The Loan Guarantee Form is a crucial document in Nigerian lending practices, used when a third party (guarantor) agrees to secure a loan by promising to repay the debt if the primary borrower defaults. This document is essential in situations where additional security is required by lenders to mitigate credit risk, particularly common in corporate lending, small business financing, and personal loans. The form must comply with Nigerian contract law, the Banks and Other Financial Institutions Act (BOFIA), and Central Bank of Nigeria regulations. It includes detailed provisions regarding the guarantee's scope, enforcement mechanisms, guarantor's obligations, and conditions for discharge. The document is particularly relevant in the Nigerian context where formal credit enhancement mechanisms are vital for accessing financing, and it must account for local legal requirements regarding guarantees, including specific provisions for corporate guarantors and documentation requirements under Nigerian law.
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1. Parties: Identification of all parties: Guarantor(s), Lender (Creditor), and Borrower
2. Background: Context of the guarantee, including reference to the main loan agreement and relationship between parties
3. Definitions: Definitions of key terms used throughout the guarantee agreement
4. Guarantee and Indemnity: Core terms of the guarantee, including the scope and extent of the guarantor's liability
5. Guarantor's Representations and Warranties: Confirmations and assurances given by the guarantor regarding their capacity and authority
6. Nature of Guarantee: Specification that this is a continuing guarantee and details of its binding nature
7. Payment Obligations: Terms regarding how and when the guarantor must make payments upon default
8. Discharge and Release: Conditions under which the guarantor may be discharged from obligations
9. Enforcement: Rights and procedures for enforcing the guarantee
10. Notices: How formal communications between parties should be made and delivered
11. Governing Law and Jurisdiction: Confirmation of Nigerian law as governing law and jurisdiction for disputes
1. Security: Include when additional security is being provided by the guarantor
2. Multiple Guarantors: Include when there is more than one guarantor, defining joint and several liability
3. Interest Provisions: Include when guarantor is specifically guaranteeing interest payments
4. Assignment and Transfer: Include when rights under the guarantee may need to be assigned
5. Currency Provisions: Include when the guaranteed loan is in foreign currency
6. Corporate Authorization: Include when guarantor is a corporate entity
7. Limitation of Liability: Include when guarantee amount is capped or limited in specific ways
1. Schedule 1 - Principal Loan Agreement Details: Details of the main loan agreement being guaranteed
2. Schedule 2 - Guaranteed Amount: Specific details of the amount being guaranteed and any applicable limits
3. Schedule 3 - Form of Demand: Standard form for making demands under the guarantee
4. Schedule 4 - Guarantor's Assets: List of relevant assets of the guarantor (if applicable)
5. Appendix A - Required Corporate Authorizations: Copies of relevant corporate authorizations if guarantor is a company
6. Appendix B - Specimen Signatures: Signature specimens of authorized signatories
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Real Estate
Manufacturing
Commercial Trading
Agriculture
Oil and Gas
Construction
Telecommunications
Small and Medium Enterprises
Retail
Healthcare
Education
Relevant Teams
Legal
Credit Risk
Corporate Banking
Compliance
Finance
Treasury
Corporate Secretariat
Business Development
Operations
Documentation
Relevant Roles
Credit Manager
Risk Officer
Legal Counsel
Loan Officer
Corporate Banking Manager
Compliance Officer
Chief Financial Officer
Business Development Manager
Credit Analyst
Relationship Manager
Legal Director
Company Secretary
Finance Manager
Treasury Manager
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