The Loan Guarantor Agreement is a critical legal instrument used in Nigerian financial transactions when a third party (the guarantor) agrees to secure a loan by promising to repay the debt if the primary borrower defaults. This document is essential in various contexts, from corporate financing to personal loans, and must comply with Nigerian banking regulations, the Banks and Other Financial Institutions Act (BOFIA), and general contract law principles. The agreement typically includes detailed provisions about the guarantee's scope, enforcement mechanisms, representations and warranties, and the specific obligations of all parties involved. It serves as a risk mitigation tool for lenders while providing clear parameters for guarantors' responsibilities. The document becomes particularly important in the Nigerian context where lending institutions often require additional security measures to support credit facilities.
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1. Parties: Identifies the Guarantor, Lender, and Principal Debtor with their full legal names and addresses
2. Background: Recitals explaining the context of the loan agreement and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the agreement including 'Guaranteed Obligations', 'Event of Default', and 'Security'
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the amount guaranteed and the nature of the guarantee (continuing, primary, etc.)
5. Scope of Guarantee: Defines exactly what obligations are covered by the guarantee and any limitations
6. Guarantor's Representations and Warranties: Statements about the Guarantor's capacity, authority, and financial condition
7. Guarantor's Covenants: Ongoing obligations of the Guarantor during the life of the guarantee
8. Enforcement and Rights of the Lender: Details when and how the Lender can enforce the guarantee
9. Payments and Interest: Specifies how and when payments must be made under the guarantee
10. Duration and Release: Terms regarding how long the guarantee remains in force and conditions for release
11. Notices: Communication requirements and contact details for formal notices
12. Governing Law and Jurisdiction: Confirms Nigerian law as governing law and specifies jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Security: Include when the guarantee is supported by specific assets or security interests
2. Multiple Guarantors: Include when there is more than one guarantor to define joint and several liability
3. Corporate Guarantor Provisions: Include when the guarantor is a company rather than an individual
4. Assignment and Transfer: Include when either party needs the right to assign or transfer their rights
5. Currency Provisions: Include when the loan and guarantee involve multiple currencies
6. Tax Gross-Up: Include when tax implications need to be addressed explicitly
7. Financial Covenants: Include when specific financial metrics need to be maintained by the guarantor
1. Schedule 1 - Details of the Principal Debt: Details of the underlying loan agreement including amount, interest rate, and repayment terms
2. Schedule 2 - Form of Demand: Standard form for making a demand under the guarantee
3. Schedule 3 - Security Details: If applicable, details of any security provided by the guarantor
4. Schedule 4 - Financial Documents: List of financial statements or documents to be provided by the guarantor
5. Appendix A - Corporate Authorizations: Copies of relevant corporate authorizations if the guarantor is a company
6. Appendix B - Conditions Precedent: List of documents and conditions required before the guarantee becomes effective
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