The Loan Personal Guarantee Form is a critical document in Nigerian lending practices, commonly used when a lender requires additional security beyond the primary borrower's commitments. This document becomes necessary when the borrower's creditworthiness alone is insufficient to secure the loan, or when the lender's risk assessment policies require personal guarantees for certain types of loans. The form, governed by Nigerian law and banking regulations, includes detailed sections on the guarantee's scope, the guarantor's obligations, enforcement procedures, and release conditions. It's particularly important in business lending, property financing, and corporate loans where personal guarantees from directors or shareholders are required. The document must comply with Nigerian contract law principles, banking regulations, and relevant financial legislation to ensure enforceability.
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1. Parties: Identifies the Lender, Borrower, and Guarantor with their full legal names and addresses
2. Background: Explains the context of the loan agreement and the purpose of the guarantee
3. Definitions: Defines key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core section detailing the guarantee obligations, including the amount guaranteed and the nature of the guarantee
5. Scope of Guarantee: Defines the extent and limitations of the guarantee, including whether it's continuing, limited, or unlimited
6. Guarantor's Representations and Warranties: Statements by the guarantor about their capacity and authority to provide the guarantee
7. Payment Obligations: Details of how and when the guarantor must make payments if the guarantee is called upon
8. Enforcement: Procedures and circumstances under which the guarantee can be enforced
9. Duration and Release: Terms regarding how long the guarantee remains in effect and conditions for release
10. Notices: Requirements for formal communications between parties
11. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and defines jurisdiction for disputes
1. Security: Include when the guarantee is secured by specific assets of the guarantor
2. Joint and Several Liability: Include when there are multiple guarantors
3. Independent Legal Advice: Include when the guarantor is required to obtain independent legal advice
4. Foreign Currency Provisions: Include when the loan is in a currency other than Nigerian Naira
5. Corporate Guarantor Provisions: Include when the guarantor is a company rather than an individual
6. Assignment and Transfer: Include when rights under the guarantee may need to be assigned
7. Force Majeure: Include when specific events beyond parties' control should be addressed
1. Schedule 1 - Details of the Primary Loan Agreement: Contains key details of the underlying loan being guaranteed, including amount, interest rate, and term
2. Schedule 2 - Guarantor's Assets and Liabilities: Statement of the guarantor's financial position
3. Schedule 3 - Form of Demand: Template for making a demand under the guarantee
4. Appendix A - Specimen Signatures: Contains verified signatures of all parties
5. Appendix B - Required Corporate Authorizations: Copies of relevant corporate authorizations if guarantor is a company
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Relevant Industries
Banking
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Microfinance
Real Estate
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Manufacturing
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Agriculture
Small and Medium Enterprises
Professional Services
Relevant Teams
Legal
Credit Risk
Compliance
Corporate Banking
Retail Banking
Operations
Documentation
Underwriting
Due Diligence
Relevant Roles
Credit Manager
Loan Officer
Risk Manager
Legal Counsel
Compliance Officer
Banking Relationship Manager
Credit Analyst
Financial Controller
Corporate Banking Manager
Branch Manager
Underwriter
Due Diligence Officer
Documentation Specialist
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