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The Master Credit Agreement serves as the primary document governing credit relationships between financial institutions and borrowers in Nigeria. It is specifically designed to comply with Nigerian banking regulations, including the Central Bank of Nigeria Act 2007 and BOFIA 2020. This agreement is typically used when parties anticipate an ongoing lending relationship with multiple facilities or drawdowns over time, rather than a single, discrete loan. It contains all essential provisions required by Nigerian law, including security arrangements, regulatory compliance requirements, and enforcement mechanisms. The document provides a flexible framework that can accommodate various types of credit facilities while ensuring proper risk management and regulatory compliance.

1. Parties: Identification of the lender and borrower, including registration details and addresses

2. Background: Context of the agreement and relationship between the parties

3. Definitions and Interpretation: Comprehensive definitions of terms used throughout the agreement and interpretation rules

4. The Facility: Core terms of the credit facility including type, purpose, and maximum amount

5. Conditions Precedent: Prerequisites that must be satisfied before any utilization

6. Utilization: Process and requirements for drawing down under the facility

7. Interest: Interest calculation, periods, rates, and payment provisions

8. Repayment: Terms for repayment of principal and interest

9. Prepayment: Conditions and processes for early repayment

10. Representations and Warranties: Statements of fact and assurances given by the borrower

11. Covenants: Positive and negative obligations of the borrower during the facility period

12. Events of Default: Circumstances constituting default and consequences

13. Security: Overview of security arrangements for the facility

14. Changes to Parties: Provisions for assignment and transfer

15. Payment Mechanics: Details of payment procedures and calculations

16. Notices: Communication requirements and contact details

17. Governing Law and Enforcement: Choice of Nigerian law and enforcement provisions