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Loan Indemnification Agreement

Loan Indemnification Agreement Template for Nigeria

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Key Requirements PROMPT example:

Loan Indemnification Agreement

"I need a Loan Indemnification Agreement for our Nigerian subsidiary company to indemnify a syndicate of banks led by First Bank of Nigeria regarding a NGN 500 million corporate loan facility due to mature in March 2025, with quarterly reporting requirements and specific trigger events related to the company's debt-to-equity ratio."

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Document background
The Loan Indemnification Agreement is a crucial risk management instrument in Nigerian financial transactions, particularly utilized in complex lending arrangements where additional security or protection is required beyond the primary loan agreement. This document becomes necessary when a third party agrees to indemnify a lender against potential losses arising from a borrower's default or other specified events. The agreement must comply with Nigerian banking regulations, including BOFIA 2020 and CBN guidelines, and is commonly used in corporate financing, project finance, and syndicated lending arrangements. It contains detailed provisions regarding the scope of indemnification, trigger events, payment mechanisms, and enforcement procedures, providing lenders with an additional layer of security while facilitating access to credit for borrowers who might otherwise struggle to secure financing.
Suggested Sections

1. Parties: Identifies and defines all parties to the agreement - typically the Indemnifier, the Beneficiary, and may include the original borrower if different from the indemnifier

2. Background: Recitals explaining the context of the underlying loan agreement and the purpose of the indemnification

3. Definitions and Interpretation: Defines key terms used throughout the agreement and sets out interpretation rules

4. Indemnification Obligations: Details the specific obligations of the indemnifier, including scope and extent of the indemnification

5. Trigger Events: Specifies the circumstances that activate the indemnification obligations

6. Payment Terms: Sets out how and when indemnification payments must be made, including currency and method of payment

7. Duration: Specifies how long the indemnification obligations remain in effect

8. Representations and Warranties: Standard declarations by the indemnifier about their capacity and authority to enter into the agreement

9. Notices: Specifies how formal communications between parties should be made and delivered

10. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for dispute resolution

11. Boilerplate Provisions: Standard contractual provisions including severability, entire agreement, and amendments

Optional Sections

1. Security: Include when additional security is being provided to support the indemnification obligations

2. Step-In Rights: Include when the beneficiary needs rights to take over certain obligations or assets in case of default

3. Insurance: Include when specific insurance requirements are needed to support the indemnification

4. Assignment: Include when either party needs the right to assign their rights under the agreement

5. Third Party Rights: Include when rights need to be extended to or excluded from third parties

6. Costs and Expenses: Include when there's a need to specify who bears various costs related to the agreement

7. Alternative Dispute Resolution: Include when parties wish to specify mediation or arbitration before court proceedings

Suggested Schedules

1. Schedule 1 - The Loan Agreement: Copy or details of the underlying loan agreement being indemnified

2. Schedule 2 - Specified Events: Detailed list of events triggering the indemnification obligation

3. Schedule 3 - Payment Procedures: Detailed procedures for making indemnification payments

4. Schedule 4 - Form of Notice: Template for formal notices under the agreement

5. Schedule 5 - Security Details: Details of any security provided (if applicable)

6. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations and board resolutions

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
Agreement
Applicable Law
Banking Day
Beneficiary
Business Day
Change of Control
Claim
Costs
Default
Default Interest Rate
Effective Date
Enforcement Action
Event of Default
Facility Agreement
Finance Documents
Financial Indebtedness
Guaranteed Obligations
Indemnified Amount
Indemnified Party
Indemnifier
Indemnity Period
Interest Period
Loan Agreement
Loss
Material Adverse Effect
Naira
Notice
Original Borrower
Party/Parties
Payment Date
Permitted Security Interest
Principal Amount
Relevant Jurisdiction
Security
Security Documents
Specified Events
Tax
Third Party Rights
Trigger Event
Working Day
Clauses
Interpretations
Definitions
Indemnification Obligations
Scope of Indemnity
Payment Terms
Representations and Warranties
Covenants
Security
Default
Termination
Force Majeure
Assignment
Confidentiality
Notices
Amendments
Waiver
Severability
Entire Agreement
Counterparts
Third Party Rights
Costs and Expenses
Interest
Set-off Rights
Further Assurance
Time of Essence
Governing Law
Jurisdiction
Dispute Resolution
Limitation of Liability
Survival
Remedies
Currency
Taxes
Compliance with Laws
Anti-Money Laundering
Authority and Capacity
Relevant Industries

Banking

Financial Services

Insurance

Real Estate

Manufacturing

Construction

Energy

Infrastructure

Telecommunications

Healthcare

Mining

Agriculture

Transportation

Retail

Relevant Teams

Legal

Finance

Risk Management

Compliance

Corporate Banking

Credit

Treasury

Corporate Finance

Transaction Management

Commercial Banking

Relevant Roles

Chief Financial Officer

Finance Director

Legal Counsel

Corporate Lawyer

Risk Manager

Credit Risk Officer

Compliance Officer

Treasury Manager

Banking Relationship Manager

Loan Officer

Corporate Finance Manager

Transaction Manager

Security Trustee

Facility Agent

Financial Controller

Legal Director

Head of Corporate Banking

Chief Risk Officer

Industries
Banks and Other Financial Institutions Act (BOFIA) 2020: Regulates banking operations and financial institutions in Nigeria, including their lending practices and requirements for loan agreements
Nigerian Contract Law (derived from Common Law): Governs the formation, validity, and enforcement of contracts, including essential elements like offer, acceptance, consideration, and capacity
Money Lenders Act: Regulates money lending transactions and provides protection for borrowers, including requirements for interest rates and loan documentation
Central Bank of Nigeria Act 2007: Provides regulatory framework for financial transactions and monetary policy, including interest rate guidelines
Loans (Recovery of) Law: Governs the recovery of loans and enforcement of security interests in Nigeria
Evidence Act 2011: Determines the admissibility of evidence in legal proceedings, including documentation requirements for loan agreements
Limitation Law: Sets time limits for bringing legal actions relating to contract enforcement and debt recovery
Consumer Protection Framework 2016: Provides guidelines for consumer protection in financial services, including transparency in loan 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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