction: Confirmation of Nigerian law application and jurisdiction

15. Execution: Signature blocks and execution formalities

Optional Sections

1. Guarantor Provisions: Required when the facility includes a guarantor

2. Multiple Drawing Provisions: Used for facilities with multiple drawdown options

3. Security Trustee Provisions: Needed when security is held by a trustee for multiple lenders

4. Syndication Provisions: Required for syndicated facilities with multiple lenders

5. Islamic Banking Provisions: Required for Sharia-compliant credit facilities

6. Foreign Currency Provisions: Needed when the facility involves foreign currency

7. Insurance Requirements: Detailed insurance obligations when specific insurance is required

8. Assignment and Transfer: Detailed provisions for when transfer rights are required

Suggested Schedules

1. Facility Terms: Detailed terms including amount, interest rate, and tenure

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

3. Repayment Schedule: Detailed amortization or repayment schedule

4. Form of Drawdown Notice: Template for requesting disbursement

5. Security Documents: List and copies of security documentation

6. Fee Schedule: Detailed breakdown of all applicable fees

7. Required Insurance: Specified insurance requirements and minimums

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

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
Advance
Agreement
Applicable Law
Authorisation
Available Facility
Business Day
CBN
Change of Control
Commitment
Compliance Certificate
Conditions Precedent
Default
Default Interest
Default Rate
Drawdown
Drawdown Date
Drawdown Notice
Effective Date
Event of Default
Facility
Facility Amount
Final Maturity Date
Finance Documents
Financial Indebtedness
Financial Statements
Group
Guarantee
Interest Payment Date
Interest Period
Interest Rate
Legal Reservation
Lender
Material Adverse Effect
Naira
Obligor
Party/Parties
Permitted Security
Potential Event of Default
Prepayment
Principal
Purpose
Repayment Date
Repayment Schedule
Security
Security Documents
Security Interest
Subsidiary
Tax
Transaction Documents
Utilisation
Clauses
Interpretation
Facility Terms
Purpose
Conditions Precedent
Drawdown
Interest
Repayment
Prepayment
Security
Representations and Warranties
Information Undertakings
Financial Covenants
General Undertakings
Events of Default
Changes to Parties
Payment Mechanics
Set-off
Notices
Calculations and Certificates
Partial Invalidity
Remedies and Waivers
Amendments and Waivers
Confidentiality
Counterparts
Governing Law
Enforcement
Dispute Resolution
Force Majeure
Anti-Money Laundering
Sanctions Compliance
Data Protection
Insurance
Indemnification
Fees and Expenses
Tax Provisions
Currency Provisions
Assignment and Transfer
Third Party Rights
Relevant Industries

Banking & Financial Services

Commercial Lending

Microfinance

Real Estate

Manufacturing

Agriculture

Oil & Gas

Retail

Technology

Infrastructure

Healthcare

Education

Telecommunications

Relevant Teams

Legal

Finance

Credit Risk

Compliance

Corporate Banking

Operations

Treasury

Risk Management

Credit Operations

Documentation

Relationship Management

Relevant Roles

Chief Financial Officer

Legal Counsel

Credit Risk Manager

Relationship Manager

Compliance Officer

Credit Analyst

Finance Director

Treasury Manager

Corporate Banking Manager

Risk Assessment Officer

Legal Director

Banking Operations Manager

Credit Operations Manager

Document Controller

Loan Officer

Industries
Central Bank of Nigeria Act 2007: Establishes the regulatory framework for banking and financial institutions in Nigeria, including credit operations and interest rate policies
Banks and Other Financial Institutions Act (BOFIA) 2020: Regulates banking operations, including credit facilities, lending practices, and financial institution responsibilities
Consumer Protection Framework 2016: Outlines consumer protection requirements in financial services, including transparency in credit agreements and fair treatment of consumers
Money Lenders Act: Regulates money lending activities and sets requirements for money lenders, including licensing and interest rate caps
Nigerian Contract Law: General principles of contract law governing formation, terms, and enforcement of agreements
Loans (Recovery) Law: Provides framework for debt recovery and enforcement of credit agreements
Credit Reporting Act 2017: Regulates credit information sharing and reporting systems, affecting credit assessment and documentation requirements
Evidence Act 2011: Governs the admissibility of evidence in legal proceedings, including electronic documentation and signatures in credit agreements
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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