The Revolving Credit Loan Agreement is a sophisticated financial instrument used in the Nigerian market when a borrower requires flexible access to funding over an extended period. It is particularly suitable for businesses with cyclical cash flows or varying capital needs, as it allows for multiple drawdowns and repayments within an overall facility limit. The document must comply with Nigerian banking regulations, including the Banks and Other Financial Institutions Act (BOFIA) 2020 and Central Bank of Nigeria guidelines. It contains detailed provisions on facility mechanics, conditions precedent, representations and warranties, covenants, and events of default. This type of agreement is commonly used for working capital financing, trade finance, and general corporate purposes, offering businesses the flexibility to manage their funding needs efficiently while providing lenders with necessary security and control mechanisms.
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1. Parties: Identification of the lender and borrower with their full legal names and addresses
2. Background: Brief context of the revolving credit facility and its purpose
3. Definitions and Interpretation: Definitions of key terms and interpretation rules for the agreement
4. The Facility: Details of the revolving credit facility including amount, purpose, and availability period
5. Conditions Precedent: Conditions that must be satisfied before the facility becomes available
6. Utilization: Process and requirements for drawing down the facility
7. Repayment and Prepayment: Terms for repayment, prepayment options, and consequences
8. Interest and Fees: Interest calculation, payment dates, default interest, and applicable fees
9. Representations and Warranties: Borrower's representations and warranties
10. Information Undertakings: Borrower's obligations to provide financial and other information
11. General Undertakings: Borrower's general operational and financial covenants
12. Events of Default: Circumstances constituting default and consequences
13. Changes to Parties: Rules for assignment and transfer of rights and obligations
14. Administration: Administrative provisions including notices and calculations
15. Governing Law and Enforcement: Choice of Nigerian law and enforcement provisions
1. Security: Required if the facility is secured - details of security arrangements
2. Guarantee: Required if there are guarantors for the facility
3. Insurance: Required if specific insurance requirements are imposed on the borrower
4. Increased Costs and Tax Gross-up: Optional provisions for managing changes in costs and tax implications
5. Set-off Rights: Optional provision giving explicit set-off rights to the lender
6. Multi-currency Provisions: Required if the facility can be drawn in multiple currencies
7. Market Disruption: Optional provisions dealing with market disruption events
8. Anti-corruption and Sanctions: Required for international lenders or where compliance policies require
1. Conditions Precedent: Detailed list of required documents and conditions
2. Form of Utilization Request: Standard form for requesting drawdown of the facility
3. Form of Compliance Certificate: Template for periodic compliance certification
4. Repayment Schedule: If applicable, schedule of repayment dates and amounts
5. Permitted Security: List of security interests permitted under the agreement
6. Forms of Transfer Certificates: Standard forms for transferring rights and obligations
7. Existing Security: Details of any existing security interests if relevant
8. Contact Details: Administrative and notice details for all parties
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