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Loan Guarantee Form for Nigeria

Loan Guarantee Form Template for Nigeria

A Loan Guarantee Form under Nigerian law is a legally binding document where a guarantor assumes responsibility for the debt obligations of a borrower in case of default. The document, governed by Nigerian contract law and banking regulations, establishes the terms and conditions under which the guarantee is provided, including the scope of the guarantee, payment obligations, enforcement mechanisms, and the rights and obligations of all parties involved. It serves as a critical tool for risk mitigation in lending transactions and must comply with the requirements set forth by the Central Bank of Nigeria and relevant Nigerian financial regulations.

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What is a Loan Guarantee Form?

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.

What sections should be included in a Loan Guarantee Form?

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

What sections are optional to include in a Loan Guarantee Form?

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

What schedules should be included in a Loan Guarantee Form?

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

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Loan Agreement

Sector

Banking

Cost

Free to use
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

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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