The Guarantee in Loan Agreement is a crucial document used in Nigerian lending transactions where additional security is required beyond the borrower's primary obligations. This document is typically employed when a lender requires extra assurance for loan repayment, particularly in high-value transactions or when the borrower's creditworthiness alone is insufficient. The guarantee agreement, governed by Nigerian law, comprehensively details the guarantor's obligations, including the scope of guarantee, payment terms, and enforcement mechanisms. It complies with the Banks and Other Financial Institutions Act (BOFIA) and other relevant Nigerian legislation, making it especially important for financial institutions, corporate lending, and major commercial transactions. The document includes specific provisions for both corporate and individual guarantors, addressing various scenarios of default and enforcement.
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1. Parties: Identifies all parties: the Lender, the Borrower, and the Guarantor(s)
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 establishing the guarantee obligations and indemnification provisions
5. Scope of Guarantee: Defines exactly what obligations are covered by the guarantee
6. Nature of Guarantee: Specifies that this is a continuing guarantee and explains its characteristics
7. Guarantor's Representations and Warranties: Statements of fact and assurances given by the guarantor
8. Preservation of Rights: Establishes that the lender's rights against the guarantor are preserved despite various circumstances
9. Payments: Details how and when payments must be made under the guarantee
10. Costs and Expenses: Allocates responsibility for costs related to the guarantee
11. Duration and Release: Specifies when the guarantee terminates and conditions for release
12. Notices: Specifies how formal communications between parties should be made
13. Governing Law and Jurisdiction: Confirms Nigerian law applies and specifies jurisdiction for disputes
14. Execution: Signature blocks and execution formalities
1. Security: Include when the guarantor is providing additional security beyond the guarantee itself
2. Corporate Guarantor Provisions: Include when the guarantor is a company, containing specific corporate representations and warranties
3. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
4. Currency Provisions: Include when the loan is in a foreign currency, addressing exchange rate risks
5. Assignment and Transfer: Include when parties want the ability to transfer their rights under the guarantee
6. Power of Attorney: Include when the lender requires power to perfect or enforce security
7. Financial Covenants: Include when the guarantor must maintain specific financial metrics
8. Guarantor Change of Control: Include when changes in guarantor ownership might affect the guarantee
1. Details of the Principal Agreement: Summary of the main loan agreement being guaranteed
2. Guaranteed Obligations: Detailed list of the obligations covered by the guarantee
3. Form of Demand: Template for making a demand under the guarantee
4. Guarantor Information: Details of guarantor's assets and financial position
5. Security Documents: List and copies of any related security documents
6. Corporate Authorizations: Copies of corporate approvals where guarantor is a company
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Relevant Industries
Banking
Financial Services
Real Estate
Manufacturing
Oil and Gas
Agriculture
Construction
Retail
Technology
Infrastructure
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit Administration
Corporate Banking
Commercial Banking
Treasury
Operations
Documentation
Relevant Roles
Legal Counsel
Finance Manager
Credit Risk Officer
Loan Officer
Compliance Officer
Banking Relationship Manager
Corporate Finance Director
Chief Financial Officer
Credit Analyst
Legal Director
Contract Manager
Risk Management Officer
Treasury Manager
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